U.S. oil major Exxon Mobil Corp said on Wednesday it plans to reduce up to 300 positions in Canada as part of an ongoing cost-cut plan due to a coronavirus-driven slump in oil prices. Reductions will include positions at Imperial Oil Ltd, ExxonMobil Canada Ltd, and ExxonMobil Business Centre Canada ULC, the company said. Oil producers, including Exxon, have been slashing costs due to a collapse in oil demand and ill-timed bets on new projects. The top U.S. oil company had earlier outlined [Read more]
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Oil prices rally further on vaccine optimism despite inventory rise
Oil rose for a fourth straight day on Wednesday, shrugging off an industry report showing a higher-than-unexpected rise in U.S. crude stockpiles and extending a rally driven by hopes that a COVID-19 vaccine will boost fuel demand. West Texas Intermediate crude gained 65 cents, or 1.4%, to $45.40 a barrel. Brent crude was up 48 cents, or 0.95%, at $48.28 a barrel. Both contracts are at their highest since early March and have rallied nearly 10% in the last four days. "The broader market [Read more]
Joe Biden, climate defender?
President-elect Joe Biden has made it no secret he plans to be a champion for climate change and the environment, with his nearly $2 trillion climate plan. In his debate with Donald Trump on Oct. 22, Biden stated, “I would transition from the oil industry, yes,” citing climate change as one of his top priorities. Biden’s campaign promises and words said along the campaign trail do not seem to be lining up with everything he’s been doing post-election, walking back comments from his debate [Read more]
TPH advising on sale of selected TAQA North Ltd. assets
Tudor, Pickering, Holt & Co. (“TPH”) has been retained by TAQA North Ltd. to advise on the divestment of selected assets in Alberta and British Columbia. The assets produce ~9,300 boe/d (75% gas) with forecast 2021 NOI exceeding $25 million. For more information including a summary of the assets and packages, to receive a copy of the confidentiality agreement or to arrange a discussion with a member of the TPH team, please contact taqanorth@tphco.ca. Tudor, Pickering, Holt & Co. [Read more]
XI Technologies: Tracking the Alberta inactive well list
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. As Alberta’s oilfields continue to age and some companies struggle to produce under difficult financial conditions, the number of inactive wells in the province continue to be an important part of our energy landscape. Tracking the [Read more]
New oil and gas jobs from BOE Report Jobs
Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location Nov. 20 Welding Specialist Strike Group Airdrie Nov. 20 COILED TUBING OPERATOR - (RDC) Trican Well Service Ltd. Red Deer Nov. 20 COILED TUBING SUPERVISOR - [Read more]
Imperial Oil set to end Syncrude services contract as Suncor become operator
CALGARY - Imperial Oil Ltd. says it will relinquish its contract to provide operational, technical, and business management services to Syncrude Canada Ltd. when Suncor Energy Inc. takes over operation of its oilsands mine and upgrader at the end of 2021. Under the contract, which has been in place for about 14 years, staff from Imperial were seconded to certain positions at Syncrude and provided team members to assist in implementing strategies, while Syncrude remained the day-to-day [Read more]
Canada welcomes choice of Kerry as U.S. climate czar, will defend pipeline
Canada welcomes the choice of John Kerry as new U.S. climate envoy but will press Washington not to cancel permits for an oil pipeline he opposes, Ottawa's ambassador to the United States said on Tuesday. "We see a huge number of opportunities to work with the Americans on the international stage and also bilaterally on the fight against climate change. So this is good news," Kirsten Hillman told an event organized by the Montreal Council on Foreign Relations. President-elect Joe Biden [Read more]
New CER report shows that policy and technology change will be key drivers of Canada’s energy transition
CALGARY, AB - A new energy outlook from the Canada Energy Regulator (CER) finds that Canada's fossil fuel consumption declines over the next 30 years but without an accelerated energy transition, fossil fuels will still make up more than 60% of Canada's fuel mix in 2050. Canada's Energy Future 2020: Energy Supply and Demand Projections to 2050 explores how new technologies and climate policy will impact Canadian energy consumption and production trends over the next 30 years. The outlook [Read more]
Oil hits highest since March on vaccine
Oil hit its highest since in March on Tuesday, rising above $47 a barrel as a third promising coronavirus vaccine raised demand recovery hopes and U.S. President-elect Joe Biden received the go-ahead to begin his transition. AstraZeneca on Monday said that its COVID-19 shot was 70% effective in trials and could be up to 90% effective, giving the fight against the pandemic a third potential vaccine after positive results from Pfizer-BioNTech and Moderna. West Texas Intermediate crude gained [Read more]