Alberta ended the 2020-21 fiscal year with a deficit of C$17 billion ($13.7 billion), nearly C$10 billion higher than forecast in its budget, due to the COVID-19 pandemic and oil price collapse, the government said on Wednesday. The deficit for the fiscal year ended March 31 was C$4.8 billion more than the previous year. Alberta said it took a C$1.3 billion in loss on its investment in the Keystone XL oil pipeline, which was formally cancelled earlier this month after U.S. President Joe Biden [Read more]
Headlines
Oil steady as U.S. stockpiles fall, OPEC warns of possible 2022 glut
Oil prices were broadly steady on Wednesday, heading for monthly and quarterly gains, after some data suggested U.S. crude stockpiles were shrinking while an OPEC report warned of a possibly significant glut building by the end of next year. U.S. West Texas Intermediate (WTI) crude futures was slighty down 2 cents, or 0.02% at $73.43. Brent crude was up 13 cents, or 0.17% at $74.74 a barrel. Both contracts are just below highs last reached in 2018, and are set to record their seventh [Read more]
Goldman says more OPEC+ supply needed to balance oil market
Goldman Sachs Commodities Research said more oil production is needed from the Organization of the Petroleum Exporting Countries and allies (OPEC+) to balance the market by 2022 as supply risk looms elsewhere. The U.S. bank forecast oil demand to rise by an additional 2.2 million barrels per day (mbpd) by year-end, leaving a 5 mbpd supply shortfall, well in excess of what Iran and shale producers can bring online, it said in a note dated June 29. "While a large new infection wave could [Read more]
U.S. natgas producers hope customers will pay more for ‘green gas’
U.S. natural gas producers hope climate-conscious electric utilities and gas exporters will pay a premium for what they say is "greener gas" that has been certified as coming from low-emission operations or from renewable sources such as landfills. EQT Corp, Chesapeake Energy and liquefied natural gas firms Cheniere Energy and NextDecade Corp are among the companies considering low-carbon certifications from groups such as Denver-based Project Canary. Gas certified as "responsibly produced" [Read more]
Column: The petroleum sector’s carbon emissions drive is going to surprise many as the results start coming in
There is an image bandied about the nation that Canada’s hydrocarbon sector is an out-of-touch dinosaur - steadfastly clinging to the past, yelling at clouds, and holding out for the glory days of the next petroleum boom. In reality, do you want to know what is the hardest part of business in today’s oil patch? Figuring out which emissions-reduction schemes and programs to focus on. There are dozens taking shape, everywhere you look. Those that don’t want to hear it won’t believe it, but [Read more]
Tidewater announces successful closing of the Pioneer Pipeline sale to ATCO and results of Tidewater’s annual general and special meeting
CALGARY, AB - Tidewater Midstream and Infrastructure Ltd. ("Tidewater" or the "Corporation") (TSX: TWM), together with its partner TransAlta Corporation ("TransAlta"), is pleased to announce that it has closed its previously announced sale of the Pioneer Pipeline (the "Pioneer Transaction") to ATCO Gas and Pipelines Ltd. ("ATCO") for gross proceeds of $255 million. Tidewater received net cash proceeds of $135 million which includes: the sale of certain ancillary assets to TransAlta that closed [Read more]
Prairie Provident reports on AGM voting results
CALGARY, Alberta - Prairie Provident Resources Inc. ("Prairie Provident" or the "Company") announces the results of voting on matters submitted to shareholders at the Company's annual meeting held today. Election of Directors At the meeting, each of Patrick McDonald, Mimi Lai, Derek Petrie, Ajay Sabherwal and Rob Wonnacott was nominated for election as a director of the Company for the ensuing year. Each such nominee was elected by ordinary resolution, for a term of office ending at the [Read more]
Gas water removal using bubble cap trays
Glycol dehydration using bubble cap style trays is currently the most popular, dependable, and economically efficient method to remove water from natural gas to meet pipeline and process specifications. This process involves bubbling wet gas upward through glycol that is flowing downward through evenly spaced trays. The gas gets drier as it passes upward through each tray. The tower is often also referred to as a glycol “contactor” or “absorber.” The most common type of glycol currently being [Read more]
Oil to sustain surprise rally despite Iran, third COVID-19 wave threat
Who of the traditional bulls predicted a rally that saw oil prices doubling in the last eight months? The short answer is no one. Of more than 50 analysts polled by Reuters last October when Brent was hovering near $35 per barrel amid a second large wave of global lockdowns to slow the coronavirus pandemic, almost none dared to predict prices would approach $60. U.S. bank Goldman Sachs saw second-quarter average prices hitting $57.50 a barrel and much smaller Houston-based consultancy [Read more]
New oil and gas jobs from BOE Report Jobs
Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location Jun. 29 EQUIPMENT OPERATOR/FIELD SUPPORT Roska DBO Grande Prairie Jun. 29 Intermediate/Senior Environmental Specialist Summit, An Earth Services Company Calgary or [Read more]