Oil prices fell as coronavirus lockdowns revived worries about demand for oil products, even as tug boats struggled to move a stranded container ship blocking crude oil carriers in the Suez Canal. U.S. West Texas Intermediate (WTI) crude futures dropped by $1.72, or 2.83%, to $59.09 a barrel. Brent crude futures slid $1.58, or 2.46%, to $62.56 a barrel. Prices, which tumbled earlier in the week on worries about tighter pandemic curbs in Europe and vaccine delays stalling fuel demand [Read more]
Headlines
Ovintiv exceeds divestiture target, announces Eagle Ford sale and updates guidance
DENVER - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced the signing of an agreement to sell its Eagle Ford assets to Validus Energy for $880 million. With this sale, the Company has exceeded its divesture target and, with other items, now anticipates year-end 2021 debt to be below $5 billion using its 2021 planning price deck of $50 WTI oil and $2.75 NYMEX gas. In addition, the Company expects to achieve its $4.5 billion debt target in the first half of 2022. Guidance was also updated to [Read more]
COVID-19 weakened environmental rules across Canada, mostly in Alberta
CALGARY - A University of Calgary study has found Alberta relaxed more environmental rules in response to the COVID-19 pandemic than any other government in Canada. Victoria Goodday at the university's School of Public Policy found that 143 environmental rules and regulations were loosened last year. Every jurisdiction in the country except Manitoba relaxed at least some. Goodday found that Alberta relaxed or suspended 54 regulations — far more than anywhere else — although she notes [Read more]
Fourteen U.S. states sue Biden administration over oil and gas leasing pause
Fourteen U.S. states including Louisiana and Wyoming filed suit on Wednesday against President Joe Biden's administration to challenge his pause on new oil and gas leasing on federal lands and waters. A coalition of 13 states filed one lawsuit in federal court in Louisiana, while Wyoming filed a its own lawsuit in federal court in that state. The states joining Louisiana's suit included Alabama, Alaska, Arkansas, Georgia, Mississippi, Missouri, Montana, Nebraska, Oklahoma, Texas, Utah and [Read more]
Oil steadies as Suez Canal ship runs aground, demand fears weigh
Oil rose more than 2% on Wednesday after a ship ran aground in the Suez Canal raising supply concerns, although fears of a slow recovery in demand due to European lockdowns limited gains. The giant container ship that has been blocking the Suez Canal for more than a day has been partially refloated and traffic along the fastest shipping route from Europe to Asia is expected to resume soon, port agent GAC said on Wednesday. “Price support is coming courtesy of a transport blockage,” said [Read more]
Global Voice of Gas, an International Gas Union publication
The global natural gas industry has continued its recovery from the difficulties created by Covid-19 last year. Vaccines are reaching an increasing number of vulnerable people and second-wave lockdowns are being eased, helping to restore economic performance. A plunge in temperatures in Asia during December and January demonstrated the need for a stable and affordable energy supply. So too did winter storms that swept across the US in mid-February, wreaking havoc in areas like Texas, which [Read more]
XI Technologies: Drilling Top Tens for 2020
Each week, XI Technologies scans their unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you'd like to receive our Wednesday Word to the Wise in your inbox, subscribe here. Twice a year, XI Technologies reaches into the public data stored in its applications to provide a snapshot of Western Canadian drilling activity. 2020 was obviously a difficult year for drilling given the effects of a global [Read more]
CRIN’s $80 million technology competitions support Canada’s expansion in clean technology
CALGARY, AB - The Clean Resource Innovation Network (CRIN) announces $80 CAD million for three large-scale technology competitions that will create positive environmental improvements for Canada's oil and natural gas industry and end users. Through the Government of Canada's $100 million commitment from the Strategic Innovation Fund, CRIN's three competitions will accelerate solutions to commercialization and wide-spread adoption to increase competitiveness and significantly reduce environmental [Read more]
Petro Viking increases its land position by 300% in West Central Alberta
Calgary, Alberta - Petro Viking Energy Inc. (“Petro Viking” or the “Company”) (CNSX:VIK.CN) is pleased to announce the completion of the Acquisition of mineral rights, increasing its land position by 300% in West Central Alberta. As a result of the acquisition, the Company now holds a 50% interest in 7,680 acres of mineral rights, (3,840 acres net). The completion of this acquisition positions the Company with additional opportunities for growth in its core Area immediately adding 10 locations [Read more]
Petro Viking announces listing on the Canadian Securities Exchange
Calgary, Alberta - Petro Viking Energy Inc. (“Petro Viking” or the “Company”) (CNSX:VIK.CN) is very pleased to announce that the Company’s common shares have been approved for listing on the Canadian Securities Exchange (the “CSE”) and begun trading on the CSE as of March 5, 2021 under the ticker symbol “VIK.” Gregory Doucette, Chief Executive Officer of the Company said, “I am very excited to share this announcement as it represents a significant milestone for the Company and its shareholders. [Read more]