Long known for its abundance of natural resources that have fuelled its economy, both literally and figuratively, for decades, Alberta has found itself in an advantageous position with regard to hydrogen and natural gas. Hydrogen is the most abundant element in the world and is making a name for itself and providing the province with an opportunity to supply a clean and responsibly sourced natural gas in a world with increasing momentum towards a low carbon future. The province is making [Read more]
Headlines
Oil drifts near 2018 highs ahead of OPEC+ meeting
Oil prices hit and then recoiled from highs last seen in October 2018 on Monday as investors eyed the outcome of this week's OPEC+ as the United States and Iran wrangle over the revival of a nuclear deal, delaying a surge in Iranian oil exports. U.S. West Texas Intermediate crude for August was at $73.19 a barrel, down 81 cents, or 1.09%. Brent crude for August had slipped 70 cents, or 0.92%, to $75.42 a barrel. Oil prices rose for a fifth week last week as fuel demand rebounded on strong [Read more]
Old, small and CO2-intense: How Canada’s highest-carbon sites are reducing emissions
In the shadow of Canada's mega oil sands projects, smaller, technologically outdated facilities are churning out up to three times more emissions per barrel than the sector's already high average. These projects present another challenge to Canada's goal to cut emissions by 40-45% by 2030. With oil prices near 2-1/2-year highs and dim prospects for building new projects in a world heading toward net zero, operators are aiming to pump dry existing facilities, including the most carbon-intense [Read more]
ROI 2021 summer featured production equipment
Reef Oilfield Inventory Ltd. (ROI, est. 2017) offers value-added surplus oilfield production equipment. From “As Is,” “Retrofitted/Repaired”, “Delivered” to “Engineered Surplus Solutions,” we are eager to share our featured Pump Jacks, Compressors, Separators, and select Gas Plants ready for your next application. As well as additional equipment landed “In the Yard”. Click the links for pictures and detailed information. To engage with us, request drawings, or inquire about equipment please [Read more]
U.S. shale industry tempers output even as oil price jumps
Even with oil prices surging toward $75 a barrel, U.S. shale producers are keeping their pledges to hold the line on spending and keep output flat, a departure from previous boom cycles. This year's run up in crude prices, and oil output curbs imposed by the OPEC+ producers group, historically would have triggered a drilling boom. But investors are demanding financial returns over more volume and energy financiers are shifting to renewables, so shale firms are determined to stay [Read more]
Kiwetinohk Resources and Distinction Energy announce agreement to combine
CALGARY, Alberta - The Boards of Directors and the largest shareholders of each of Kiwetinohk Resources Corp. (“Kiwetinohk”) and Distinction Energy Corp. (“Distinction”) have agreed to combine the businesses of Kiwetinohk and Distinction under a plan of arrangement pursuant to applicable corporate law (the “Arrangement”). Through the Arrangement, Kiwetinohk will acquire all shares of Distinction that it does not already own (approximately 50%) by way of an exchange of 20 Kiwetinohk shares for [Read more]
Canada’s weekly rig count up 5 to 134
Canada averaged 134 active drilling rigs this week according to data from the Canadian Association of Energy Contractors. Of those rigs, 34% are drilling for natural gas, 55% are drilling for oil, 2% for other (helium, hydrogen, geothermal, or potash), and 9% are moving. Drilling activity by province is 65% in Alberta, 22% in Saskatchewan, 11% in BC, and 2% elsewhere. Precision Drilling holds the majority of the Canadian market share with 35%, Ensign Drilling with 17%, Savanna Drilling [Read more]
Alberta should focus on innovation to attract U.S. investment, says Washington envoy
CALGARY - Alberta's trade envoy to Washington said the province needs to do a better job of promoting the role it can play in clean energy for the U.S. James Rajotte told an Edmonton business crowd Friday that despite the cancellation of the Keystone XL pipeline, opportunities exist south of the border for Alberta's energy sector. He said U.S. President Joe Biden's aggressive stance on climate change presents a challenge for Alberta's oil and gas industry, and that some Democrats in [Read more]
U.S. drillers add oil and gas rigs for 11th month
U.S. energy firms kept the number of oil and natural gas rigs unchanged this week but added rigs for an 11th month in a row as some drillers returned to the wellpad with crude prices at their highest since 2018. The oil and gas rig count, an early indicator of future output, were steady at 470 in the week to June 25, maintaining its April 2020 high, energy services firm Baker Hughes Co said in its closely followed report on Friday. That put the total rig count up 205 rigs, or 77%, over [Read more]
JPM raises fourth-quarter Brent forecast to $80 a barrel
J.P. Morgan sees Brent crude prices averaging $76/bbl in Q3'21 and $80/bbl in Q4'21 - a $2 and $6 upgrade to its previous forecasts, respectively. "We... believe that from here and through Labour Day, the direction of travel for demand is still likely a fair bit higher," the bank says in a note. Brent was trading up 24 cents, or 0.3%, at $75.80/bbl. JPM now sees global oil demand increasing from an average of around 97.7 mln barrels per day (bpd) in June to 99.7 mln bpd in August, [Read more]