BOE Report

Oil surges past $112, then eases back as tensions escalate over Syria

BANGKOK (AP) -- The price of oil ricocheted Wednesday as the U.S. edged closer to intervening in Syria's civil war, surging past $112 a barrel before giving up most of those gains. U.S. Defense Secretary Chuck Hagel said Tuesday that American forces were ready to act on any order by President Barack Obama to strike Syria in response to the alleged use of chemical weapons in the conflict. U.S. Warships Set for Cruise Missile Strikes on Syria http://t.co/fsV6lfiIIt via @sharethis [Read more]

Statoil strikes oil in Newfoundland offshore, 500 km northeast of St. John’s

ST. JOHN'S, N.L. - Statoil has discovered crude oil in the Flemish Pass Basin in the North Atlantic, marking the third time it has made such a find in Newfoundland's offshore.The Norwegian energy company says it made the discovery while drilling in depths of about 1,100 metres of water in an area known as the Bay du Nord prospect, about 500 kilometres northeast of St. John's.In June, Statoil announced it detected oil at the Harpoon prospect, which is about 10 kilometres away from Bay du Nord.The [Read more]

Oil shoots above $108 as US defense secretary says forces prepared to strike Syria

(AP) - The price of oil jumped more than US$2 on Tuesday, to above $108 a barrel, after the U.S. defence secretary said American forces were ready to act on any order by President Barack Obama to strike Syria. Warships move closer to Syria as Obama considers military options over 'chemical weapons use' http://t.co/KtsaNx9EQt pic.twitter.com/1ci2mtuhLM— New York Post (@nypost) August 24, 2013 By early afternoon in Europe, U.S. benchmark crude for October delivery was up $2.12 to [Read more]

More than five million hours of work lost due to Alberta flood

  OTTAWA - Statistics Canada says the extensive flooding that hit Alberta in June produced a net loss of 5.1 million hours of work.The agency says 300,000 employed Albertans, or 13.5 per cent of the total working population, lost 7.5 million hours of work during the floods.At the same time, 134,000 people, or 6.0 per cent of workers, put in 2.4 million additional hours.There was a net loss in hours worked in all industries, except utilities and public administration.More than a quarter [Read more]

Greenpeace says it has left Russian waters under threat of gunfire

  A Greenpeace icebreaker in the Russian Arctic without permission to protest offshore energy exploration says it is leaving after being threatened with gunfire.Crew on board the Arctic Sunrise say the ship is steaming out of the Kara Sea after being boarded and searched by the Russian coast guard.Crew member Christy Ferguson says four unarmed coast guard officers boarded the ship early this morning after the Arctic Sunrise deployed several small boats to protest the activities of a [Read more]

Oil price above $106 on middle east worries

(AP) - The price of oil fluctuated above $106 a barrel on middle east worries. By early afternoon in Europe, benchmark oil for October delivery was down 7 cents to $106.35 a barrel in electronic trading on the New York Mercantile Exchange. Earlier in the session, it swung between $106.06 and $107.37. The ongoing conflicts in the Middle East - especially in Syria and Egypt - continued to prevent prices from falling further, although analysts said gains would also be limited. There are signs [Read more]

Russian officials board Greenpeace vessel

MOSCOW (AP) — The environmental group Greenpeace says that Russian authorities have boarded their ship which is in the Arctic to protest against oil drilling. The group is protesting offshore oil exploration conducted by state oil company Rosneft and ExxonMobil in the Russian section of the Arctic Ocean off western Siberia. Photo: Greenpeace ship enters the Northern Sea Route off Russia's coastline to #SaveTheArctic http://t.co/X8PAXreImm pic.twitter.com/hkKwEfgeaU— Arctic [Read more]

Greenpeace to defy Russians, enter Arctic seas without permit

  A Greenpeace icebreaker is defying Russian law and sailing without a permit into that country's northern waters to protest Arctic offshore energy development."We're going to carry on into the Northern Sea Route," said crew member Christy Ferguson aboard the Arctic Sunrise."I am a little nervous, but I think that what we're doing is really important."The Arctic Sunrise was sailing towards the Northern Sea Route off Russia's Arctic coast Friday with the intent of entering the Kara Sea, [Read more]

Alberta government releases long awaited study into safety of pipelines

  CALGARY - A long-awaited review into pipeline safety in Alberta has found that oversight in the province is strong and compares favourably overall with other jurisdictions, but includes 17 recommendations to further improve it.The review, conducted by Group 10 Engineering, looked at pipeline integrity, the safety of pipelines crossing water and spill response.Among the recommendations, Group 10 said regulators should better define what constitutes a "water body" and improve consistency [Read more]

Penn West cuts staff by 25% this year

  CALGARY - Penn West Petroleum Ltd. (TSX:PWT) said Thursday that it has cut its workforce by a quarter since the beginning of the year in order to improve competitiveness. The Calgary-based oil company's head count now stands at 1,600, down from 2,150 at the start of 2013. Since the fall of 2012, Penn West has reduced its staff by 30 per cent. The company expects to take a $25-million charge in the third quarter in connection with the layoffs. "This week, Penn West has taken [Read more]