VANCOUVER - Woodside Petroleum Ltd. says it plans sell its 50 per cent stake in the proposed Kitimat LNG development in British Columbia. The Australian company says the plan includes the divestment or wind-up and restoration of assets, leases and agreements covering the 480-kilometre Pacific Trail Pipeline route and the site for the proposed LNG facility at Bish Cove. Woodside will keep a position in the Liard Basin upstream gas resource. Chevron Canada Ltd., the operator of the [Read more]
Headlines
Column: The next energy boom will have similarities to past ones but will look a little different
Despite the fact that energy is essentially pipes and wires and petroleum and heating ducts, the whole scene has become ridiculously emotional. Never in history has the word ‘pipeline’ brought rooms of people to purple-faced shouting matches. It’s worse than sports arguments, for crying out loud. Therefore, it is sometimes helpful to observe with objectivity, to step back and dispassionately analyze as Sherlock Holmes would. Don’t get emotionally invested. As a good example, consider this [Read more]
Oil steadies as U.S., Europe reopen economies
Oil prices remained steady on Tuesday as hopes of a solid recovery in fuel demand following the reopenings of the U.S. and European economies offset concerns over spreading COVID-19 cases in Asia. West Texas Intermediate (WTI) dropped 28 cents, or 0.42%, at $66.02 a barrel. Brent crude oil futures dipped 22 cents, or 0.32%, at $69.24 a barrel. Both contracts rose more than 1% on Monday. "Behind the gain is growing optimism of strong recovery in gasoline and other fuels in the United [Read more]
Canadian oil & COVID-19: How did we get to producing at near record rates?
Resilience in an Unpredictable World Unprecedented demand destruction has upended the oil market throughout the past year. As a result, oil production has dropped in the three largest oil-producing countries: The United States, Russia, and Saudi Arabia. How has Canada, the fourth-largest producer, been able to buck the trend by quickly restoring production and increasing global market share? Throughout a year of unprecedented setbacks (Covid-19 and related economic shutdowns, an OPEC+ [Read more]
Oil and gas companies most committed to radical reinvention expect twice the revenue and margin growth of those least committed, Accenture report finds
NEW YORK - The oil and gas companies most committed to reinventing themselves over the next three years as a result of the COVID-19 pandemic expect to grow their revenues and margins at twice the rate of companies least committed to reinvention, according to a new report from Accenture (NYSE: ACN) that outlines best practices companies should adopt to thrive in the energy transition. The report, titled “Necessity is the Mother of (Re)invention” features results from a global survey of more [Read more]
Oilsands firms expected to spur $60 billion in cash flow over two years
CALGARY - A group of five large Canadian oilsands companies are expected to generate about $60 billion in net cash flow over the next two years and spend only half of it on dividends and capital expenditures, leaving the rest for debt repayment and sharing with shareholders. In a report, analyst William Lacey of ATB Capital Markets says the companies are expected to duplicate their sterling financial performance of the first quarter of 2021 for the rest of this year and in 2022, provided that [Read more]
Seek Energy Ltd. – Southeastern Saskatchewan fee title & property divestiture
Seek Energy Ltd. (“Seek” or the “Company”) has engaged Sayer Energy Advisors to assist the Company with the sale of its non-operated Fee Title and working interests located in the Lougheed area of southeastern Saskatchewan (the “Property”). In the Lougheed area of southeastern Saskatchewan, Seek holds a 1.37503% working interest as well as a 0.348975% royalty interest in the Lougheed Midale Beds Voluntary Unit # 1 (the “Unit”) operated by Vermilion Energy Inc. Seek also holds a non-operated [Read more]
Oil mixed in tight range, Asia’s COVID-19 restrictions weigh on sentiment
Oil prices were mixed in a tight range on Monday after the recovery of a major U.S. pipeline network eased concerns over supply, though fresh restrictions in Asia amid surging COVID-19 cases weighed on sentiment. Gasoline shortages that have plagued the U.S. East Coast slowly eased on Sunday, with 1,000 more stations receiving supplies as Colonial Pipeline's 5,500-mile (8,900-km) system recovered from a crippling cyberattack. West Texas Intermediate (WTI) crude was up 40 cents, or 0.62%, [Read more]
Whitecap Resources Inc. demonstrates continued operational momentum and increases dividend 8%
CALGARY, AB - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to announce that it has successfully closed the previously announced acquisition of Kicking Horse Oil & Gas Ltd. ("Kicking Horse"). Whitecap acquired all of the issued and outstanding common shares of Kicking Horse for consideration consisting of 34.5 million Whitecap common shares, $56 million in cash and also assumed Kicking Horse's net debt (the "Acquisition"). Montney Resource Play Update [Read more]
i3 Energy PLC announces contract restructure & dividend creditor consent
EASTLEIGH, UK - i3 Energy plc (AIM:I3E)(TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, is pleased to provide the following update. In September 2017, i3 entered a £5.8 million contract with GE Oil & Gas UK Limited for subsea trees and wellheads (the "Equipment Contract") intended for the Company's eventual development of its Liberator field. In July 2019, i3 announced it had awarded Baker Hughes, a GE company (GE Oil & Gas UK Limited and [Read more]