MONTREAL - Washington must continue to support peace in the Middle East despite an energy revolution that is decreasing its reliance on foreign oil, a U.S. government official said Tuesday. Carlos Pascual, a State Department official with the Bureau of Energy Resources, said the move towards self-sufficiency won't eliminate America's efforts to maintain global political stability. "It is fundamentally in our self-interest to ensure that peace and stability throughout the world is [Read more]
News
Oil joins in stock, commodities sell-off
NEW YORK — Oil prices dropped Tuesday along with stocks and other commodities on concerns that central banks around the globe may back off on measures to boost the global economy. OPEC’s disclosure that its members boosted production by 106,000 barrels a day in May also pressured prices. Some experts feel the world already has an ample supply to meet current demand. Benchmark oil for July delivery fell 39 cents to close at $95.38 per barrel on the New York Mercantile Exchange. [Read more]
Former BP executive and Gulf of Mexico spill point man to lead Encana
CALGARY - Encana's new CEO — formerly BP's point man on the Gulf of Mexico oil spill cleanup — says he's in no rush to chart a new course for the troubled natural gas giant.The appointment of Doug Suttles, a 30-year veteran of the industry who most recently was chief operating officer at BP Exploration and Production, was announced Tuesday by the Calgary-based company (TSX:ECA).On his first day on the job, Suttles said he intends to gain a solid understanding of Encana's assets and [Read more]
Regulator, industry find oilsands cleanup harder than first thought
EDMONTON - Alberta's energy industry is finding that cleaning up oilsands tailings is going to be harder than first thought.The province's energy regulator has found that none of the oilsands companies affected by tailings reduction rules has met targets.The reasons range from problems with new and untested technologies to increases in production to poor planning for Alberta's weather.Companies have been given more time to capture at least half of the fine particles the mines produce [Read more]
Surge Energy Inc. Announces Strategic Transition to Sustainable Growth + Dividend Model; $240 Million Acquisition of Elite, Large OOIP, Crude Oil Asset; $225 Million Bought Deal Financing
Significant Increase to 2013 Production Exit Rate; and Significantly Larger Than Anticipated Dividend CALGARY, ALBERTA--(Marketwired - June 11, 2013) - Surge Energy Inc. ("Surge" or the "Company") (TSX:SGY) announced today the orderly transition / conversion of the Company to a sustainable, moderate growth, dividend paying oil and gas company with high quality, focused, operated light and medium gravity crude oil assets. Surge also announced an accretive acquisition of an elite, [Read more]
Zargon Oil & Gas Ltd. Announces Renewal of Credit Facilities
CALGARY, ALBERTA--(Marketwired - June 11, 2013) - Zargon Oil & Gas Ltd. (TSX:ZAR)(TSX:ZAR.DB) ("Zargon") has renewed and extended its committed syndicated credit facilities and the lenders thereunder have confirmed a borrowing base of $165 million, an amount which remains unchanged from the prior year. The credit facilities are now fully revolving until June 25, 2014, with the provision for an annual extension at the option of the lenders and upon request from Zargon. If not extended, the credit [Read more]
Strata Oil Provides Regional Update Re Bitumen Production
CALGARY, ALBERTA--(Marketwired - June 11, 2013) - Strata Oil & Gas Inc. ("Strata" or the "Company") (OTCQB:SPIGF), today released a regional update on bitumen production in the Peace River and nearby Athabasca regions of Alberta. Strata Oil recently completed a resource evaluation on both its Cadotte Central and Cadotte West holdings, a step that brings the Company to the cusp of the completion of Phase 1 of a five phase plan to develop its 52,480 acre holdings. [Read more]
Petronas expects to invest up to $16 billion in LNG export facility in Canada
KUALA LUMPUR, Malaysia - Malaysian national oil company Petronas says it expects to spend up to $16 billion to build a liquefied natural gas export facility and related infrastructure in Western Canada.Arif Mahmood, Petronas vice-president of corporate planning, says the company will invest between $9 billion and $11 billion to construct two LNG liquefaction plants near British Colombia's west coast.Another $5 billion will be invested in a 750 kilometre-long pipeline, to be built by [Read more]
Encana Appoints Doug Suttles as President & CEO
CALGARY, ALBERTA--(Marketwired - June 11, 2013) - Encana (TSX:ECA)(NYSE:ECA) - Encana announced today that its Board of Directors has appointed Doug Suttles as its President & Chief Executive Officer and a director of the company. Doug Suttles is a seasoned executive, with 30 years of oil and gas leadership experience. He has led oil and gas businesses in numerous countries and consistently delivered strong results. Most recently, Doug has served as Chief Operating Officer, BP [Read more]
Largest ever Gas & Oil Expo kicks off today
Leading industry exhibition to showcase emerging technologies, live demonstrations and international networking opportunities CALGARY, June 11, 2013 /CNW/ - Gas & Oil Expo, the largest Canadian gas and oil event of 2013, kicks off today at Calgary's Stampede Park at 10:00 a.m. The biennial event, which runs until June 13, 2013, is the largest Gas & Oil Expo to date, welcoming more than 24,000 national and international registrants and more than 680 exhibiting companies. Gas & [Read more]