Oil prices will see modest gains for the rest of the year and into 2022 as consumption resumes its recovery to pre-pandemic levels, with a likely COVID-19 resurgence still looming large over the outlook, a Reuters poll showed on Thursday. The survey of 39 participants forecast Brent would average $68.87 per barrel in 2021, up from the $68.02 consensus in August, when the Delta variant's spread prompted the first downward revision in the 2021 outlook in about nine months. Citing a faster [Read more]
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Well of the Week – And now for something completely different
CBM. It's definitely not the Montney. This is the eighth post in a series detailing how Resource Plays (basin-wide plays where hydrocarbons are the continuous phase) have usually driven the Canadian oil and gas industry. Links to the rest of the series may be found at the bottom of this article. Resource Play: Horseshoe Canyon Coal Bed Methane Type Well: 100/08-11-041-22W4/02 Drilling/Completion Technology: Rotary/Vertical/Hydraulically Fractured While the Montney play was [Read more]
Paleo Resources to be reinstated for trading and provides corporate update
September 30, 2021 - Calgary, Alberta - Paleo Resources, Inc. (“Paleo” or the “Corporation”) (TSXV:PRE) (OTC:PRIEF) announces that it received an order from the Alberta Securities Commission dated July 5, 2021 granting the full revocation of the cease trade order previously issued on May 6, 2021. Upon the issuance of the cease trade order, the common shares of Paleo were suspended from trading on the TSX Venture Exchange (“TSXV”). The common shares will reinstate trading on the TSXV at the [Read more]
Spartan Delta Corp. announces early conversion of promissory note
CALGARY, AB - Spartan Delta Corp. ("Spartan" or the "Company") (TSX: SDE) announces that the $50.0 million unsecured non-interest-bearing convertible promissory note of the Company (the "Spartan Note") issued on March 18, 2021 in connection with the acquisition of Inception Exploration Ltd. was converted today into 5,882,353 common shares in the capital of the Company (the "Common Shares") at a conversion price of $8.50 per Common Share and the Spartan Note was cancelled. Pursuant to an [Read more]
Handful of foreign operators remain in Canada as TAQA joins exodus
State-owned utility Abu Dhabi National Energy Co has hired advisors for the sale of its oil- and gas-producing assets in Canada, Reuters reported on Wednesday, making it the latest foreign company to seek to exit the Canadian energy industry. Foreign companies, including Exxon Mobil, Royal Dutch Shell, TotalEnergies and others, have sold at least $33 billion worth of oil- and gas-producing assets in Canada since 2016, according to data from IHS Markit. Below is a list of non-Canadian [Read more]
Abu Dhabi’s TAQA hires advisors as it looks to exit Canadian oil and gas assets
Abu Dhabi National Energy Co has hired advisors to sell its entire oil and gas producing assets in Canada as part of a drive to reduce the company's carbon footprint, sources familiar with the matter told Reuters on Wednesday. IHS Markit analysts estimated that the assets could fetch as much as C$1.5 billion ($867 million). The state-backed company's decision to make a total exit from Canada comes after it announced a review of its onshore and offshore oil and gas assets this month, spread [Read more]
Line 3 replacement project substantially completed and set to be fully operational
CALGARY, AB and DULUTH, Minn. - Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) announced today the achievement of a major milestone with the substantial completion of the Line 3 Replacement Project and the establishment of an in-service date of October 1. This step marks the full replacement of the entire 1,765-kilometre/1,097-mile-long pipeline from Edmonton, AB. to Superior, WI. With new state-of-the-art, thicker-walled pipe, its completion ensures a safe, reliable supply of [Read more]
OPEC+ seen sticking to November output plans, despite $80 oil
OPEC+ is likely to stick to an existing deal to add 400,000 barrels per day (bpd) to its output for November when it meets next week, sources said, despite oil hitting a three-year high above $80 a barrel and pressure from consumers for more supply. The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, agreed in July to increase production by 400,000 bpd each month to phase out 5.8 million bpd in cuts. It also agreed to assess the deal in [Read more]
XI Technologies: Looking at the retirement obligations of the WCSB
Each week, XI Technologies scans its unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you’d like to receive our Wednesday Word to the Wise in your inbox, subscribe here. Earlier this year, we looked at the retirement obligations of the Western Canadian Sedimentary Basin for 2020. This week, we wanted to check in on how things are looking in 2021 by diving into the data compiled from January through [Read more]
Cardinal Energy Ltd. honours the National Day for Truth and Reconciliation
CALGARY, Alberta - (TSX - CJ) Cardinal Energy Ltd. is proud of our relationships with various First Nations living in and around our areas of operation in Western Canada, and particularly in our core area of Slave Lake. Through our operations, we have been exposed to the challenges faced by individuals living in these remote areas and strongly believe that Cardinal, as a partner in resource development, has a role to play. Therefore we have decided that the most meaningful way to acknowledge and [Read more]