After the Nordegg the Petro Ninja – Enlighten Geoscience Well of the Week ran into a bit of ‘writer’s block’ on the upwards sojourn through the plays of the Peace River Arch. The next formation in line is, of course, the Cadomin. And an excellent example of an Arch Cadomin producer is 200/A-014-A 093-P-08/00. It is (you guessed it) a Deep Basin well. And what original thoughts are left to express about yet another prolific Deep Basin well? Proclaiming once again the wonders of the Deep Basin [Read more]
Headlines
Taxes potentially uncollected: Saskatchewan years behind on oil audits
REGINA - The Saskatchewan Ministry of Energy and Resources is years behind on auditing oil, potash and uranium companies, potentially leaving millions of dollars in royalties and taxes uncollected, says the provincial auditor. As of March 2021, there were 101 audits filed before 2020 that remained outstanding, Tara Clemett said in her most recent report this week. "Unless we go through these 101 audits, we won't know what's owed to us, or we owe them," she said in an interview. "It's [Read more]
Cheniere and Equinor sign long-term LNG sale and purchase agreement
HOUSTON - Cheniere Energy, Inc. (“Cheniere” or the “Company”) (NYSE American: LNG) announced today that its subsidiary, Cheniere Marketing, LLC (“Cheniere Marketing”), has entered into a liquefied natural gas (“LNG”) sale and purchase agreement (“SPA”) with Equinor ASA (“Equinor”). Under the SPA, Equinor has agreed to purchase approximately 1.75 million tonnes per annum (“mtpa”) of LNG from Cheniere Marketing on a free-on-board basis for a term of approximately 15 years. The deliveries under [Read more]
Perpetual Energy Inc. announces expanded credit facility
CALGARY, AB – Perpetual Energy Inc. ("Perpetual" or the "Company") announced today that the semi-annual borrowing base redetermination of the Company's first lien credit facility has been completed and the previous $17.0 million borrowing limit has been increased to $30.0 million with an initial term to May 31, 2023 and which which may be extended for a further twelve months to May 31, 2024 subject to lender approval. If not extended by May 31, 2023, all outstanding advances would be repayable [Read more]
Keyera appoints new director to its board
CALGARY, AB - Keyera Corp. (TSX: KEY) ("Keyera") announced today the appointment of Isabelle Brassard to the company's Board of Directors, effective immediately. With over 27 years of global experience in the mining and metals industries spanning North America, Asia, the Middle East, and Europe, Ms. Brassard currently serves as Senior Vice President, Logistics and Sustainable Development at Fednav Limited, Canada's largest international bulk shipping company headquartered in Montreal. Prior [Read more]
Heavy crude discount remains at wide levels
The discount on Canadian heavy crude versus the West Texas Intermediate benchmark narrowed slightly on Wednesday. Western Canada Select heavy blend crude for July delivery in Hardisty, Alberta settled at $19.60 a barrel below WTI, according to NE2 Group, narrowing from the previous day's settlement of $19.85 a barrel under the benchmark. The discount Canadian heavy barrels remains close to recent lows around $20 a barrel under WTI, last seen in early 2020. WCS prices are being weakened by [Read more]
Chiefs to meet with banks and investors to attract capital to Indigenous energy projects
TORONTO - The Indian Resource Council, an organization representing over 130 First Nations who produce or have a direct interest in the oil and gas industry, is leading a delegation of Chiefs to Toronto on June 9, 2022 to meet with the investment community. Their objective is to attract capital for Indigenous energy projects and ensure First Nations have equity opportunities going forward. "There is an idea in some corners of Canada that First Nations are opposed to oil and gas development. [Read more]
U.K.-style ‘windfall tax’ an unacceptable idea, says Savage
CALGARY - Sonya Savage says anything resembling the U.K.'s so-called "windfall tax" on the profits of oil and gas companies must not be implemented in Canada. The U.K. recently imposed additional taxes on oil and gas firms, who are reaping record profits in 2022 due to sky-high commodity prices. The windfall tax is meant to help fund cash payments to help millions of British citizens cope with rapidly rising energy bills. Similar programs are being considered in other countries. Recent [Read more]
Alberta First Nations want consultation, benefits from oilsands carbon storage plans
EDMONTON - Several Alberta First Nations have told the province's government and energy industry that they must be consulted and share in the benefits of carbon capture projects near their lands that are crucial to making the oilsands more climate friendly. "(The companies) want to work together to reduce climate effects," said Cameron Alexis, head of Tribal Chiefs Ventures, which includes six Treaty 6 First Nations near Cold Lake, Alta. "However, those big players didn't come in the first [Read more]
Canada launches greenhouse gas reduction credits to help tackle emissions
Canada on Wednesday launched a credit system for greenhouse gas reductions, a major part of its plan to cut carbon emissions, starting with a set of rules stipulating how projects can generate tradeable credits by capturing gas from landfills. The government said protocols for four other sectors including agriculture and forest management are underway. It will also start developing protocols for carbon capture technology, which Canada's high-polluting oil industry is betting on to slash its [Read more]