Canada’s fleet of active drilling rigs grew from 134 to 137 since last week according to data from Baker Hughes. Total drilling count was 137 at November 22. 86 rigs were drilling for oil; 51 for natural gas. The drilling activity in Alberta increased, growing from 90 to 91. Saskatchewan’s drilling remained stagnant at 31. View a full breakdown of Western Canada’s rig activity. [Read more]
Headlines
‘He listened:’ Alberta’s energy minister meets with federal counterpart in Calgary
CALGARY - Alberta's energy minister says she had a productive meeting with Canada's newly appointed natural resources minister. Sonya Savage met with Seamus O'Regan, an MP from Newfoundland, this week during his first official visit to Alberta. She says he listened and appeared to understand the frustrations in Alberta. Savage says there are many issues that need to be addressed in the near future. Her priority is dealing with the CN rail strike, which she says is preventing 170,000 [Read more]
U.S. oil drillers cut rigs for fifth week in a row
U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row and the rig count has dropped 24% year-on-year as producers cut spending on new drilling. Drillers cut three oil rigs in the week to Nov. 22, bringing the total count down to 671, the lowest since April 2017, energy services firm Baker Hughes Co said in its closely followed report on Friday. In the same week a year ago, there were 885 active rigs. The oil rig count, an early indicator of [Read more]
Oil drops from 2-month high on U.S.-China trade talk uncertainty
Oil prices pulled back from their highest levels in nearly two months on Friday amid continued overtainty over whether the United States and China will be able to reach a partial trade deal that would lift some pressure on the global economy. That was more than enough to offset news of a likely extension of production cuts by major producers that drove prices higher in the previous session. West Texas Intermediate crude was at $58.20 a barrel, down 38 cents or 0.7%. Brent crude [Read more]
U.S. natgas futures rise on forecasts for more cold and heating demand in December
U.S. natural gas futures edged up on Friday as the market focused more on forecasts for colder weather and more heating demand during the first week of December than warmer than previously expected weather next week. Front-month gas futures for December delivery on the New York Mercantile Exchange were up 2.9 cents, or 1.1%, to $2.596 per million British thermal units at 8:07 a.m. EST. For the week, the front-month was down about 3%, putting the contract on track to fall for a second week [Read more]
Column: Junior Companies, Doom and Gloom, and the Largest Alberta Discovery of the Past 20 Years
In Part I of this series we learned of some stunning results in an overlooked heavy oil play called the Clearwater, where companies are producing heavy oil without the need for frac stimulation or steam injection, bringing us some much needed uplift in our time of deep morose. Whether it’s the upcoming opening of the Enbridge Line 3 Replacement (Canadian leg) or the early 2020 startup of the Sturgeon Refinery, we must take our good news where it can be found. Something else has emerged, [Read more]
Location, Location, Location – East Duvernay Water Hub
By: Geoff Kovacik “Very often as an entrepreneur, the business opportunities you should look for should speak to a global trend. And right now, a predominant global trend is sustainability” Daniel Hatfield – Edge Growth Figure 1: East Duvernay - Haynes Member Aquifer Isopach with Watershed Basin Boundaries The East Duvernay Shale Basin (EDSB) has the potential to be a world-class resource play and has untapped opportunity for frac water management companies. From a water [Read more]
You’re Invited to GPS Engage
You're Invited to GPS Engage GPS is proud to launch the first of a new series: GPS Engage. Join us in a discussion around Canada's energy leadership as we showcase ideas related to novel technologies, complex strategies, exciting partnerships, and more. We recognize this is a great opportunity to connect with your audience, so we are pleased to offer you an exclusive discount, only for BOE Report readers, of 25% off tickets to this event. Please use the code "BOE5OFF" upon [Read more]
MEG Energy announces 2020 capital investment plan of $250 million, remains focused on ongoing debt reduction strategy
All financial figures are in Canadian dollars ($ or C$) and all references to barrels are per barrel of bitumen sales unless otherwise noted CALGARY - MEG Energy Corp. (TSX:MEG) announced today its 2020 capital investment plan and operational guidance. Highlights include: A capital budget of $250 million, to be fully funded with a portion of expected 2020 adjusted funds flow; 2020 production guidance of 94,000 to 97,000 bpd, which takes into account a planned major turnaround with an [Read more]
Shippers shift to trucks as strike at Canada’s biggest railroad enters third day
Shippers scrambled to shift freight onto trucks on Thursday as a strike at Canada's biggest railroad, Canadian National Railway Co , entered its third day and left many goods stranded. Some 3,200 unionized employees, including conductors and yard workers, hit picket lines on Tuesday in the biggest such action in a decade. The strike, which is over working conditions, has slowed output at industrial plants making chemicals, canola oil and other products. Some major retailers and pulp and [Read more]