VANCOUVER - A Transportation Safety Board report says the failure of a fitting on a section of narrow tubing at a Trans Mountain pumping station in British Columbia was the cause of a crude oil spill last year. The investigation report into the spill on June 12, 2020, at the Trans Mountain Sumas pump station in Abbotsford confirms as much as 1,200 barrels leaked when the fitting separated on the one-inch tube. A board report released Tuesday says tests show the compression fitting was not [Read more]
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OPEC raises 2021 oil demand growth forecast on hope pandemic wanes
OPEC raised its forecast for growth in world oil demand this year on expectations the pandemic will subside, providing help for the group and its allies in their efforts to support the market. Demand will rise by 5.95 million barrels per day (bpd) in 2021, or 6.6%, the Organization of the Petroleum Exporting Countries forecast in its monthly report. That is up 70,000 bpd from last month. “As the spread and intensity of the COVID-19 pandemic are expected to subside with the ongoing rollout of [Read more]
Column: The return of golf’s spring classic parallels a return to normality – for energy too
It felt like a weird pleasure to succumb to a spring tradition once again. The Masters golf tournament was on this past weekend. I had trouble pulling myself away. For the non-golf crowd, that might be an eye roller, but hang on, wait until you hear about all the drama. To be clear, I am a fair-weather fan, only the Masters and the British Open catch my attention - the Masters because it is such a welcome sign of spring (last year’s Masters-in-fall was an abomination - no thanks), and the [Read more]
Texas oil pipelines face dry months as production languishes
Nearly half of all oil pipelines from the Permian basin, the biggest U.S. oilfield, are expected to be empty by the end of the year, analysts and executives said. Pipeline companies went on a construction spree throughout 2018 and 2019 to handle blistering growth in U.S. crude production to a record 13 million barrels per day (bpd). However, the coronavirus pandemic crushed both fuel demand and oil production, and neither have recovered fully, leaving many pipelines unused. Major pipeline [Read more]
Oil prices climb on robust China data, Mideast tension
Oil prices climbed on Tuesday as data from China showed the world's second largest oil consumer's import growth surging and on tensions in the Middle East after the Yemen-based Houthi movement said it fired missiles on Saudi oil sites. U.S. crude oil futures gained 60 cents, or 1%, to $60.21 a barrel. Brent crude oil futures were up 74 cents, or 1.2%, at $63.88 a barrel. China's exports grew at a robust pace in March in yet another boost to the nation's economic recovery as global [Read more]
Heavy crude differential widens slightly
Canadian heavy crude's discount to West Texas Intermediate (WTI) widened marginally on Monday but remained strong compared with historical levels. Western Canada Select (WCS) heavy blend crude for May delivery in Hardisty, Alberta, widened to settle at $10.50 per barrel below WTI, according to NE2 Canada Inc. On Friday it settled at $10.25 per barrel below the benchmark. Matt Murphy, director of integrated research at energy consultancy Tudor Pickering Holt, said the heavy crude market [Read more]
New York State pension fund restricts investments in Canadian oil sands companies
New York's state pension fund is restricting investment in six Canadian oil sands companies because they have not shown they are prepared for a transition to a low-carbon future, the fund's Comptroller Thomas DiNapoli said on Monday. The fund will divest more than $7 million in securities already held in the companies, and not make any further investments in them, DiNapoli said in a statement. The companies are Imperial Oil, Canadian Natural Resources Ltd, MEG Energy Corp, Athabasca Oil [Read more]
Property Divestiture: GS E&R Canada Inc.
GSER has filed an application for among other relief, an order approving a proposed sales and investment solicitation process (the “SISP”), which is to be managed by the Proposal Trustee with the assistance of Sayer Energy Advisors (“Sayer”). The Proposal Trustee has engaged Sayer to assist the Proposal Trustee with the sale of all of GSER’s oil and natural gas interests in the Maxhamish area of British Columbia (the “Property”). A copy of the SISP is found on Sayer’s website at [Read more]
Topaz Energy Corp. announces strategic Charlie Lake royalty acquisition to advance its position as the largest contiguous Charlie Lake royalty holder in the Peace River High area of Alberta
CALGARY, AB - Topaz Energy Corp. (TSX: TPZ) ("Topaz" or the "Company") is pleased to announce that it has entered into a non binding agreement with Tamarack Valley Energy Ltd. ("Tamarack") for the purchase of a newly created gross overriding royalty interest in the Peace River High area of Alberta for total purchase consideration of $32.0 million (the "Royalty Acquisition"). The Royalty Acquisition provides free cash flow growth and enhanced financial sustainability for Topaz while enabling [Read more]
Tamarack Valley Energy Ltd. announces the strategic acquisition of Anegada Oil Corp., a leading Charlie Lake light-oil producer, for total net consideration of $494 million
CALGARY, AB - Tamarack Valley Energy Ltd. ("Tamarack" or the "Company") (TSX: TVE) is pleased to announce that it has entered into a definitive agreement (the "Agreement") to acquire Anegada Oil Corp. ("Anegada"), a privately held pure play Charlie Lake light-oil producer, for total net consideration of $494 million (the "Acquisition"), after deducting the proceeds from the sale of a 2% newly created gross overriding royalty (the "GORR") on the acquired assets (the "Assets"). The total net [Read more]