Oil prices were steady on Monday with investors and traders awaiting crucial talks by OPEC+ following disagreement over output within the group that could lead to major producers pumping up volumes to grab market share. U.S. oil gained 17 cents, trading at $75.27 a barrel, having risen 1.5% last week, the sixth consecutive week of gains for the contract. Brent crude was up 15 cents at $76.26 a barrel after falling 1 cent last week, the first weekly decline in six. The Organization of [Read more]
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Cedar LNG – A generational opportunity for the Haisla First Nation
It is no secret that the road to FID for an LNG project or any Energy project in Canada is a lengthy one. However, several positive developments bode well for the Cedar LNG project backed by the Haisla Nation. Cedar LNG received approval for Cedar LNG 1-located on Haisla Nation-owned land in Douglas Channel, one of the principal shipping routes on the BC coast- back in 2015 from the NEB (now the CER) while the Haisla were working with Pacific Traverse Energy and Delfin Midstream. The [Read more]
Pieridae announces resignation of CFO
CALGARY, Alberta - Pieridae Energy Limited (“Pieridae” or the “Company”) (PEA.TO) today announced that Rob Dargewitcz has resigned as Chief Financial Officer (“CFO”) of the Company, effective July 30, 2021, to pursue other opportunities. The Company noted that Mr. Dargewitcz’s departure is not related to any issues or disagreements regarding Pieridae’s financial disclosures or accounting policies and practices. We thank Mr. Dargewitcz for his service. The Company will soon begin a process to [Read more]
TC Energy files legacy NAFTA claim; seeks $15B in damages after KXL cancellation
CALGARY - TC Energy says it will seek more than US$15 billion from the U.S. government in the wake of President Joe Biden's cancellation of the Keystone XL pipeline's damage permit. The Calgary-based company says it launched a claim under the legacy rules tied to the old North American Free Trade Agreement, or NAFTA, because of what it says is the U.S. government's breach of its free trade obligations. The company has filed a notice of intent with the U.S. Department of State. Biden [Read more]
Canada’s Weekly Rig Count up 6 to 140
Canada averaged 140 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 68% in Alberta, 21% in Saskatchewan, 10% in BC, and 1% elsewhere. Precision Drilling holds the majority of the Canadian market share with 33%, Ensign Drilling with 14%, Savanna Drilling [Read more]
TC Energy commences NAFTA claim following revocation of Keystone XL Presidential Permit
CALGARY, Alberta - News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) announced today it has filed a Notice of Intent to initiate a legacy North American Free Trade Agreement (NAFTA) claim under the United States-Mexico-Canada Agreement to recover economic damages resulting from the revocation of the Keystone XL Project’s Presidential Permit. TC Energy will be seeking to recover more than US$15 billion in damages that it has suffered as a result of the U.S. [Read more]
U.S. drillers add oil and gas rigs for third week in four
U.S. energy firms added oil and natural gas rigs for a third time in four weeks as oil prices rose to their highest since 2018, prompting some drillers to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose by 5 to 475 in the week to July 2, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. That put the total rig count up 212, or 81%, over this time last year. It was also up 95% since [Read more]
Heavy crude discount widens as trade cycle begins
Canadian heavy crude's discount to West Texas Intermediate (WTI) widened slightly on Friday: Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, traded at $14.10 per barrel below the WTI benchmark, according to NE2 Canada Inc, wider than Wednesday's settle of $13.95 a barrel under the benchmark. Friday is the first day of the monthly Canadian crude trading window when liquidity picks up. It runs from the beginning of each month until the day before [Read more]
Pieridae to evaluate options to support proposed LNG plant
Canadian energy company Pieridae Energy Ltd will evaluate options for its proposed Goldboro liquefied natural gas (LNG) export plant in Nova Scotia, as pandemic-led disruptions have made the current version of the project impractical. The company said on Friday it had not been able to meet the key conditions necessary to make a final investment decision on the project. It did not detail the alternatives it was exploring, but said there was still robust demand for the super chilled fuel [Read more]
Oil dips after OPEC+ delays meeting on supply decision
Oil prices inched lower on Friday after OPEC+ ministers delayed a meeting on output policy as the United Arab Emirates balked at a plan to add back 2 million barrels per day (bpd) in the second half of the year. U.S. West Texas Intermediate (WTI) crude futures were down 36 cents, or 0.48% at $74.65 a barrel, having jumped 2.4% on Thursday to close at their highest since October 2018. Brent crude futures inched down 20, or 0.26% cents to $75.738 a barrel, after rising 1.6% on [Read more]