Ottawa gave Alberta’s struggling energy industry a body blow by passing legislation to ban tankers on the West Coast and make the pipeline approval process virtually impossible. It’s tempting to seek retribution. So tempting. But there’s a better way for Premier Jason Kenney to stand up for Alberta and strengthen Canada: reform equalization. The Trudeau government passed the Tanker Ban Bill (Bill C-48) and the No More Major Projects Bill (Bill C-69) at the last minute before it rises for the [Read more]
Headlines
Oil prices rise on Iran tensions, OPEC output cuts
Oil futures rose on Friday as tensions over Iran and an extension to output cuts by OPEC and its allies boosted prices, but mixed economic data limited the rally. Brent crude futures settled at $64.23 a barrel, up 93 cents, or 1.47%. U.S. West Texas Intermediate (WTI) settled at $57.51 a barrel, up 17 cents. The U.S. market was closed on Thursday for a national holiday. Both benchmarks were down for the week as concerns about a slowing global economy outweighed risks to supply. Brent [Read more]
Column: Is Hypocrisy a Deception or a Lie?
I would like to start off by saying, I am not a politician nor am I a writer or a journalist. I am a 53 year old Albertan who has worked for over 33 years in our Alberta oil patch and I am damn proud of it! I have reached a critical point in my career where I can no longer sit back and watch the industry we have all worked so hard to build, diminish to a mere shadow of its former existence. We are facing one of the most critical turning points in our nation’s history. The October Federal [Read more]
GLJ’s July Price Forecast: Glimmers of Light at the end of the tunnel
Despite current challenges that face the Canadian energy industry, there are continued plans for future development reinforcing the assumption that conditions will eventually improve. With a deep-rooted sense of determination, Canadian industry continues to work towards developing our resources and building out market access in a socially responsible way. Slow and Steady To a certain degree, it has been one step forward, and two steps back with the approval of the TMX pipeline and the [Read more]
OPEC output hits new low on Trump’s sanctions, supply pact
OPEC oil output sank to a new five-year low in June as a rise in Saudi supply did not offset losses in Iran and Venezuela due to U.S. sanctions and other outages elsewhere in the group, a Reuters survey found. The 14-member Organization of the Petroleum Exporting Countries pumped 29.60 million barrels per day (bpd) last month, the survey showed, down 170,000 bpd from May’s revised figure and the lowest OPEC total since 2014, the survey showed. The Reuters survey suggests that even though [Read more]
Hillcrest Provides Update and Announces Closing of Unit Private Placement
VANCOUVER, B.C. - TheNewswire - July 5, 2019 - Hillcrest Petroleum Ltd. (TSXV:HRH) (OTC:HLRTF) (the "Company" or "Hillcrest") - As previously announced the upgraded West Hazel production facilities were commissioned in January, with initial production from two wells commencing concurrently. A third well was brought online in March, followed by the fourth well in early June. Resulting oil sales have delivered positive operating cash flow to the Company for the first time in over two years, with [Read more]
Alberta to hold $2.5-million public inquiry into funding for oil and gas foes
CALGARY - The Alberta government will hold a public inquiry into environmental groups that it says have been bankrolled by foreign benefactors hell-bent on keeping Canada's oil and gas from reaching new markets while letting oil production grow unabated in the Middle East and the United States. "They often say that sunlight is the best disinfectant. This public inquiry will be sunlight on the activities of this campaign," Premier Jason Kenney said Thursday. "It will investigate all of the [Read more]
Ottawa won’t rush into sale of Trans Mountain to Indigenous groups: minister
CALGARY - Canada's natural resources minister says the government is willing to consider bids from Indigenous groups for a stake in the Trans Mountain pipeline. But Amarjeet Sohi also says Ottawa wouldn't jump at the first offer on the table. "We have seen from Indigenous communities that they are interested in having an equity ... in this project," Sohi said Thursday at a business luncheon in Calgary. "It is a very important conversation to have because Indigenous communities should be [Read more]
Heavy and synthetic oil differentials strengthen
Canada's heavy crude differential to U.S. futures narrowed slightly on Thursday:* Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, last traded at $12.60 per barrel below West Texas Intermediate (WTI) oil, according to Net Energy Exchange. On Wednesday, WCS for August delivery settled at $12.95 a barrel below WTI crude futures.* The government of Alberta, Canada's main crude-producing province, has capped oil production for August at 3.74 million [Read more]
Inter Pipeline Completes Kirby North Connection Project
CALGARY, July 4, 2019 /CNW/ - Inter Pipeline Ltd. ("Inter Pipeline") (TSX:IPL) announced today that it successfully placed into service a diluent and bitumen blend pipeline connection to Canadian Natural's Kirby North oil sands project. The connection is underpinned by a long-term take-or-pay agreement that will provide Inter Pipeline with stable cash flow that is not dependent on commodity prices or volume shipped. "We are pleased to provide transportation services to this high-quality oil [Read more]