Canada averaged 110 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 58 are drilling for oil, 48 are drilling for natural gas, 1 for potash, and 3 for other. Drilling activity by province is 73 in Alberta, 17 in Saskatchewan, 19 in British Columbia, and 1 in Manitoba. Precision Drilling holds the majority of the Canadian market share with 34 per cent, Ensign Drilling with 22 per cent, Savanna Drilling with 11 per [Read more]
Headlines
CCS- Is it the key to O&G’s transition to carbon neutral?
There is a growing recognition that renewables are not the answer to decarbonization in Europe and the US as well as Canada. Increasingly, there are calls for natural gas to be part of the story with Ottawa insiders saying that even the current government realizes the importance of natural gas in the decarbonization mix, renewing hope for industrial Carbon Capture and Sequestration (CCS). The central aim of the Paris Accord is to keep global warming this century well below 2 degrees Celsius [Read more]
Razor Energy Corp. announces third quarter 2020 results
CALGARY, Alberta - Razor Energy Corp. (“Razor” or the “Company”) (TSXV: RZE) announces its third quarter 2020 financial and operating results. Selected financial and operational information is outlined below and should be read in conjunction with Razor’s unaudited condensed consolidated interim financial statements and management’s discussion and analysis for the quarter ended September 30, 2020 which are available on SEDAR at www.sedar.com and the Company’s website www.razor-energy.com. Q3 [Read more]
Pandemic brings forward predictions for peak oil demand
The COVID-19 pandemic this year has dented oil consumption and brought forward forecasts by energy majors, producers and analysts for when the world's demand for oil may peak. The rise of electric vehicles and a shift to renewable energy sources were already prompting downward revisions in forecasts for long-term oil demand. BP - Could be as early as 2019 BP forecasts COVID-19 will knock around 3 million barrels per day (bpd) off by 2025 and 2 million bpd by 2050 in its central [Read more]
Highwood Oil Company Ltd. announces third quarter 2020 results
CALGARY, AB - Highwood Oil Company Ltd., ("Highwood" or the "Company") (TSXV: HOCL) is pleased to announce financial and operating results for the quarter ended September 30, 2020. The Company also announces that its unaudited financial statements and associated Management's Discussion and Analysis ("MD&A") for the quarter ended September 30, 2020, can be found at www.sedar.com and www.highwoodoil.com. Highlights Average production of 1,585 bbl/d of oil in the third quarter of 2020, [Read more]
Imperial Oil to lay off 200 workers following cost-cutting analysis
Calgary-based Imperial Oil Ltd. says it will lay off about 200 of its 6,000 employees as part of a cost-cutting initiative. The company, which has been reluctant to reduce staff during the current and previous industry downturns, also confirms it has reduced the number of contractors it employs by about 450 since the start of the year. Imperial committed in March to cut spending by $1 billion, including a $500 million reduction in capital spending plus $500 million in lower operating [Read more]
Explaining cloud accounting and what it means for oil and gas businesses
Business owners in the oil and gas industry are focused on finding solutions to help them adapt to today’s challenges. Agility and organization are two key attributes for navigating your organization through this critical period. You need to be agile so you can adapt to new situations to realize opportunities quickly and organized so you can make sure you’re getting paid for your hard work. What’s holding you back from being agile and organized? For many oil and gas clients we work with, it’s [Read more]
Assessing Western Canada’s readiness to compete in an emerging hydrogen economy
Western Canada has a challenge. And an opportunity. The challenge is that due to global focus on reducing greenhouse gases, fluctuating prices and demand for fossil fuels, and increased public scrutiny on the oil and gas industry in general, it is necessary for us to look for new ways to diversify and respond to these ongoing pressures. The opportunity is that beneath our feet sits the Western Canadian Sedimentary Basin. Its rich hydrocarbon deposits have been at the heart of our industry [Read more]
Delphi Energy Corp. files third quarter 2020 results
CALGARY, Alberta - Delphi Energy Corp. (“Delphi” or the “Company”) announces that it has filed its interim financial statements and related management’s discussion and analysis for the three and nine months ended September 30, 2020 with the Canadian securities regulatory authorities on SEDAR. About Delphi Energy Corp. Delphi Energy Corp. is an industry-leading producer of liquids-rich natural gas. The Company has achieved top decile results through the development of our high quality Montney [Read more]
Briko Energy Corp. announces third quarter 2020 financial and operating results
Calgary, Alberta - Briko Energy Corp. ("Briko" or the "Corporation") is pleased to report its financial and operating results for the three and nine months ended September 30, 2020. Financial and operational information is set out below and should be read in conjunction with Briko's September 30, 2020 condensed unaudited interim financial statements and the related management's discussion and analysis ("MD&A"). Briko's condensed unaudited interim financial statements and MD&A are [Read more]