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For decades, Alberta's energy industry has excelled at finding and developing new reserves. Yet one of the province's largest opportunities may not involve drilling a single new well. Across Alberta, an estimated 45,000 shallow gas wells remain in various stages of maturity, decline, or underperformance. Many continue to produce, but often at rates well below their true reservoir potential. Others have been written off as uneconomic despite still containing recoverable reserves. The [Read more]

Around 1,150 cargo-carrying ships with an estimated vessel and freight value of $125 billion and as many as 20,000 seafarers are waiting to resume operations in the Gulf after the Iran war shut the Strait of Hormuz, Allianz Research said on Wednesday. "Even if the US and Iran agreement holds and the Strait of Hormuz is reopened properly, solid assurances of safe passage will be required, involving the international community, particularly if traffic is to return to its pre-war levels, up to [Read more]

Oil prices fell more than 1% on Wednesday, extending this week's losses and trading near four-month lows, on signs that more oil tankers stranded in the Gulf are set to move out of the Strait of Hormuz. Brent crude futures fell 78 cents, or 1.0%, at $76.30 a barrel as of 0350 GMT. U.S. West Texas Intermediate slipped 78 cents, or 1.1%, to $72.43 a barrel. Both benchmarks settled down around 1% on Tuesday, touching their lowest levels since early March. "Positive signals from the Persian [Read more]

U.S. President Donald Trump said on Wednesday that he has instructed the Department of Justice to look into oil companies for not lowering gasoline pump prices in line with falling crude costs, and accused the companies of "gouging" customers. Trump did not name any companies in his social media post, which came after midnight. The White House and the Justice Department (DOJ) did not respond to a request for further comment outside regular business hours. Diplomacy between the U.S. and [Read more]