Canada averaged 225 active drilling rigs this week according to data from the Canadian Association of Energy Contractors. Of those rigs, 27% are drilling for natural gas, 59% are drilling for oil, 4% for other (helium, hydrogen, geothermal, or potash), and 10% are moving. Drilling activity by province is 77% in Alberta, 14% in Saskatchewan, 4% in BC, and 5% elsewhere. Precision Drilling holds the majority of the Canadian market share with 30%, Ensign Drilling with 23%, Savanna Drilling [Read more]
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U.S. oil rig count falls for first time in 13 weeks
U.S. energy firms this week cut oil rigs for the first time in 13 weeks after crude prices fell for six weeks in a row from late October-early December. Oil prices, meanwhile, have recovered and traded at their highest since 2014 this week. Energy analysts said it usually takes about a month or two for drillers to add or remove rigs following oil price moves. The combined U.S. oil and gas rig count, an early indicator of future output, rose by three to 604 in the week to Jan. 21, the [Read more]
U.S. natgas climbs near 5% as cold drives demand to record high
U.S. natural gas futures rose almost 5% on Friday on what is expected to be the country's biggest gas demand day on record with forecasts for more cold weather and higher-than-expected heating demand over the next two weeks. In addition to boosting gas demand, the cold this week cut gas output to its lowest in four months as wells and other equipment froze in Texas, Pennsylvania and elsewhere. It was a reminder of the last time gas demand was expected to reach record highs before last [Read more]
Royal Dutch Shell plc changes its name to Shell plc
LONDON, January 21, 2022 - Shell plc (Shell) today confirmed its name has changed from Royal Dutch Shell plc to Shell plc. Shell announced the Board’s decision to change its name to Shell plc on December 20, 2021. This change has now taken effect. Euronext Amsterdam, the London Stock Exchange and the New York Stock Exchange have been informed of this name change and it is anticipated that Euronext Amsterdam and the London Stock Exchange will reflect the change of name on Tuesday January [Read more]
Oil rebounds as investors scoop up profits after U.S. inventory build
Oil prices rebounded on Friday, while also rising to seven-year highs this week, as investors took profits after a build in U.S. crude and fuel inventories, though overall sentiment remained solid due to concerns over tight supply and geopolitical risks. U.S. West Texas Intermediate (WTI) crude futures rose 22 cents, or 0.26%, to $84.72 a barrel. It earlier fell as much as 3.2%, also the most since Dec. 20, after rising to its highest since October 2014 on Wednesday. Brent crude futures [Read more]
US carbon hub developer, Carbonvert Inc., partners with participating Treaty Six First Nations, and Kanata Clean Power to address Alberta’s request for equitable carbon sequestration hub proposal
CALGARY, ALBERTA and DENVER, COLORADO – Carbonvert Inc. (“Carbonvert”) is pleased to announce that it has joined participating Treaty Six First Nations, led by founding partners Frog Lake First Nations #121 & #122 and Kehewin Cree Nation, and Kanata Clean Power & Climate Technologies Corp. (“Kanata”) as partners in the Treaty Six-Kanata Carbon Hub Limited Partnership (“T6-Kanata CarbonHub”) to respond to the Province of Alberta’s December 2, 2021, request for full project proposals [Read more]
OPEC+ diminishing spare capacity to unlock consensus upside for oil companies
Goldman Sachs sees big oil companies perform well in 2022, boosted by strong positive consensus earnings revisions, improved ESG credentials and accelerating buybacks The brokerage points to "an era of structurally higher commodity prices on diminishing spare capacity" which will further fuel earnings momentum during 2022 The implementation of the EU Green Taxonomy should highlight the materiality of the big oil companies rising low carbon investments, GS adds, improving ESG [Read more]
U.S. natgas futures climb 3% as cold drives demand to record high
U.S. natural gas futures rose more than 3% on Friday on what is expected to be the country's biggest gas demand day on record with forecasts for more cold weather and higher heating demand over the next two weeks than previously expected. In addition to boosting gas demand, the cold this week cut gas output to its lowest in four months as wells and other equipment in Texas, Pennsylvania and several other producing states freeze. That cold serves as a reminder of the last time gas demand [Read more]
Wolinak of Abenaki First Nation and Questerre sign agreement for energy development
CALGARY, Alberta - The Council of the First Nation of the Abenakis of Wolinak in Quebec (the “Abenakis of Wolinak”) and Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today that they have signed a joint economic development agreement. The joint venture will focus on developing a net-zero emissions energy hub in Quebec. The hub will demonstrate the emerging circular economy through pilot projects that produce clean energy, including zero-emissions gas, and [Read more]
CAPP projects investment in Canada’s natural gas and oil sector will rise to $32.8 billion in 2022
CALGARY, AB - The Canadian Association of Petroleum Producers (CAPP) is forecasting a 22 per cent increase in natural gas and oil investment in 2022. Capital spending in the sector is expected to grow by $6.0 billion to reach $32.8 billion, compared to an estimated total investment of $26.9 billion in 2021. (All figures in Canadian dollars.) The expected growth in spending for 2022 would mark the second straight year of significant increases in investment as Canadian producers look to [Read more]
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