CALGARY - The leader of a group promoting Indigenous participation in oil and gas development as a solution to poverty on reserves says the cancellation of the Keystone XL pipeline by U.S. President Joe Biden is a major setback. Dale Swampy, president of the National Coalition of Chiefs, says the decision means fewer jobs in the short term for Indigenous people in constructing the pipeline and supplying goods and services for it. He adds it also implies more long-term unemployment for [Read more]
Headlines
Alberta premier wants direct compensation from U.S. if Keystone XL pipeline dead
EDMONTON - Alberta Premier Jason Kenney is making another demand of Justin Trudeau over the Keystone XL pipeline ahead of the prime minister's call today with new U.S. President Joe Biden. In a letter to Trudeau, Kenney reiterates that the prime minister must press for a meeting with Biden so that Canada can make its case for the pipeline, which Biden cancelled this week on his first day in office. Kenney also repeats that if that fails, Trudeau must take retaliatory measures such as trade [Read more]
U.S. drillers add oil and gas rigs for 9th week in a row
U.S. energy firms this week added oil and natural gas rigs for a ninth week in a row amid higher energy prices over the past few months. The oil and gas rig count, an early indicator of future output, rose five to 378 in the week to Jan. 22, its highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday. Despite gains in recent months, that count is still 416 rigs, or 52%, below this time last year. The total count, however, has soared since [Read more]
Even without Keystone XL, U.S. set for record Canadian oil imports
The Keystone XL pipeline project may be dead, but the United States is still poised to pull in record imports of Canadian oil in coming years through other pipelines that are in the midst of expanding. U.S. President Joe Biden canceled Keystone XL's permit on his first day in office Wednesday, dealing a death blow to a long-gestating project that would have carried 830,000 barrels per day of heavy oil sands crude from Alberta to Nebraska. Environmental activists and indigenous communities [Read more]
Oil prices fall as China’s surging COVID-19 cases trigger clampdowns
Oil prices dropped on Friday, retreating further from 11-month highs hit last week, weighed down by worries that new pandemic restrictions in China will curb fuel demand in the world's biggest oil importer. U.S. West Texas Intermediate (WTI) crude futures dropped 88 cents, or 1.63%, to $52.13 a barrel. Brent crude futures fell 85 cents, or 1.52%, to $55.20 a barrel. Recovering fuel demand in China underpinned market gains late last year while the United States and Europe lagged, but that [Read more]
Come check out the BOE Report’s new AER License Transfers page
BOE Report is proud to announce the unveiling of our brand new Alberta Energy Regulator (AER) Licence Transfers page. This exciting new page has a list of aggregated licence transfer of wells, facilities, and pipelines as they are applied to and decided by AER. AER Licence Transfers are updated daily from the AER website. Statuses are defined as: Approved – Approved by the AER Closed – file closed and transfer did not complete Withdrawn – company applying withdraws application [Read more]
Cenovus to announce 2021 budget and production forecast
CALGARY, Alberta - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) will release its planned 2021 capital expenditure and production guidance on Thursday, January 28, 2021. A conference call and webcast to discuss the budget will be held for the investment community at 9 a.m. MT (11 a.m. ET). To participate in the webcast, please dial 888-231-8191 (toll-free in North America) or 647-427-7450 (Toronto) approximately 10 minutes prior to the start. The conference call webcast link will be [Read more]
Irving Oil lays off 60 workers from Saint John refinery, citing collapse in demand
SAINT JOHN, N.B. - Irving Oil has laid off 60 workers from its Saint John refinery, saying the pandemic has had an "extreme and serious" impact on its business and industry. The company says it also reduced its contractor workforce to 225 workers from its average first-quarter workforce of about 1,000 earlier this year. Irving Oil says the collapse in demand for motor fuels, jet fuel and other refined products continues to create prolonged and significant challenges. In addition, it [Read more]
Loss of Keystone XL pipeline expected to hurt future oilpatch growth
CALGARY - An industry analyst says Western Canada's oil producers will likely cope better in the short term with Joe Biden's cancelling of the Keystone XL presidential permit this week than they did with the same move by ex-president Barack Obama in 2015. But Phil Skolnick, a New York-based analyst for Eight Capital, agrees with other observers that the end of the pipeline will stifle new investment and production growth in the Canadian oilpatch for years to come. Shortly after being [Read more]
CAODC extremely disappointed with Biden Keystone XL decision
The Canadian Association of Oilwell Drilling Contractors (CAODC) is extremely disappointed with President Biden’s decision to revoke the Keystone XL pipeline’s presidential permit retroactively. The Association supports Premier Kenney’s call for an immediate response from the federal government. “The federal government responded when the previous administration decided to renegotiate the North American Free Trade Agreement (NAFTA) and apply punitive tariffs on our steel and aluminum products. [Read more]