WASHINGTON - The Trump administration moved Thursday to vastly expand offshore drilling from the Atlantic to the Arctic oceans with a plan that would open up federal waters off California for the first time in more than three decades. The new five-year drilling plan also could open new areas of oil and gas exploration in areas off the East Coast from Florida to Maine, where drilling has been blocked for decades. While some lawmakers in those states support offshore drilling, the plan [Read more]
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U.S. shale returns to growth, posing problem for OPEC: Kemp
LONDON (Reuters) - U.S. crude oil prices have risen above $60 per barrel which should accelerate shale drilling and production in the next few months, provided the price increase is sustained. U.S. crude futures are trading over $60 for all delivery months between February and August 2018, an increase of about 40 percent since the middle of 2017. And the futures strip for 2019, the benchmark against which U.S. shale producers can execute hedges for next year’s output, is trading over $56, [Read more]
New U.S. refining demand expected to spur Canadian heavy oil demand in 2018
CALGARY - A new forecast from Deloitte says demand for Canadian heavy oil will likely rise this year as shrinking volumes from Mexico and Venezuela open new opportunities to sell to U.S. refineries. The accounting and consulting firm says the demand surge will work to overcome recently steeper price discounts received by Canadian producers due to pipeline outages that have stretched tight export transportation capacity. The report forecasts the benchmark West Texas Intermediate [Read more]
Fort Hills partners settle funding dispute, Total reduces stake in project
CALGARY - Suncor Energy Inc. and Teck Resources Ltd. are getting a bargain price for bigger stakes in the Fort Hills oilsands mine they are buying from partner Total S.A., analysts say. The two Canadian companies announced Wednesday they will pay an additional $420 million to take over a three per cent stake in the project from the French oil giant. Suncor (TSX:SU), the operator, is paying about $300 million to increase ownership to 53.06 per cent and Teck (TSX:TECK.B) is paying [Read more]
Abolish fossil fuels? Any volunteers for this weekend? Didn’t think so
It doesn’t take many days in one’s life of consumerism to recognize that “vital information” provided to you by someone selling something is to be taken with a grain of salt, to put it mildly. A sexy model draped over the hood of a car is not indicative of the life you will lead if you buy those wheels, unless that sort of thing happens to you regularly at present. Information from special interest groups who have vested interests, careers and/or funding to protect therefore need a little [Read more]
GLJ Petroleum Consultants’ January 1, 2018 Price Forecast
With a new year comes a new outlook for oil and gas prices. Though 2017 was a year of continued belt tightening for many producers in sight of lower for longer commodities prices, 2018 brings with it a glimmer of hope for a more stable pricing environment. Recent rate increases by the US federal reserve and expected continued rate hikes by the Bank of Canada appear to point toward what can be expected to be a more stable era in the North American economy. Though volatility is always present due [Read more]
Quest for new oil discoveries still on back burner
Despite the strongest start for oil prices in four years, the world's top oil companies are hesitating to accelerate the search for new resources as a determination to retain capital discipline trumps the hope of making bonanza discoveries. Exxon Mobil , Royal Dutch Shell , Total and their peers are set to cut spending on oil and gas exploration for a fifth year in a row in 2018, according to consultancy Wood Mackenzie (WoodMac), despite a growing urgency to replenish reserves after years of [Read more]
Suncor Energy closes 2017 with strong performance
CALGARY, ALBERTA--(Marketwired - Jan. 3, 2018) - Suncor today provided a business update for the fourth quarter of 2017, highlighting upstream production of 736,000 barrels of oil equivalent per day (boe/d), which is in line with record production from the third quarter of 2017. Oil sands operations produced approximately 447,000 barrels per day (bbls/d) including 6,000 bbls/d from Fort Hills. Syncrude produced 325,000 bbls/d for the quarter, 174,000 bbls/d net to Suncor. Production from other [Read more]
Obsidian Energy Ltd. Announces Board of Directors Appointment
CALGARY, Jan. 3, 2018 /CNW/ - OBSIDIAN ENERGY LTD. (TSX/NYSE – OBE) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to announce that Mr. Edward (Ed) H. Kernaghan has been appointed to the Obsidian Energy Board of Directors (the "Board"). George Brookman, Obsidian Energy's Acting Chairman of the Board commented, "We are happy to have Ed Kernaghanjoin our Board. Mr. Kernaghan brings broad financial and capital markets experience and represents a material ownership [Read more]
Crude language at Alberta gas station over province’s carbon tax
SPRUCE GROVE, Alta. - A gas station operator near Edmonton has used some unparliamentary language to publicly protest an increase in Alberta's carbon tax. The illuminated sign at the Tempo Gas Station in Spruce Grove on Tuesday night used the f-bomb in front of the words "NDP" and "Trudeau." As of Monday, Alberta's carbon tax went up and raised the cost of a litre of gasoline by about 2.5 cents at the pump. The business owner, who declined to give his name, says the [Read more]