COVID-19’s third wave, fuelled largely by the B.1.1.7, B.1.351, and P.1 variants, affected nearly 3,000 people, decimating Canada’s oilsands workers notably in two outbreaks – CNRL Horizon and Mildred Lake, Syncrude. Heather Yourex-West reported that federal exemptions were blamed for the outbreaks across the sites, as workers were brought in for maintenance work post-winter drilling. Two people have died of COVID-19 while working in the oil sands. It was reported in mid-May that since the [Read more]
Line 5 causing division and cross-border tensions
As both Canada and the U.S. await the heavily anticipated court decision of the Line 5 pipeline, people are holding their breath and hopeful for good news. Michigan and its Governor Gretchen Whitmer has ordered Canadian-owned Enbridge to close its 67-year-old pipeline over concerns about its environmental safety, which delivers a massive amount of oil and energy requirements (540,000 barrels a day) to Ontario, Quebec, and midwestern states, as well as more than half the propane consumed in [Read more]
The state of royalty companies in Alberta
According to alberta.ca, the government owns 81% of oil and gas resources in Alberta and collects royalties from companies when an oil or gas well or oilsands project is in production, and are a major source of revenue for the province. At the recent CAPP Symposium, there was a panel titled Royalty Companies: Stable Business Models in Volatile Markets with David Spyker, President and CEO, Freehold Royalties Ltd., Andrew Phillips, President and CEO, PrairieSky Royalty Ltd., and Marty Staples, [Read more]
The innovations driving Canada’s oil and gas sector
Canada’s oil and gas industry throughout the years has seen many innovations help its industry keep pace with the global industry. Along the way, those innovations have helped Canada become one of the world’s leading oil and gas producers. As the industry evolves and changes at rapid levels, mainly due to COVID-19, climate targets, and an increasing demand for energy, Canada and Alberta are well situated to handle those changes and evolutions. Along the way, investments from federal and [Read more]
Moe & Savage: Optimism in 2021
The recent Canadian Association of Petroleum Producers (CAPP) Symposium featured keynote speakers, such as Saskatchewan Premier Scott Moe and Alberta’s Energy Minster Sonya Savage, who gave compelling speeches on the state of the Canadian oil and gas sector. Canada’s oil and gas sector and economy have been tremendously impacted by COVID-19, and as the country trudges forward, the sector will play a huge role in the country’s economic recovery. Saskatchewan’s rich resource base will also be a [Read more]
The importance of a diverse customer base for Canadian energy
Having a diversified economy that is non-reliant on one major customer is important for any country. For Canada, this importance is magnified, as selling its most abundant resource, oil and gas, to its biggest customer, the United States, faces potential problems under the Biden administration. To see Canada’s long-term growth be fruitful, diversification of its markets is necessary. In order for that to happen, the country needs energy diversification with a wider and larger customer [Read more]
Canadian oil and gas needs to cast a bigger net
When President Joe Biden was elected in November, it raised concerns north of the border, notably in the oil and gas sector. As neighbours and trade partners, the U.S. is Canada’s biggest customer when it comes to oil and gas services and products. Part of Biden’s platform was the cancellation of Keystone XL, and a $2 trillion climate plan., the latter significantly impacting both Canada and Alberta, who invested billions. These two stances show an eye on moving from oil and gas and [Read more]
Could we see another oil boom?
With there being light at the end of the tunnel in regards to COVID-19 via vaccine rollouts, the world is eagerly anticipating when they can begin normal lives and travel the world once again. With spring and summer around the corner, this anticipation and growing demand is going to require lots of oil and gas services and products, and it begs the question, is there going to be another oil boom? These factors offer a wonderful remedy for the once-beleaguered industry. As the world [Read more]
OPEC still looming threat despite heightened oil prices
For an industry that has endured a global pandemic and cratered oil prices over the past year fueled by OPEC flooding the market, the recent upswing in prices is good news for the Canadian oil and gas sector. OPEC has the power to control the market and set the price by controlling its production output. OPEC, with its 13 member countries, states their mission “to coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to [Read more]
Oil prices key to economic recovery
In a year dealing with a global pandemic and a historic oil price crash, Alberta’s budget was released last week with an $18.2 billion deficit, though offered prosperous times in the future. Getting out of the pandemic is first priority, as it has decimated the province. By controlling the virus and outbreaks, oil and gas activity can continue. The vaccine rollout and potential high demand for oil and gas products coming out of the pandemic play into the province’s hand. Finance Minister [Read more]