Total CEO Patrick Pouyanne said on Monday that the company was not in a hurry to "diversify" (sell) high break-even assets such as oil sands. Pouyanne told analysts during a call that the company would wait until oil prices rise before selling the assets. "We will see what we will do with this project in the coming years but... my priority is value over volumes and oil sands are among the high breakeven projects in the portfolio," Pouyanne said. "I don't want to lose value, so my view [Read more]
Headlines
Provincial government schemes may be annoying, but it’s the international madness that might bring down the house
Picking on governments is an easy sport. It’s not hard to find dumb policies or some initiative that goes against an ideological viewpoint and infuriates exactly 40 percent of any given population. Instead of getting bogged down in provincial matters (both literally and legislatively provincial), I encourage you to expand your ire to the bigger picture where truly serious damage is happening. Current global policies are impacting not only energy but the whole economic framework. I’m not [Read more]
Cenovus reaches agreement to sell Suffield assets for more than half a billion dollars
CALGARY, Alberta, Sept. 25, 2017 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) has entered into a definitive agreement to sell its Suffield crude oil and natural gas operations in southern Alberta to International Petroleum Corporation for gross cash proceeds of $512 million. The parties have also agreed to a deferred purchase price adjustment that gives Cenovus the opportunity to benefit from potential additional payments of up to $36 million. The sale of the Suffield assets, [Read more]
International Petroleum Corp. Announces Strategic Acquisition To More Than Triple Production and Reserves
International Petroleum Corporation ("IPC" or the "Corporation") (TSX, Nasdaq First North: IPCO) is pleased to announce that a wholly-owned subsidiary of IPC has entered into an agreement with Cenovus Energy Inc. ("Cenovus") to acquire all of Cenovus' interests in the conventional oil and natural gas assets in the Suffield and Alderson areas of southern Alberta, Canada (the "Acquisition"). The purchase consideration for the Acquisition is CAD 512 million(1), subject to closing adjustments and [Read more]
C’est la vie: Canadian energy producer accepts French drilling ban with a shrug
CALGARY - The traditional 20th anniversary present is china but Canada's Vermilion Energy Inc. (TSX:VET) is getting quite a different gift for its second decade as a light oil producer in France: a divorce petition with an implementation date of 2040. France imports 99 per cent of the oil it consumes but the Calgary-based company produces three-quarters of the other one per cent. It thus stands to be more impacted than most by a draft climate change bill that could be law by year-end. [Read more]
Calgary and Saint John mayors urge NEB to reverse Energy East pipeline ruling
CALGARY - Mayors from both ends of the proposed Energy East pipeline are calling for the National Energy Board to reverse its requirement that upstream and downstream emissions be included in its review of the $15.7-billion conduit. Saint John Mayor Don Darling, who said he was in Calgary to attend a wedding, paired up with Calgary Mayor Naheed Nenshi at a joint news conference to voice their support for the project which they say will create jobs and prosperity across Canada. [Read more]
Canada Weekly Rig Count Increases by 8 to 220
Western Canada’s fleet of drilling rigs increased to 220 actively drilling rigs according to data collected by Baker Hughes for the week of September 22. From one week ago, Alberta rig counts increased to 144 rigs from 141, the Saskatchewan rig count increased to 44 from 43. Oil drilling increased to 120 from 112 rigs; gas rigs decreased to 98 from 100. View a full breakdown of western Canada’s rig activity. [Read more]
U.S. oil drillers cut rigs for third week in a row: Baker Hughes
U.S. energy firms cut the number of oil rigs operating for a third week in a row as a 14-month drilling recovery stalled as companies pared back on spending plans when crude prices were softer. Drillers cut five oil rigs in the week to September 22, bringing the total count down to 744, the least since June, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday. That put the rig count on track for a second month of losses in a row and also its [Read more]
NAFTA talks in Canada could result in energy agreement with Mexico
OTTAWA - An agreement that would see Mexico sign on to a NAFTA clause governing oil exports may be one of the first significant products of the renegotiation talks this weekend in Ottawa. When NAFTA was originally signed 23 years ago, Mexico rejected parts of the energy chapter because its oil industry was entirely owned and operated by the government. However, President Enrique Pena Nieto is looking to solidify the reforms he started making in 2013, opening up the Mexican oil [Read more]
Texas Jury Awards Matrix Petroleum Nearly $100M in Eagle Ford Accounting Fraud Case against Talisman (Repsol) Energy
HOUSTON, Sept. 22, 2017 /PRNewswire/ -- A South Texas jury has awarded Matrix Petroleum nearly $100 million in lost proceeds from wells in the Eagle Ford Shale, finding that exploration company Talisman Energy committed fraud through its accounting methods and breach of the Joint Operating Agreement. Matrix Petroleum, which was a non-operating working interest partner with Talisman in oil production leases on the Cooke Ranch near Cotulla, Texas, was represented in the month-long trial by [Read more]