Sayer Energy Advisors has been engaged to assist PricewaterhouseCoopers Inc., LIT (“PwC”) in its capacity as Court-appointed receiver (the “Receiver”) of SanLing Energy Ltd. (“SanLing” or the “Company”) with the sale of all of the Company’s oil and natural gas properties located in Alberta and British Columbia (the “Properties”). On April 23, 2021, the Receiver was appointed by the Court pursuant to an application made by the Orphan Well Association (“OWA”) and the BC Oil and Gas Commission [Read more]
Headlines
Oil steady near week high as prospect of Iran glut wanes
Oil prices rose for a third day on Tuesday, holding around one-week highs after jumping more than 3% the previous session as investors tempered previous expectations of an early return of oil exporter Iran to international crude markets. U.S. West Texas Intermediate futures was up 35 cents, or 0.54% at $66.37 a barrel. Brent crude futures were up 24 cents, or 0.31%, at $68.60 a barrel. Indirect negotiations between the United States and Iran are due to resume in Vienna this week. Talks [Read more]
Putting in Back – McDaniel Webinar and case study on carbon sequestration
Join McDaniel geologists Francis Morin and Chase Gilbert on May 31st for a free webinar as they describe principles and methodologies for identifying potential enhanced oil recovery and saline sequestration targets. Their approach is inspired by best practices within the industry and has been embraced by multiple clients across Western Canada. Case study examples will be provided from projects in Alberta and Saskatchewan. McDaniel has evaluated the western Canada sedimentary basin to [Read more]
IEA’s urgent fossil fuel warning earns mixed reception from producers
A stark appeal by the world's top energy body to stop investment in new fossil fuel projects by next year has met a mixed reception from the world's top producers - from guarded praise and pledges to cut back on coal to outright defiance. The International Energy Agency said in its "Net Zero by 2050" report last week that investors should not fund new oil, gas and coal supply projects beyond this year if the world wants to reach net zero emissions by mid-century and meet the goals of the 2015 [Read more]
Baton Rouge-based firm bids $1.25 bln for Shell’s idled Louisiana refinery
American Clean Energy Refining LLC (ACER) is bidding to buy an idled refinery of Royal Dutch Shell Plc in Convent, Louisiana, the chief executive of the Baton Rouge-based company said on Sunday night. ACER has offered $1.25 billion for the idled 211,146 barrel-per-day (bpd) Convent refinery, which was shut in December 2020, Chief Executive Officer George Dabbs said. A Shell spokesman was not immediately available for comment. Last year, Shell decided to shut the Convent refinery because [Read more]
U.S. gasoline consumption nears pre-pandemic level
U.S. traffic volumes have almost returned to pre-pandemic levels, helping normalise gasoline consumption as more businesses re-open, domestic leisure travel resumes and workers return to offices. The volume of traffic on all roads was down by less than 4% in March compared with the same month two years ago, according to the Federal Highway Administration. Traffic levels had been down 41% in April 2020 at the height of the first wave of the pandemic and were still down 11% as recently as [Read more]
Kelt increases its 2021 guidance for production and funds from operations with an increased capital spending program
Calgary, Alberta - Kelt Exploration Ltd. (TSX: KEL) ("Kelt" or the "Company") is providing updated guidance for 2021. During 2020, revenue generated by sales of oil and gas were adversely affected by the precipitous decline in oil and gas prices as a result of the unprecedented destruction in demand for the commodities due to global lockdowns and business interruptions. Several pharmaceutical companies have now developed vaccines as a measure to prevent or reduce COVID infections. As the [Read more]
Oil prices jump on view Iranian oil will not cause glut
Oil prices rose on Monday as a demand bump fueled by COVID-19 vaccination drives gave traders optimism that the market can absorb any Iranian oil that would come on the market if Western talks with Tehran lead to the lifting of sanctions. Prices also got a boost on expectations that a new deal is les likely than it was last week, said Bob Yawger, director of Energy Futures at Mizuho in New York. "The Iranians and western powers cannot get the details worked out that will get this deal [Read more]
Canada’s Weekly Rig Count up 2 to 64
Canada averaged 64 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 50% are drilling for natural gas, 39% are drilling for oil, 2% for other (helium, hydrogen, geothermal, or potash), and 9% are moving. Drilling activity by province is 66% in Alberta, 19% in BC, and 16% elsewhere. Precision Drilling holds the majority of the Canadian market share with 35%, Ensign Drilling with 18%, Nabors Drilling with 12%, [Read more]
‘No evidence’: Researcher behind ‘anti-Alberta’ inquiry backs off assertion
EDMONTON - A researcher whose work helped prompt Alberta's inquiry into anti-oilsands campaigns seems to have backed away from one of her major allegations. Vivian Krause says she has never accused U.S. charitable foundations of trying to landlock Canadian oil to specifically benefit American competitors. That suggestion has been repeated numerous times by Alberta Premier Jason Kenney and other members of the United Conservative government as a justification for the $3.5-million [Read more]