Right here in Central Alberta, a Drilling Engineer has delivered massive savings for a Canadian Operator. The first of its kind for our industry, the Drilling Engineer displaced: a 600kw diesel gen running the AC rig, a 100kw diesel gen (running several shacks/waste processing), a 300kw Centrifuge, and 2 x 20kw diesel gens running light towers and miscellaneous surface equipment. The Operator deployed four microturbines and connected the entire site, including the drilling rig, to a microgrid [Read more]
Headlines
Trump says ‘a whole civilization will die tonight’ if Iran does not make a deal
U.S. President Donald Trump once again exhorted Iran to make a deal by his Tuesday deadline, saying a "whole civilization will die tonight" if an agreement is not reached to end the conflict. "A whole civilization will die tonight, never to be brought back again. I don’t want that to happen, but it probably will," Trump said in a post on Truth Social. "We will find out tonight, one of the most important moments in the long and complex history of the World." (Reporting by Susan Heavey [Read more]
World is lining up for Russian energy, the Kremlin says
The Kremlin said on Tuesday there were a huge number of requests for Russian energy from a range of different places amid a grave global energy crisis that was shaking the foundations of the oil and gas markets. The U.S. and Israeli war against Iran has triggered an energy crisis for the global economy by trapping a large volume of oil in the Gulf due to Iran's closure of the Strait of Hormuz to most vessels. The crisis comes just as European consumers were trying to end their reliance on [Read more]
Iran has attacked Saudi Arabia’s Jubail petrochemical complex, IRGC says
Iran has attacked Saudi Arabia's Jubail petrochemical complex, the heart of the kingdom's downstream energy sector and home to multi-billion-dollar joint ventures, Iran's Islamic Revolutionary Guard Corps said on Tuesday. Jubail, a sprawling industrial city, houses massive joint ventures between state-backed oil giant Saudi Aramco and its petrochemical subsidiary SABIC, and Western energy majors. The IRGC said the attacks were "in response to the enemy's crimes in the aggression against [Read more]
Oil prices climb as Hormuz stays shut ahead of Trump deadline
Oil prices extended gains on Tuesday as a U.S.-imposed deadline loomed for Iran to open the Strait of Hormuz or be "taken out", with U.S. President Donald Trump threatening to order attacks on Iranian bridges and power plants. Brent crude futures rose $1.74, or 1.6%, to $111.51 a barrel by 0530 GMT, while U.S. West Texas Intermediate crude futures were up $3.45, or 3.1%, at $115.86. Trump has threatened to rain "hell" on Tehran if it fails to comply with his deadline of 8 p.m. EDT Tuesday [Read more]
It’s time to end the world’s delusions over the Iran energy crisis: Russell
(The views expressed here are those of the author, a columnist for Reuters.) By Clyde Russell LAUNCESTON, Australia, April 7 - The U.S. and Israeli war against Iran has been characterised by a series of miscalculations by most of the involved and peripheral parties, but the real danger is the delusion over the scale of the resulting energy crisis. It is delusional of any nation to think that it, or any other country, can emerge as a "winner" from the conflict, now into its sixth [Read more]
Iran defiant on eve of Trump’s ceasefire deadline
Iran and Israel traded attacks on Tuesday as Tehran defiantly refused to reopen the Strait of Hormuz and accept a ceasefire deal on the eve of a deadline set by U.S. President Donald Trump to agree to his demands or get "taken out." Iran has rejected a U.S. proposal brokered by Pakistan for an immediate ceasefire and the lifting of its effective blockade of the strait, followed by talks on a broader peace settlement within 15 to 20 days, according to a source aware of the plan. The Iranian [Read more]
Phillips 66 faces $900 million loss as Iran crisis lifts oil prices
U.S. refiner Phillips 66 said on Monday its first-quarter results were hit by a sharp increase in commodity prices, leaving it with nearly $900 million in pre-tax mark-to-market losses, according to a filing with the Securities and Exchange Commission. Energy prices soared after the U.S.-Israeli war on Iran began in late February. Iran's effective closure of the Strait of Hormuz, a chokepoint for roughly a fifth of global oil and gas supplies, has roiled global energy markets and sent crude [Read more]
Trump’s shipping waiver does not boost oil flows within US; fuel exports soar
U.S. President Donald Trump's move allowing foreign-flagged cargo ships to move fuel and other goods between domestic ports has so far had little impact on American oil supply,according to trade data and analysts who noted that U.S. refiners and shippers are earning more profits sending fuel overseas. Last month, Trump waived Jones Act limitationsfor 60 days starting March 17, hoping the move would help tame the surge in fuel prices caused by the Iran war by increasing shipments from the U.S. [Read more]
Discount on Western Canada Select widens
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures widened on Monday. WCS for May delivery in Hardisty, Alberta, settled at $16.15 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $14.60 on Thursday. Markets were closed on Friday for the Good Friday holiday. * The war in Iran has disrupted the global supply of medium and heavy sour barrels, contributing to tighter spreads for heavy crude last month [Read more]
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