Our AER transfers page has picked up another interesting bit of M&A, with HWN Energy acquiring some assets from Bonavista Energy. 470 wells, 68 facilities and 191 pipelines are pending approval from the AER. We have gone ahead and mapped some of the affected locations on the Petro Ninja maps below. The Bonavista lands affected by this transfer are in yellow (not all shown), while some of the current HWN acreage is in green (the company has more land northwest of Fox Creek). It is worth [Read more]
Headlines
Snuneymuxw First Nation and FortisBC Holdings Inc. sign agreement for Tilbury LNG projects, strengthening long-standing relationship
SNUNEYMUXW TERRITORY, BC - FortisBC Holdings Inc. ("FortisBC") and Snuneymuxw First Nation ("Snuneymuxw") are pleased to announce an agreement to work in close collaboration on the Tilbury Projects. On January 26, 2023, Snuneymuxw Chief Mike Wyse invited FortisBC President and CEO Roger Dall'Antonia to sign the agreement on Snuneymuxw traditional territory. The agreement respects Snuneymuxw's rights in relation to the potential project impacts and represents a commitment to share benefits [Read more]
U.S. natgas end-of-season storage to hit two-year high in March
U.S. natural gas storage is expected to end the November-March withdrawal season at 1.744 trillion cubic feet (tcf) on March 31, 2023, the most since 2021, according to analysts consensus forecasts. That compares with 1.401 tcf at the end of the winter withdrawal season in 2022 and a five-year (2018-2022) average of 1.561 tcf. There was 1.801 tcf of gas in storage at the end of March 2021. Looking ahead to the end of the April-October injection season, analysts project storage will rise to [Read more]
House GOP seeks new restrictions on use of US oil stockpile
WASHINGTON (AP) — For the second time this month, House Republicans have advanced a measure to restrict presidential use of the nation’s emergency oil stockpile — a proposal that has already drawn a White House veto threat. A GOP bill approved Friday would require the government to offset any non-emergency withdrawals from the Strategic Petroleum Reserve with new drilling on public lands and oceans. Republicans accuse President Joe Biden of abusing the reserve for political reasons to keep gas [Read more]
U.S. drillers leave oil and gas rigs unchanged – Baker Hughes
U.S. energy firms this week kept oil and natural gas rigs steady, energy services firm Baker Hughes Co said in its closely followed report on Friday.The oil and gas rig count, an early indicator of future output, remains at 771 in the week to Jan. 27. Baker Hughes said that puts the total rig count up 161 rigs, or 26%, over this time last year. U.S. oil rigs fell by 4 to 609 this week, their lowest since October, while gas rigs rose 4 to 160, their highest since September. For the month, total [Read more]
U.S. House backs bill limiting drawdowns from oil reserve
The U.S. House of Representatives passed a bill on Friday limiting the ability of the energy secretary to tap the strategic oil reserve without developing plans to increase the amount of public lands available for oil and gas drilling. Representatives backed the bill 221 to 205, with only one Democrat supporting it. President Joe Biden would veto the legislation should it pass Congress, the White House said this week. The bill is expected to face an uphill battle in the Senate, which unlike [Read more]
Review of oilsands cleanup funding program needs public input, says NDP
EDMONTON - Alberta's NDP says a government review of the program that's supposed to ensure oilsands companies can clean up their mines was conducted too privately and should have been done in public. Environment critic Marlin Schmidt said Albertans now know even less than before the review of the Mine Financial Security Program began. "Given how much money is at stake and how important this sector is to our economy, the fact the public was completely shut out of this process is really [Read more]
U.S. natgas futures down 2% to 20-month low on ample stored supply
U.S. natural gas futures fell about 2% to a fresh 20-month low on Friday ahead of the expiration of the front-month and a growing belief that there is more than enough gas in storage for the rest of the winter. The February contract expires as the front-month on the New York Mercantile Exchange on Friday. Volatility often peaks near expiry because trading volumes are low. In 2022, gas prices soared by a record 46% on the day the February contract expired before plunging 26% the next day [Read more]
Oil prices advance on U.S. growth, Chinese recovery hope
Oil prices edged ahead for a second session on Friday, buoyed by stronger-than-expected U.S. economic growth and hopes of a rapid recovery in Chinese demand as COVID-19 cases and deaths plunged from last month's peak levels. U.S. West Texas Intermediate Crude rose $1.22, or 1.50% to $82.24 per barrel. Brent futures gained $1.16, or 1.33%, to $88.45 a barrel. Both benchmarks had gained more than 1% on Thursday "Oil might have trouble making any substantial moves to finish the week as many [Read more]
TotalEnergies EP Canada ups stake in Fort Hills oilsands project
CALGARY - TotalEnergies EP Canada Ltd. says it is increasing its ownership in the Fort Hills oilsands project by acquiring part of Teck Resources Ltd.'s stake in the mine. Teck announced last year that it would sell its 21.3 per cent stake in Fort Hills to Suncor Energy Inc., the third partner in the project, for about $1 billion. However, TotalEnergies EP Canada says it has exercised its pre-emption right to acquire an additional 6.65 per cent in the project from Teck for $312 [Read more]
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