U.S. energy firms added oil rigs for a 24th week in the past 25 as the year-long drilling recovery continues but the pace of additions has slowed in recent months as crude prices declined despite OPEC-led efforts to end a global supply glut. Drillers added seven oil rigs in the week to July 7, bringing the total count up to 763, the most since April 2015, Baker Hughes energy services company said in its closely followed report on Friday. That compares with 351 active oil rigs during the [Read more]
Oil prices slump over 1 pct on rise in U.S. output
Oil prices fell by more than 1 percent on Friday, with U.S. crude futures dipping below $45 per barrel as news of a rise in U.S. production added to earlier reports that OPEC output was also on the rise. Brent crude futures , the international benchmark for oil prices, were trading down 61 cents, or 1.3 percent, at $47.50 per barrel by 0638 GMT. U.S. West Texas Intermediate (WTI) crude futures were at $44.94 per barrel, down 58 cents, or 1.3 percent. News of the production rise [Read more]
Paramount Resources to buy Apache subsidiary for C$459.5 mln
Canadian oil producer Paramount Resources Ltd said on Thursday that it would buy the Canadian subsidiary of U.S. oil and gas firm Apache Corp for C$459.5 million ($353.7 million USD). The Calgary-based energy company plans to buy Apache Canada Ltd, and fund the deal with cash on hand and no debt. The deal requires regulatory approvals and is expected to close in August. A sale of Apache Canada would mark the Houston-based company's exit from the country, the latest international oil [Read more]
Paramount Resources to buy Apache subsidiary for C$459.5 million
Canadian energy company Paramount Resources Ltd said on Thursday that it would buy subsidiaries of U.S. oil and gas producer Apache Corp for C$459.5 million. ($353.7 million USD) The company would buy Apache's subsidiary, Apache Canada Ltd, and fund the deal with cash on hand and no debt. Paramount said it entered into a merger agreement with petroleum and natural gas company Trilogy Energy Corp , in which the company would buy the remaining 85 percent of the common shares and [Read more]
Paramount Resources to buy Apache subsidiary for $459.5 mln
Canadian oil producer Paramount Resources Ltd said on Thursday that it would buy the Canadian subsidiary of U.S. oil and gas firm Apache Corp for $459.5 million. The Calgary-based energy company plans to buy Apache Canada Ltd, and fund the deal with cash on hand and no debt. The deal requires regulatory approvals and is expected to close in August. A sale of Apache Canada would mark the Houston-based company's exit from the country, the latest international oil firm to sell Canadian [Read more]
Alberta regulators charge Nexen Energy over 2015 pipeline spill
Alberta regulators on Monday charged Nexen Energy, a wholly-owned subsidiary of CNOOC Ltd , for a pipeline spill in July 2015 at the company's Long Lake oil sands facility that leaked around 31,500 barrels of bitumen emulsion. The Alberta Energy Regulator laid four charges under the province's Environmental Protection and Enhancement Act and one charge under the Public Lands Act. (Reporting by Nia Williams; Editing by Andrew Hay) [Read more]
JPMorgan tops Canadian M&A activity in energy-driven first half
Canadian mergers and acquisitions rose about 13 percent to C$120.5 billion ($93.2 billion) in the first half of 2017, driven by big-ticket energy deals and robust cross-border activity, according to Thomson Reuters data released on Thursday. Despite strong initial public offerings, overall equity capital deals fell 12 percent to C$26.9 billion in the first half from a year ago, the data showed. JPMorgan , Toronto-Dominion Bank and Goldman Sachs took the top three spots in the M&A [Read more]
Oil rises on US crude stock draw, but prices remain weak
Oil prices recovered some ground on Thursday on strong demand in the United States, but analysts cautioned that oversupply would continue to drag on markets after a steep fall in the previous session. Brent crude futures were trading up 34 cents, or 0.7 percent, at $48.13 per barrel by 0513 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 32 cents, or 0.7 percent, at $45.45 per barrel. The gains reflected firm fuel demand in the United States, where data from the American [Read more]
Canada’s new pipeline parts rules to lessen burden on operators
Canada's energy regulator should shift the burden for ensuring quality of oil-and-gas pipeline parts from operators and move it more to manufacturers, according to an official report viewed by Reuters. The National Energy Board (NEB) commissioned the report to improve the equality of pipeline parts after TransCanada Corp and Enbridge Inc discovered that some parts they were using were substandard. Currently, operators often have to provide additional specifications for parts because [Read more]
Canada’s new pipeline parts rules to lessen burden on operators
Canada's energy regulator should shift the burden for ensuring quality of oil-and-gas pipeline parts more to manufacturers and away from operators, according to an official report viewed by Reuters. The National Energy Board (NEB) commissioned the report to improve the equality of pipeline parts after TransCanada Corp and Enbridge Inc discovered that some they were using had been substandard. Currently, operators often have to provide additional specifications for parts because standards [Read more]