CALGARY - Alberta's trade envoy to Washington said the province needs to do a better job of promoting the role it can play in clean energy for the U.S. James Rajotte told an Edmonton business crowd Friday that despite the cancellation of the Keystone XL pipeline, opportunities exist south of the border for Alberta's energy sector. He said U.S. President Joe Biden's aggressive stance on climate change presents a challenge for Alberta's oil and gas industry, and that some Democrats in [Read more]
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U.S. drillers add oil and gas rigs for 11th month
U.S. energy firms kept the number of oil and natural gas rigs unchanged this week but added rigs for an 11th month in a row as some drillers returned to the wellpad with crude prices at their highest since 2018. The oil and gas rig count, an early indicator of future output, were steady at 470 in the week to June 25, maintaining its April 2020 high, energy services firm Baker Hughes Co said in its closely followed report on Friday. That put the total rig count up 205 rigs, or 77%, over [Read more]
JPM raises fourth-quarter Brent forecast to $80 a barrel
J.P. Morgan sees Brent crude prices averaging $76/bbl in Q3'21 and $80/bbl in Q4'21 - a $2 and $6 upgrade to its previous forecasts, respectively. "We... believe that from here and through Labour Day, the direction of travel for demand is still likely a fair bit higher," the bank says in a note. Brent was trading up 24 cents, or 0.3%, at $75.80/bbl. JPM now sees global oil demand increasing from an average of around 97.7 mln barrels per day (bpd) in June to 99.7 mln bpd in August, [Read more]
Oil keeps climbing on tight supply outlook, eyes on OPEC+
Oil prices rose on Friday, heading for a fifth straight week of gains, with demand growth seen outstripping supply on bets that OPEC+ producers will be cautious in returning more output to the market from August. U.S. West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.25%, to $73.48 a barrel, headed for a 2.4% gain for the week. Brent crude futures climbed 10 cents, or 0.13%, to $75.66 a barrel, headed for a 2.9% jump for the week. Both benchmark contracts hit their highest [Read more]
Bonterra Energy Corp. announces updates to credit facility and provides operational update
CALGARY, AB - Bonterra Energy Corp. (www.bonterraenergy.com) (TSX: BNE) ("Bonterra" or the "Company") today announces that it has finalized the credit facility (the "Facility") redetermination with its syndicate of lenders, and provides an operational update. Credit Facility Update Bonterra and its syndicate of lenders have agreed to amend the Facility as follows: Reflecting the Company's ongoing strategy of focusing on the repayment of outstanding bank debt, Bonterra has agreed [Read more]
Leucrotta announces COVID-19 capacity restrictions for annual and special shareholder meeting
Calgary, Alberta - LEUCROTTA EXPLORATION INC. (TSXV: LXE) ("Leucrotta" or the "Company") is announcing that it has received notice from the Calgary Petroleum Club, the host venue of its annual and special meeting (the "Meeting") of holders (the "Shareholders") of voting common shares in the capital of the Company ("Common Shares") to be held on June 29, 2021 at 10:00 a.m. (Calgary time), that due to ongoing provincial health restrictions resulting from the SARS-CoV-2 novel coronavirus [Read more]
Reducing oil use to meet climate targets is tougher than cutting supply
Governments around the world have been slow to take uncomfortable decisions to persuade consumers to cut energy consumption to help achieve climate targets, often because consumers are not ready to pay up or compromise their lifestyles. Researchers, policy makers and energy executives told a Reuters Energy Transition conference this week that while energy companies were under pressure to accelerate measures to reduce emissions, governments have barely addressed reducing demand for the fossil [Read more]
Canada strengthens energy partnership with the United States
OTTAWA, ON - Canada and the United States are strengthening their bilateral energy relationship. The North American energy sector is highly integrated, supporting workers and bringing economic benefits to both sides of the border. The Honourable Seamus O'Regan Jr., Minister of Natural Resources, and Jennifer Granholm, the United States Secretary of Energy, participated in today's signing ceremony of a Memorandum of Understanding (MOU) on energy cooperation. The Canadian and United [Read more]
Altura Energy Inc. provides a corporate update
CALGARY, AB - Altura Energy Inc. ("Altura" or the "Corporation") (TSXV: ATU) is pleased to announce the closing of the final stage of the asset disposition, an operational update and renewal of its credit facilities. ASSET DISPOSITION As disclosed in the Corporation's January 29, 2021 news release, Altura amended the payment schedule of the second transaction in the December 4, 2019 definitive agreement with a private company. On June 15, 2021, Altura closed the fourth and final stage [Read more]
Highwood Oil Company Ltd. announces change to its Board of Directors
CALGARY, AB - Highwood Oil Company Ltd (TSXV: HOCL) ("Highwood" or the "Company") is pleased to provide the below updates. Independent Director Appointment The Board of Directors is pleased to have appointed Mr. Ryan Mooney to the Company's Board of Directors as an Independent Director. Mr. Mooney brings with him an extensive resume and experience in the energy sector and capital markets, having worked in senior roles in industry, research, institutional sales and investment banking. Mr. [Read more]