A group called Proud To Be Canadian took a page out of Oklahoma's book and released an inspiring pro-Canadian energy video. The video promotes Canada's biggest industry which has helped create the modern world. Canadian energy, the nationwide oil and gas industry is something every Canadian should be rightfully proud of. Watch the video below courtesy Proud To Be Canadian: [Read more]
Headlines
Trudeau, Sohi, meeting with workers at TMX’s Edmonton terminal this morning
OTTAWA - Prime Minister Justin Trudeau is paying a visit to the Trans Mountain pipeline terminal in Edmonton this morning. It has been almost a month since Trudeau gave a second go-ahead to expanding the pipeline, after the courts overturned his government's original approval. Trudeau and Natural Resources Minister Amarjeet Sohi — who represents a nearby Edmonton riding — will meet with workers at the terminal, which is the start of the pipeline that carries Alberta oil to a [Read more]
Oil hovers near 6-wk highs amid Gulf of Mexico storm, Middle East tensions
Oil prices hovered near six-week highs on Friday as U.S. oil producers in the Gulf of Mexico cut more than half their output in the face of a tropical storm and as tensions continued to simmer in the Middle East. U.S. West Texas Intermediate (WTI) crude futures were up 42 cents, or 0.7%, at $60.62 a barrel. The U.S. benchmark marked its highest level since May 23 in the previous session at $60.94. Brent crude futures were up 53 cents, or 0.8%, at $67.05 per barrel by 0606 GMT. The [Read more]
IEA sees oil market oversupplied in 2019 on U.S. production
Surging U.S. oil output will outpace sluggish global demand and lead to a large stocks build around the world in the next nine months, the International Energy Agency (IEA) said on Friday.The forecasts appear to predict the need for producer club OPEC and its allies to reduce production to balance the market despite extending their existing pact, forecasting a fall in demand for OPEC crude to only 28 million barrels per day (bpd) in early 2020."Market tightness is not an issue for the time [Read more]
U.S. natgas futures rise on output cuts for Tropical Storm Barry
U.S. natural gas futures rose on Friday as the market focused more on a drop in output caused by Tropical Storm Barry and forecasts for more demand next week than previously expected than a decline in the amount of gas flowing to liquefied natural gas export terminals. Front-month gas futures for August delivery on the New York Mercantile Exchange were up 3.8 cents, or 1.6%, to $2.454 per million British thermal units at 8:55 a.m. EDT (1255 GMT). The U.S. National Hurricane Center [Read more]
Highwood Oil Company Ltd. Provides Corporate Update on Strategic Peace River Oil Acquisition and Announces Initial Clearwater Drilling Results
CALGARY, July 11, 2019 /CNW/ - Highwood Oil Company Ltd., ("HOCL", "Highwood" or the "Company") (TSXV: HOCL) is pleased to announce that the partner in the Peace River Oil Partnership ("PROP") has waived its right, per the Peace River Oil Partnership Agreement, to exercise both the right of first refusal and the tag along provision regarding the previously announced transaction on May 16, 2019. The anticipated closing of the 55% operated working interest in PROP is expected to be in mid August [Read more]
Pieridae Negotiates Extensions of Key Deadlines in Its Long-Term LNG Agreement With Uniper
CALGARY, Alberta, July 11, 2019 (GLOBE NEWSWIRE) -- Pieridae Energy Limited (Pieridae or the Company) (TSXV: PEA) today announced it has negotiated extensions of the key deadlines under its 20-year agreement with German utility Uniper. These include expected commercial deliveries of gas to Uniper to start between November 30th, 2024 and May 31st, 2025; and the extension to September 30, 2020 of the deadline to make a positive financial investment decision (FID) for the Company’s proposed [Read more]
Delphi Energy Corp. Announces Extension of Credit Facility
CALGARY, Alberta, July 11, 2019 (GLOBE NEWSWIRE) -- Delphi Energy Corp. (“Delphi” or the “Company”) announces that the annual borrowing base redetermination of its senior credit facility has been finalized. The amended credit facility has a borrowing base of $100.0 million reducing to $90.0 million upon the earlier of September 30, 2019 and the completion of the sale of excess Alliance pipeline transportation service for $11.9 million which was previously announced on June 17, 2019. The [Read more]
U.S. natgas futures fall on cooler midday forecast, big storage build
U.S. natural gas futures fell on Thursday, a day after hitting a five-week high, as midday forecasts called for less hot weather over the next two weeks than previously expected.The forecast, combined with a bigger-than-expected storage build and reduced gas flow to liquefied natural gas (LNG) export terminals, offset a big output decline caused by energy firms temporarily halting production in the Gulf of Mexico ahead of Tropical Storm Barry.The U.S. Energy Information Administration (EIA) said [Read more]
Intensifying storm shuts U.S. coastal refinery, adding to energy production losses
Threatened flooding from a tropical storm in the U.S. Gulf of Mexico that cut nearly a third of the region's oil production has forced the shutdown of a coastal refinery, pushing oil and gasoline prices higher on Thursday.Phillips 66 said it expected to complete the closing of its 253,600-barrel-per-day (bpd) Alliance, Louisiana, refinery on Thursday after local authorities ordered a mandatory evacuation of the area.Pipeline operator Enbridge evacuated staff from three offshore [Read more]