Oil prices climbed to multi-year highs on Tuesday after OPEC+ producers clashed over plans to raise supply to meet rising global demand. U.S. West Texas Intermediate (WTI) crude futures traded down $1.73, or 2.25%, at $74.56, after reaching $76.98 earlier in the session, the highest since November 2014. Brent crude hit a session high of $77.84, a level not seen since October 2018, before losing momentum and easing to trade $1.24, or 1.27% lower, at $76.91 a barrel. Ministers from OPEC+, which [Read more]
Headlines
Biden administration pushes for ‘compromise solution’ in OPEC+ talks
The Biden administration is pushing for a "compromise solution" in stalled OPEC+ oil output talks, a White House spokesperson said on Monday. OPEC+ ministers called off those talks on Monday after the United Arab Emirates rejected a proposed eight-month extension to curbs on output. Four OPEC+ sources told Reuters there has been no progress toward a deal. "The United States is closely monitoring the OPEC+ negotiations and their impact on the global economic recovery from the COVID-19 [Read more]
Liner hanger and flotation sub combination simplifies extended reach lateral completion system installation operations
An operator working in the Elm field of the Montney formation in northwest Alberta was looking to overcome challenges previously experienced while installing completion systems in extended reach laterals. The robust capabilities of the PrimeSET® Liner Hanger from Packers Plus were identified as the ideal solution to enable rotation during installation and ensure the next system reached the desired total depth (TD). Additionally, Packers Plus worked closely with the operator to simplify [Read more]
Storm Resources Ltd. announcement regarding recent judgement with respect to a claim by the Blueberry River First Nation against the province of British Columbia
Calgary, Alberta - Storm Resources Ltd. (TSX: SRX) ("Storm" or the "Company") has become aware of a Judgement in the Supreme Court of British Columbia on June 29, 2021 with respect to a claim brought by the Blueberry River First Nation against the province of British Columbia regarding the cumulative effects of industrial development having had significant adverse impacts on the meaningful exercise of treaty rights, breaching the Treaty and infringing their rights. The Judgement references [Read more]
InPlay Oil Corp. provides operations update highlighted by record corporate quarterly production
CALGARY, Alberta - InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) (“InPlay” or the “Company”) is pleased to provide an operations update. InPlay’s average production in the second quarter of 2021 is forecast to be approximately 5,325 boe/d(1) (70% light oil & NGLs) based on field estimates, representing a record quarterly production rate for the Company. Production is ahead of forecast as a result of the continued outperformance of six 100% Cardium wells drilled in Pembina, three of which [Read more]
Column: OPEC+ and the market management challenge: Kemp
Global oil production has become more geographically concentrated since the start of the century, making market management easier compared with the fractious disputes that characterised the 1980s and 1990s. But it has underscored the critical importance of strategic consistency between industry leaders in the three largest producing countries – Saudi Arabia, Russia (formerly the USSR) and the United States. In 1980, these three countries, which emerged as the top three producers in the [Read more]
West Lake announces successful execution of the first-of-its-kind carbon-neutral transaction in the Lloydminster region in partnership with Prax.
West Lake Energy Corp, a privately held Calgary-based intermediate oil and natural gas company focused on development and exploration in western Canada is delighted to announce that it has successfully executed a first-of-its-kind carbon neutral heavy crude oil transaction in the Lloydminster region in Alberta. The Company views this as an important first step towards developing a market for climate-differentiated undiluted heavy crude oil not just in Canada but globally. As an integral part [Read more]
Government of Alberta takes 50 per cent stake in Sturgeon Refinery
CALGARY - The Alberta government is taking 50 per cent ownership of the controversial Sturgeon Refinery northeast of Edmonton. The province has signed a restructuring deal that also extends the length of Alberta's processing contract with the refinery by 10 years, to 2058. The province says the deal means less taxpayer risk in the long-term. It says Alberta will benefit from being both a toll payer and a facility owner. The government says the restructuring deal won't cost the province [Read more]
Heavy crude discount narrows in thin trading
Canadian heavy crude's discount to West Texas Intermediate (WTI) narrowed on Monday in thin trading during a U.S. market holiday. Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, traded at $13.50 per barrel below the WTI benchmark, according to NE2 Canada Inc, wider than Friday's settle of $13.95 a barrel under the benchmark. Rising refinery utilization in North America has buoyed Canadian crude prices, keeping the differential relatively [Read more]
Pembina mails joint information circular, urges shareholders to approve proposed strategic combination with inter pipeline at upcoming special meeting
CALGARY, AB - Pembina Pipeline Corporation ("Pembina") (TSX: PPL) (NYSE: PBA) today announced that it has filed a joint information circular (the "Joint Circular") and related materials for its special virtual-only meeting of shareholders to be held on July 29, 2021 (the "Special Meeting") in connection with the proposed strategic combination with Inter Pipeline Ltd. ("Inter Pipeline") (TSX: IPL), which has been unanimously recommended by the Boards of Directors of both companies. The [Read more]