The Russian government on Monday banned domestic oil exporters and customs bodies from adhering to Western-imposed price caps on Russian crude. The measure was issued to help enforce President Vladimir Putin's decree of Dec. 27 that prohibited the supply of crude oil and oil products from Feb. 1, for five months, to nations that abide by the caps. The G7 economies, the European Union and Australia agreed on Dec. 5 to ban the use of Western-supplied maritime insurance, finance and brokering [Read more]
Headlines
TOP WELL REPORT – Clearwater formation – Baytex, CNRL and Headwater lead the way in December
The December data is out for the top Clearwater wells. As always, we use calendar day production metrics so these are real volumes produced in the month. The list of the top 15 Clearwater oil wells from the month of December is below. You can also click on the link here to view the wells all on one map, or click on the UWIs individually to see their location and production profiles on Petro Ninja. TOP 15 CLEARWATER OIL WELLS (see on map) Of note this month: Baytex continues to lead [Read more]
U.S. natgas drops 5% on forecasts for milder weather, lower heating demand
U.S. natural gas futures dropped about 5% to a 21-month low on Monday on forecasts for warmer weather and lower heating demand through the middle of February than previously expected. Gas prices have also been under pressure in recent weeks by growing beliefs in the market that there was more than enough gas in storage for the rest of the winter and that Freeport LNG's liquefied natural gas (LNG) export plant in Texas would not start pulling in big amounts of gas until at least March. On [Read more]
Oil falls ahead of OPEC+, U.S. Federal Reserve meetings
Oil prices fell on Monday, giving up earlier gains, as global producers this week will likely keep output unchanged during a meeting this week and investors are cautious ahead of a U.S. Federal Reserve meeting that may spur market volatility. U.S. West Texas Intermediate crude was at $78.55 a barrel, down 73 cents, or .92%. Brent crude futures fell 70 cents, or 0.81%, to $85.29 a barrel. Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies including [Read more]
Shell plc announces Executive Committee and Directorate changes
Shell plc announces Executive Committee and Directorate changes London, 30 January 2023 – Shell plc is to reduce the size of its Executive Committee (EC) from nine to seven members in a decisive move designed to simplify the organisation further and improve performance as we deliver our Powering Progress strategy. Under the changes, which are expected to take effect on 1 July 2023, Shell’s Integrated Gas and Upstream businesses will be combined to form a new Integrated Gas and Upstream [Read more]
International Petroleum Corporation announces results of normal course issuer bid
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 165,100 IPC common shares (ISIN: CA46016U1084) during the period of January 23 to 27, 2023 under IPC’s normal course issuer bid / share repurchase program (NCIB). IPC’s NCIB, announced on December 1, 2022, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 [Read more]
Delegates expect OPEC+ to keep oil policy steady at Feb. 1 JMMC meeting
An OPEC+ panel is likely to recommend keeping the group's current oil output policy when it meets this week, two OPEC+ delegates told Reuters on Monday. Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known collectively as OPEC+, are due to hold a virtual meetng at 1100 GMT on Feb. 1. The panel, called the Joint Ministerial Monitoring Committee (JMMC), can call for a full OPEC+ meeting if warranted. The JMMC had been due to follow a [Read more]
HWN Energy acquires assets from Bonavista Energy – 470 wells, 68 facilities, 191 pipelines
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]
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]