Canada's main oil-producing province Alberta said on Friday it will provide another C$400 million in funding to clean up inactive oil and gas wells, part of a program aimed at supporting oilfield services jobs. The funding is on top of C$400 million Alberta made available for well cleanups last year, and comes from the federal government's COVID-19 economic stimulus spending. Canada has said it will invest C$1.7 billion to clean up orphan and abandoned wells, helping maintain thousands of [Read more]
Headlines
Canada’s weekly rig count drops 2 to 186
Photo courtesy of Akita Drilling Canada averaged 186 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 111 are drilling for oil, 70 are drilling for natural gas, and 5 for other. Drilling activity by province is 125 in Alberta, 35 in Saskatchewan, 13 in British Columbia, 2 in Manitoba, and 11 in other. Precision Drilling holds the majority of the Canadian market share with 30 per cent, Ensign Drilling with 18 per [Read more]
U.S. drillers add oil and gas rigs for 12th week in a row
U.S. drillers this week added oil and natural gas rigs for a 12th week in a row, the longest streak of additions since June 2017, as crude prices hit their highest in more than a year. The oil and gas rig count, an early indicator of future output, rose five to 397 in the week to Feb. 12, its highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday. Despite rising for six months in a row, that count is still 393 rigs, or 50%, below this time [Read more]
Former Obama adviser Podesta on Biden’s Keystone XL decision: ‘He’s not going back’
WASHINGTON - A prominent former adviser to Barack Obama says it's time for Canada to get over the demise of the Keystone XL pipeline expansion. John Podesta, who once also was Bill Clinton's White House chief of staff, says the project is dead and not coming back. Podesta made the pronouncement today during a panel with Gerald Butts, a former principal secretary to Prime Minister Justin Trudeau. Butts was less declarative about Keystone XL, but says he agrees President Joe Biden isn't [Read more]
Montney shale patch merger shines light on Canada’s premier play
ARC Resources Ltd's C$2.7 billion ($2.1 billion) bid to buy Seven Generations Energy Ltd will create the largest oil and gas producer in Canada's Montney region, and may re-energize development in one of North America's top shale plays. The combined company will have more financial strength to develop its 1.1 million net acres of land in a region that investors and drillers say has so far struggled to meet its full potential. The deal could also spur further acquisitions in a play that [Read more]
Shell LNG Canada’s coronavirus restart plan approved
Royal Dutch Shell's LNG Canada export project in British Columbia has won approval from health officials for construction to ramp back up with improved coronavirus protection measures. Work at the site was curtailed last month by an order from the Provincial Health Officer which applied to five major industrial projects in British Columbia, including LNG Canada. "Our approved restart and measured workforce increase at the project site will continue over the coming months," LNG Canada and [Read more]
Universal Geomatics Solutions Corp. announces commitment to the progressive Aboriginal relations program
Calgary, AB – Universal Geomatics Solutions Corp. (UGS) is pleased to announce the commitment to the Progressive Aboriginal Relations (PAR) program. Established in 2001, the PAR program includes an online management and reporting tool that supports participating companies’ efforts towards progressive improvement in Aboriginal relations, and a certification program that confirms corporate performance in Aboriginal relations at the bronze, silver or gold level. The PAR Program provides a [Read more]
Enbridge raises Line 3 replacement cost estimate by $1 billion
Enbridge has forecasted higher costs for its Line 3 replacement project citing regulatory and permitting delays, winter construction, and COVID-19 protocols, among other reasons. The pipeline operator said it estimates capital costs for the Line 3 replacement project, including the Canadian segment already in service, to be $9.3 billion from C$8.2 billion CDN. The Line 3 replacement project is in the process of doubling its capacity, which will allow it to deliver about 760,000 bpd of [Read more]
Enbridge reports strong 2020 financial results
CALGARY, AB - Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today reported strong full-year 2020 financial results and provided a quarterly business update. Highlights (all financial figures are unaudited and in Canadian dollars unless otherwise noted) Full year GAAP earnings of $3 billion or $1.48 per common share, compared with GAAP earnings of $5.3 billion or $2.64 per common share in 2019, all of which amounts include non-recurring and unrealized items Adjusted [Read more]
B.C. opens latest round of funding to clean up dormant oil and gas wells
VANCOUVER - The latest round of applications is now open under a $100-million fund aimed at cleaning dormant oil and gas wells in British Columbia. B.C. Energy Minister Bruce Ralston says the second half of the funding is set to be dispersed in the coming months after the first $50 million supported about 1,000 jobs and reclamation activities at nearly 1,900 sites. He says the first round included $15 million worth of work on sites in B.C.'s agricultural land reserve and dormant well sites [Read more]