CALGARY - Surge Energy Inc. (TSX:SGY) is selling some of its oil-producing assets in Saskatchewan and Manitoba for $430 million to an unidentified Canadian company.Calgary-based Surge said the sale will allow it to reduce its indebtedness and prepare it to redeploy capital to the Upper Shaunavon oil discovery in southwestern Saskatchewan.The assets for sale currently produce the equivalent of about 4,750 barrels of oil per day. They have 12.6 million barrels of proved reserves while proved plus [Read more]
Five things to expect when oilpatch firms report first-quarter results
CALGARY - This coming week the toll of weak oil prices will be thrown into stark relief as some of Canada's biggest energy names report first-quarter results and hold annual shareholder meetings. In the first three months of the year, crude hovered around US$50 — less than half last summer's highs. It'll be the first full quarter to register the new crude reality.Oilpatch earnings season kicks off with major oilfield service firm Precision Drilling Corp. (TSX:PD) on Monday, followed by oilsands [Read more]
National Energy Board to audit existing Kinder Morgan emergency response plans
VANCOUVER - Vancouver-area mayors grilled federal officials in charge of pipeline regulation and oil-spill cleanup on Friday, with one saying the Canadian Coast Guard is "vastly underfunded."National Energy Board chair Peter Watson and Canadian Coast Guard Assistant Commissioner Roger Girouard attended a meeting of the Metro Vancouver Mayors' Committee to discuss pipeline safety in the region.Mayors interrogated the coast guard for its response to a recent fuel spill in English Bay and lambasted [Read more]
US oil and natural gas rig count drops by 22 to 932; down 19 in Texas
Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. declined by 22 this week to 932 amid depressed oil prices.Houston-based Baker Hughes said Friday 703 rigs were seeking oil and 225 explored for natural gas. Four were listed as miscellaneous. A year ago, 1,861 rigs were active.Among major oil- and gas-producing states, Texas lost 19 rigs; North Dakota lost five; Oklahoma was down three; and Alaska, New Mexico and West Virginia each [Read more]
B.C. First Nation signs benefit deal over natural gas pipeline
TERRACE, B.C. - The company planning to build a 900 kilometre natural gas pipeline across northern B.C. has signed a benefit agreement with the Kitselas (KIT'-sell-us) First Nation.TransCanada (TSX:TRP) announced the deal, when signed, will provide financial and other benefits related to the Prince Rupert Gas Transmission project.Project president Dean Patry says the agreement is an important milestone and reflects his firm's commitment to engage with First Nations.Kitselas Chief Joe Bevan says [Read more]
Shell’s Scotford upgrader shut down after problem with sulphur recovery unit
FORT SASKATCHEWAN, Alta. - Shell Canada says a problem with a sulphur recovery unit at its Scotford upgrader northeast of Edmonton has resulted in the unit being shut down.Spokesman Jeff Mann says it happened Monday afternoon at the facility in Fort Saskatchewan.He says the upgrader had to increase flaring in order to shut down the unit in a controlled manner.Mann says Shell was monitoring air quality and testing showed sulphur dioxide levels were below guidelines.Mann says there is no health [Read more]
How the oil shock turned federal budget wish lists into watery wine
OTTAWA - As last autumn's colours were setting in, veteran Ottawa lobbyist Dan Kelly was confident the spring would produce a federal budget surplus with ample room for announcements.But following a long winter, the head of the Canadian Federation of Independent Business is approaching Tuesday's election-year budget with his hopes somewhat in check."Things were trucking on really well, we were certainly thinking very positively about some of our requests — some of our tax-reduction requests in [Read more]
US oil and natural gas rig count drops by 34 to 954 as oil prices slump; down 15 in Texas
Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. declined by 34 this week to 954 amid depressed oil prices.Houston-based Baker Hughes said Friday 734 rigs were seeking oil and 217 explored for natural gas. Three were listed as miscellaneous. A year ago, 1,831 rigs were active.Among major oil- and gas-producing states, Texas plummeted by 15 rigs; Oklahoma was down six; North Dakota lost five; Wyoming was down four; and California, [Read more]
Protesters in kayaks greet Arctic drill rig as it arrives in Washington state harbour
PORT ANGELES, Wash. - Protesters in kayaks greeted a rig that could be used for oil drilling in the Arctic as it arrived Friday in Washington state following a journey across the Pacific that included being boarded by Greenpeace activists.The 400-foot Polar Pioneer was due to be offloaded in Port Angeles, on the Olympic Peninsula, to have equipment installed.About three dozen protesters took to the water, many of them in kayaks, as the rig arrived in the harbour at 7 a.m., the Peninsula Daily [Read more]
Natural gas pipeline, facilities in northern B.C. get energy board approval
VANCOUVER - The National Energy Board has given approval for the construction of a natural gas pipeline and new facilities proposed by TransCanada Corp. (TSX-TRP) in northern B.C.The $1.7-billion North Montney Mainland Project would include a 300-kilometre pipeline connecting from northeast B.C. to the proposed Prince Rupert Gas Transmission Pipeline for export of liquefied natural gas.The board found that the projects did not pose significant adverse environmental effects, although the [Read more]
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