EDMONTON - Canada's energy minister says he's disappointed with Imperial Oil's plan to lay off 20 per cent of its workforce by 2027. Tim Hodgson says he's working to understand what went into the company's decision and that the government will explore ways to support the workers losing their jobs. Calgary-based Imperial says the cuts are part of a restructuring plan and would save the company about $150 million annually. Company chairman John Whelan says the restructuring and layoffs [Read more]
News
Exxon Mobil eyes South Africa as a top LNG destination
Exxon Mobil is eyeing projects in South Africa which it views as a top destination for liquefied natural gas (LNG), a senior gas executive said at an African energy conference in Cape Town on Tuesday. The U.S. is the world's top natural gas producer and the largest LNG exporter and could entrench its dominance with several new projects coming online, which could exacerbate a gas glut by 2030. South Africa has been in talks with rival LNG producer Qatar as it looks to secure supplies for [Read more]
OPEC dismisses reports of output increase at coming meeting
OPEC on Tuesday rejected media reports suggesting that the group of eight oil-producing countries was planning to raise output by 500,000 barrels per day at its meeting on Sunday. These claims are wholly inaccurate and misleading, the OPEC oil producer group said in a post on X. (Reporting by Surbhi Misra in Bengaluru Editing by David Goodman ) [Read more]
Expand Energy CEO expects US LNG export capacity to nearly double by end of 2030
Natural gas producer Expand Energy on Tuesday said it expects U.S. Gulf Coast LNG export capacity to double to about 28 billion cubic feet (bcf) a day by 2030. Expand, among the top U.S. gas producers, also expects demand for gas to power AI and data centers to be about 4 bcf per day to 5 bcf a day between now and the end of the decade, CEO Domenic Dell'Osso said at an energy conference in Austin. LNG markets will see periods of oversupply before tightening, Dell'Osso added, echoing recent [Read more]
OPEC+ to consider bigger increase to oil output, sources say
OPEC+ is likely to consider a larger oil production increase of 411,000 barrels per day for November at its meeting next Sunday as rising oil prices encourage the group to try to regain more market share, said two sources familiar with the talks. OPEC+ has reversed its earlier strategy of output cuts and has already raised quotas by more than 2.5 million bpd, or about 2.4% of world demand, to boost market share and following pressure from U.S. President Donald Trump to lower oil [Read more]
Energy Briefing AM – What Moved Overnight
Morning Oil & Gas Briefing September 30, 2025 What Moved Overnight WTI crude oil: $62.11/bbl (−2.1%) - Goldman Sachs on Tuesday said that it expects OPEC+ to raise oil production quotas by 140,000 barrels per day for November, ahead of the group's meeting on Sunday. U.S. natural gas (Henry Hub): $3.33/mcf (+ 1.9%) CAD/USD (USD per CAD): 0.71855 (−0.02%) Canadian Headlines Imperial Oil to reduce workforce by ~20% by 2027: company plans a multi-year [Read more]
First Canadian Installation of PrimeSET™ Single Trip System Streamlines Montney Completion
Montney Formation, Canada Packers Plus has successfully completed the first installation of the PrimeSET™ Single Trip Liner Hanger in Canada’s Montney formation—a significant milestone for both the operator and Packers Plus, and a major step forward for the liner hanger industry. Designed for efficiency and reliability, the PrimeSET system streamlines operations and reduces rig time by enabling deployment on tie-back casing. Background An operator in Canada had traditionally deployed [Read more]
Exxon Mobil to cut 2,000 jobs globally amid restructuring
Exxon Mobil will lay off 2,000 workers globally as part of a long-term restructuring plan, the U.S. energy major told Reuters in an emailed statement, adding to a wave of job cuts in the oil and gas industry this year. The layoffs represent about 3% to 4% of the company's global workforce and are part of an ongoing efficiency drive, according to Bloomberg News, which first reported the news earlier on Tuesday. Exxon Mobil has been streamlining its operations after closing its $60 billion [Read more]
Oil price outlook steady as rising supply offset by concerns over Russian output
Oil prices are expected to hold almost steady this year despite mounting supply from both OPEC+ and non-OPEC producers, with concerns about a potential glut tempered by uncertainty over Russian output, a Reuters poll showed on Tuesday. A survey of 32 economists and analysts conducted in September forecasts Brent crude will average $67.61 per barrel in 2025, just 4 cents below last month’s forecast. Brent, which was at $67.22 early on Tuesday, has averaged around $69.90 so far this [Read more]
Prospera Energy Reports Production Growth, Increases Asset Ownership, and Provides Corporate Update
Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF) ("Prospera", "PEI" or the "Corporation") CALGARY, AB, Sept. 30, 2025 /CNW/ - Industry Outlook – Heavy Oil on the Rise: The Canadian oil and gas sector is benefiting from a favorable shift in market dynamics, particularly for heavy oil producers. Western Canadian Select (WCS), historically discounted relative to West Texas Intermediate (WTI) due to transportation constraints and limited refining capacity, has seen differentials narrow [Read more]
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