Calgary, Alberta--(Newsfile Corp. - July 20, 2026) - Lycos Energy Inc. (TSXV: LCX) ("Lycos" or the "Company") is pleased to announce that it has entered into a definitive agreement today to acquire high netback assets under waterflood targeting the Sparky formation in the Greater Provost area of Alberta (the "Assets") for cash consideration of $70.0 million, prior to closing adjustments, with an effective date of June 1, 2026 (the "Acquisition"). The Acquisition will be funded through a $30.0 [Read more]
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Chevron shuts in US Gulf platform in preparation for developing tropical storm
Chevron is shutting-in production at its Petronius facility in the U.S. Gulf of Mexico, and all associated personnel are being moved onshore in preparation for Tropical Depression Two, the company said in a statement on Monday. The U.S. oil major also said it is transporting nonessential personnel from its Tubular Bells and Blind Faith platforms. "Production from our other Chevron-operated Gulf of America assets remains at normal levels," the statement said. The depression could strengthen [Read more]
Construction begins on $4B Enbridge natural gas pipeline expansion in B.C.
PRINCE GEORGE - Enbridge Inc. has broken ground on a $4-billion natural gas pipeline expansion in British Columbia. The federal government approved the Sunrise Expansion Program in April. The project aims to add another 300 million cubic feet per day of transportation capacity to the province's natural gas transmission system. The Sunrise project is using Canadian melted and poured steel supplied by InterPro Pipe and Steel in Saskatchewan. The federal government says [Read more]
Construction begins on the Enbridge Sunrise Expansion Program
PRINCE GEORGE, BC, July 20, 2026 /CNW/ -- Canada is taking the next step in building infrastructure that will strengthen our economy, secure energy sovereignty and ensure affordability for Canadians. Today, the Honourable Tim Hodgson, Minister of Energy and Natural Resources, announced that construction has begun on the Sunrise Expansion Program in British Columbia, following the Government of Canada's approval in April 2026. This $4-billion expansion of Enbridge's Westcoast natural gas [Read more]
Red Sea war insurance costs rise after Houthi blockade, sources say
The insurance cost of shipping goods through the Red Sea rose on Monday after Yemen's Iran-aligned Houthis said they were imposing a naval blockade on Saudi Arabia, escalating risks for merchant shipping, insurance industry sources said. The move by the Houthis opens a new front against the United States in its war on Iran and widens the threat to global energy supplies and trade beyond the Gulf. Indicative war risk premiums rose to around 0.75% of the value of a ship, from around 0.3% on [Read more]
Top five reasons a new West Coast oil pipeline is in Canada’s national interest
Project would help reach global markets, grow the economy and build Indigenous partnerships By Grady Semmens on July 15, 2026, 2:41 pm MDT Construction of the Trans Mountain expansion project in B.C.'s Lower Mainland, 2023. Photo courtesy Trans Mountain Corporation As Canada looks to strengthen its economy and expand its role in global energy markets, observers point to a clear opportunity: increasing oil export capacity to the Pacific coast. A growing body of evidence [Read more]
Alberta, Saskatchewan make compelling case for supplying U.S. with oil: Hoekstra
EDMONTON - The U.S. ambassador to Canada says Alberta and Saskatchewan could make the "most compelling" case to meet the oil needs of the United States. Pete Hoekstra says the U.S. needs to find three to four million more barrels of oil per day over the next decade and that Canada is one of the best places to get it. He says members of U.S. President Donald Trump's cabinet were eager to sign a deal last year for more Canadian oil but that the president wanted negotiations to continue [Read more]
Oil stocks in US Strategic Petroleum Reserve fall by 5.1 million barrels to lowest level since 1983
Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by about 5.1 million barrels to 311.4 million barrels last week, the lowest level since March 1983, according to data from the Department of Energy. The drawdowns are part of a U.S. agreement to release 172 million barrels from the facility. Since the U.S.-Israeli war on Iran began at the end of February, SPR inventories have fallen by 104.04 million barrels as of July 17. Overall U.S. inventories, including commercial and [Read more]
How a Houthi blockade in the Red Sea tightens Iran’s grip on global energy supplies
Yemen's Iran-aligned Houthis will impose a maritime blockade on Saudi Arabia, they said on Monday, further throttling a global energy market already greatly restricted by Iran's closure of the Strait of Hormuz. This is why it matters and what it means for the Iran war and the global energy crisis: HOW BIG IS THE RISK TO GLOBAL ENERGY MARKETS? It is not clear how the Houthis would carry out a maritime blockade of Saudi Arabia, its northern neighbour along the Red Sea coast, or whether it [Read more]
Oil transfer activity in Gulf of Oman slows following ship attacks, data shows
Oil transfers between tankers in waters outside the Strait of Hormuz have slowed following a wave of recent attacks on vessels by Iranian forces, according to satellite analysis and sources. Since the start of the Iran war in late February, ship-to-ship (STS) transfers between tankers have helped enable oil to leave the Gulf despite the threats to commercial vessels sailing through the Strait of Hormuz. Under the practice, tankers using one of two makeshift routes close to either the [Read more]
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