Oil prices are likely to remain steady this year as supply shocks from Saudi Arabia fail to lift prices in a market grappling with flagging demand, a Reuters survey showed on Monday, as warnings of a global economic deceleration mount. The survey of 53 economists and analysts forecast Brent crude would average $65.19 a barrel in 2019, little changed from $65.02 forecast last month. This was however, slightly higher than the $64.76 average for the global benchmark so far this year. U.S. [Read more]
Headlines
GuildOne named in Globe and Mail’s 2019 Ranking of Canada’s Fastest Growing Companies
Calgary-based data solutions and business intelligence provider placed in the top 25% of ranked companies based on three-year revenue growth of 485%. GuildOne is pleased to announce it has been named in the inaugural Report on Business ranking of Canada’s Top Growing Companies, an annual rank of Canadian companies based on three-year revenue growth. GuildOne earned its spot with three-year growth of 485%. For almost twenty years, Calgary-based GuildOne has been providing advanced data [Read more]
Husky Receives Approval to Begin Superior Refinery Rebuild
CALGARY, Alberta, Sept. 30, 2019 (GLOBE NEWSWIRE) -- Husky Energy continues to make steady progress towards a return to full operations at the Superior Refinery. The Company has received the required permit approvals to begin reconstruction activities at the site and work is expected to begin immediately. Demolition of damaged equipment resulting from a fire in April of 2018 is now largely complete and the rebuild will take place over the next two years with an expected return to full [Read more]
Obsidian Energy Provides Operational Update
CALGARY, Sept. 30, 2019 /CNW/ - OBSIDIAN ENERGY LTD. (TSX/NYSE – OBE) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to provide an update on its Cardium development program and hedging portfolio. Phase 2 Cardium Program Update The 13 well Willesden Green Cardium development program planned for the second half of the year is progressing as planned, with six wells rig released. Four of those wells have been completed and are expected to be on stream by mid-October. The [Read more]
AltaGas Reaches an Agreement to Sell its Interest in the Central Penn Pipeline for $870 Million
AltaGas exceeds its 2019 asset sales target with approximately $2.2 billion announced or completed sales to-date CALGARY, Sept. 30, 2019 /CNW/ - AltaGas Ltd. (AltaGas) (TSX: ALA) announced today that it has entered into a definitive agreement for the sale of its indirect, non-operating interest in the Central Penn Pipeline (Central Penn) held by its subsidiary WGL Midstream, Inc. (WGL Midstream) to Meade Pipeline Investment, LLC, a subsidiary of NextEra Energy Partners, LP. Total gross proceeds [Read more]
Enbridge Re-affirms Plan to Proceed with Contracting of the Mainline System and File Regulatory Application by Year End
On September 27, the Canada Energy Regulator (CER) ordered that Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) may not offer firm service to prospective shippers on the Mainline until such firm service, including all associated tolls and terms and conditions of service, has been approved by the CER. Although this decision changes the timing of the open season, Enbridge today re-affirmed its plan to proceed with contracting of its Mainline system in response to its customers' [Read more]
Canada orders Enbridge to halt bidding on key pipeline due to ‘perception of abuse’
The Canada Energy Regulator on Friday stopped Enbridge Inc from auctioning the right to send crude oil through its Mainline pipeline system, citing concerns about the "perception of abuse of Enbridge's market power." The nearly 3 million barrel-per-day Mainline is North America's largest pipeline system and carries the bulk of Canadian crude exports to the United States. Enbridge wants to switch to long-term contracts, instead of monthly agreements, a move that angered Canadian producers [Read more]
Energy analysts warn of lost opportunities for Canada’s oil and gas producers
BANFF, Alberta. - Energy analysts at the Global Business Forum in Banff, Alberta, say Canada's inability to build pipelines to take oil to market and delays in building LNG facilities means it is missing out on opportunities to become a preferred global supplier. Matt Rogers, a San Francisco-based senior partner with McKinsey and Co., says Canada should be the "advantaged supplier" to North Asia — which includes China, Japan and Korea — for both crude oil and natural gas. He says the [Read more]
Canada weekly rig count increases from 119 to 127
Canada's fleet of active drilling rigs increased by 8 since last week according to data from Baker Hughes. Total drilling count was 127 at September 27. 88 rigs were drilling for oil; 39 for natural gas. Alberta's drilling activity increased, growing from 77 to 83, while Saskatchewan stagnated, remaining at 30 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]
Canada’s heavy oil exports to Asia from U.S. surge
Shipments of Canadian crude from the U.S. Gulf Coast since May have more than doubled all of 2018's exports as Asian refiners scramble for heavy sour oil, according to vessel-tracking data, traders and industry sources. Following U.S. sanctions on Venezuela in late January, Asian refiners have sought new heavy oil supplies in a hunt that has benefited Canadian oil exporters since this summer. Thirty-two cargoes with a combined 16 million barrels of Canadian crude loaded in the U.S. Gulf [Read more]