The rally in spot liquefied natural gas (LNG) prices in recent weeks has been framed as being led by robust demand in Asia and in Europe as the northern hemisphere deals with hotter-than-usual temperatures. Although this certainly has a strong influence on prices, the narrative has downplayed issues surrounding supply of the super-chilled fuel, with declining volumes being shipped by major producers such as Australia, Qatar, the United States and Russia. All four of these top exporters [Read more]
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Obsidian Energy announces second quarter operational update
Calgary, Alberta - OBSIDIAN ENERGY LTD. (TSX: OBE) (OTCQX: OBELF) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to report strong production results for the second quarter of 2021, supported by our nine-well first half 2021 development program now on stream. Based on preliminary estimates, we expect second-quarter production to average approximately 24,650 boe/d, an increase from 23,225 boe/d in the first quarter. We will discuss our full-year 2021 guidance in conjunction [Read more]
NuVista Energy Ltd. announces proposed issuance of $200 million of senior unsecured notes
CALGARY, Alberta - NuVista Energy Ltd. (“NuVista” or the “Company”) (TSX:NVA) announced today that it intends to undertake, subject to market and other conditions, a proposed private placement of senior unsecured notes (the "Notes") in the amount of $200 million (the "Offering"). Subject to the completion of the Offering, NuVista intends to use the net proceeds of the Offering, together with borrowings under its credit facility, to redeem all of the Company's existing $220 million senior [Read more]
You’re invited to attend CAOEC’s Golf Tournament
Register now for the CAOEC Golf Tournament, taking place on September 22 at Elbow Springs Golf Club in Calgary. The CAOEC is excited to invite members to their first in-person event in nearly two years. The golf tournament provides an opportunity to reconnect and wind down the summer season while celebrating accomplishments from the past year, and the association's updated mandate. Cost per ticket: $200.00 (including tax) Please note this event is for CAOEC members only. Tickets [Read more]
Canada’s weekly rig count up 6 to 146
Canada averaged 146 active drilling rigs this week according to data from the Canadian Association of Energy Contractors. Of those rigs, 34% are drilling for natural gas, 54% are drilling for oil, 2% for other (helium, hydrogen, geothermal, or potash), and 10% are moving. Drilling activity by province is 70% in Alberta, 18% in Saskatchewan, 10% in BC, and 2% elsewhere. Precision Drilling holds the majority of the Canadian market share with 33%, Ensign Drilling with 15%, Savanna Drilling [Read more]
U.S. drillers add oil and gas rigs for second week in a row
U.S. energy firms added oil and natural gas rigs for a second week in a row as oil prices recently rose to their highest since Oct. 2018, prompting some drillers to return to the well pad. The oil and gas rig count, an early indicator of future output, rose 4 to 479 in the week to July 9, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. That put the total rig count 221 rigs, or 85.7%, higher than this time last year. It was [Read more]
Atco to use organic waste to produce ‘renewable natural gas’
CALGARY - Atco Energy Solutions says it will build its first renewable natural gas facility in Alberta. The facility will be built north of Vegreville, Alta., and should be up and running by late 2022. It will capture methane emissions from manure and other organic waste to produce fuel. Atco says the facility will produce enough natural gas to heat 2,500 homes per year and reduce carbon emissions by 20,000 tonnes annually. Vegreville-based biofuels company Future Fuel Ltd. will partner [Read more]
Oil prices firm as U.S. inventories decline
Oil prices rose for a second day on Friday as data showed a draw in U.S. inventories but were heading for a weekly loss amid uncertainty over global supplies after an OPEC+ impasse. U.S. West Texas Intermediate futures were up 95 cents, or 1.29%, at $74.19. Brent crude oil futures were up 90 cents, or 1.21%, at $75.26 a barrel. Prices on both sides of the Atlantic were on track for a more than 2% weekly drop, dragged down by the collapse of output talks between the Organization of the [Read more]
Heavy crude discount narrows
Canadian heavy crude's discount to West Texas Intermediate (WTI) narrowed on Thursday. Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, traded at $13 per barrel below the WTI benchmark, according to NE2 Canada Inc, narrower than Wednesday's settle of $13.30 a barrel under the benchmark. Rising refinery rates and tight Alberta oil stocks are narrowing the differential, market sources said. Light synthetic crude from the oil sands for August delivery [Read more]
Canada’s new net-zero advisory panel to explore ‘carbon budget’ as part of 2050 goal
OTTAWA - The co-chair of an expert panel designed to advise Canada on how to reach net-zero emissions says it is exploring the idea of creating budgets for greenhouse gas emissions. Dan Wicklum says the net-zero advisory body authored a report summarizing what other groups in Canada and beyond have said about ways to neutralize carbon-related emissions by 2050. The Liberal government recent passed legislation enshrining this target into law, meaning by that year, whatever greenhouse gas [Read more]