The European Union can still strike a deal on a Russian oil embargo in the coming days or look to "other instruments" if no agreement is reached, Germany's economy minister Robert Habeck said at Group of Seven talks in Berlin on Thursday. The EU executive European Commission proposed the embargo as the harshest sanction yet on Russia after its invasion of Ukraine. But talks have failed to produce a breakthrough so far, with Hungary, Moscow's closest ally in the EU, vetoing the move. Habeck [Read more]
Headlines
U.S. natgas hits new 13-year high on output drop ahead of storage report
U.S. natural gas futures gained about 3% to a fresh 13-year high on Thursday on a reduction in daily output and an increase in fuel flowing to liquefied natural gas (LNG) export plants. That price gain also occurred ahead of a U.S. report expected to show last week's storage build was smaller than usual for this time of year as hotter than normal weather boosted the amount of gas power generators burned to produce power for air conditioning. Analysts forecast U.S. utilities added 89 [Read more]
Petrus Resources announces appointment of officers and April monthly activity update
CALGARY, Alberta - Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to announce that Mr. Matt Skanderup has been appointed as the Company’s Chief Operating Officer (“COO”) and Mr. Mathew Wong has been appointed as the Company’s Chief Financial Officer (“CFO”). As COO, Mr. Skanderup will lead the operations and technical teams in the planning and execution of the Company’s operations and development activities. Matt’s 17 years of experience and expertise combined with [Read more]
Countering cyber attacks in the Canadian energy sector
OTTAWA, ON - The need to strengthen the reliability and resiliency of Canada's energy systems from cyber attacks has never been greater as cyber threats grow more frequent, complex, and costly. Protecting the energy sector remains critical for the economy, the environment, and national security, and is essential for ensuring the secure adoption of the technologies contributing to Canada's commitment to reach net zero by 2050. The Honourable Jonathan Wilkinson, Minister of Natural Resources, [Read more]
Oil prices extend gains on tight supply, firm demand expectations
Oil prices rose on Wednesday, buoyed by tight supplies and the prospect of rising demand from the upcoming start of the summer driving season in the United States, the world's biggest crude consumer. U.S. West Texas Intermediate (WTI) crude futures for July delivery rose 40 cents, or 0.37%, to $110.57 a barrel. The contract settled down 52 cents on Tuesday. Brent crude futures for July rose 62 cents, or 0.55%, to $114.17. Brent futures gained 0.1% on Tuesday and are up for a fifth [Read more]
XI Technologies: The new BCOGC Permittee Capability Assessment (PCA) and the changing nature of WCSB liabilities
Each week, XI Technologies scans its unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you’d like to receive our Wednesday Word to the Wise in your inbox, subscribe here. In April, the BC Oil and Gas Commission (BCOGC) implemented the Permittee Capability Assessment (PCA) Program, designed to replace the existing Liability Management Rating (LMR) program. This comes after the Alberta Energy Regulator’s [Read more]
CER Commission recommends approval of the West Path Delivery 2023 Project
CALGARY, AB - The Commission of the Canada Energy Regulator (CER) recommends approval of NOVA Gas Transmission Ltd.'s (NGTL) West Path Delivery 2023 Project. The approximately 39-kilometre (km) pipeline is needed to increase the connection of Western Canada Sedimentary Basin supply with long-term markets. The Commission set out 34 conditions related to safety and integrity, employment and training, environmental protection and Indigenous Peoples' involvement in monitoring. NGTL must also [Read more]
Equinor, partners to develop $940 mln Norway gas and condensate project
Equinor and partners on Wednesday submitted a plan to develop a cluster of gas and condensate discoveries in the Norwegian Sea for 9 billion crowns ($940 million), part of a rush of new petroleum projects expected in Norway this year. Halten East contains reserves of around 100 million barrels of oil equivalent, 60% of which is natural gas, and is expected to begin exporting to Europe in 2025, Equinor said The project would develop an area with six gas and condensate discoveries, with the [Read more]
Tenaz Energy Corp. announces agreement to acquire the shares of SDX Energy PLC in an all-share transaction
CALGARY, AB - Tenaz Energy Corp. ("Tenaz", "we", "our", "us" or the "Company") (TNZ: TSX) is pleased to announce it has reached an agreement to acquire all of the issued and to be issued share capital of SDX Energy PLC ("SDX") in an all-share transaction (the "Transaction"). In the Transaction, SDX shareholders will receive 0.075 common shares of Tenaz ("Tenaz Shares") for each SDX share ("SDX Share") held, valuing SDX at $34.3mm based on the May 24, 2022 closing price of Tenaz Shares, [Read more]
U.S. natgas soars to 13-yr high as power and LNG plants use more fuel
U.S. natural gas futures jumped about 4% to a fresh 13-year high on Wednesday as power generators and liquefied natural gas (LNG) export plants consumed more of the fuel. Power companies burned more gas to generate electricity due to a lack of wind in recent weeks. Wind was on track to produce just 10% of U.S. power generation this week, down from a recent high of 16%, while gas was on track to generate about 36% this week, up from a recent low of 33% a few weeks ago. On their second to [Read more]