Canadian heavy crude's discount to West Texas Intermediate (WTI) was little changed on Thursday, inching narrower as the end of the monthly trade window neared: Western Canada Select (WCS) heavy blend crude for May delivery in Hardisty, Alberta, narrowed marginally to settle at $11.45 per barrel below WTI, according to NE2 Canada Inc. On Wednesday it settled at $11.50 per barrel below the benchmark. WCS remains relatively strong by historic levels. Light synthetic crude from the oil [Read more]
Headlines
On eve of mediation, Unifor says Line 5 is critical infrastructure for Canada and the U.S.
TORONTO - As the State of Michigan and Enbridge Inc. enter mediation about the Line 5 pipeline, Unifor argues that the pipeline is a safe and stable source of good jobs in Ontario and Québec. "What the Governor of Michigan has proposed is reckless and irresponsible, for both sides of the border," said Jerry Dias, Unifor National President, referring to Michigan Governor Gretchen Whitmer's campaign promise to revoke Line 5's easement. "If she thinks repairs are needed, that's one thing. To [Read more]
Taxpayers Federation slams CPC Leader Erin O’Toole for announcing his own carbon tax
CALGARY, AB - The Canadian Taxpayers Federation is slamming Conservative Party of Canada Leader Erin O’Toole for his proposal to implement a carbon tax, which would break his pledge to repeal carbon taxes. “It’s outrageous that O’Toole is now planning to hammer Canadians with higher fuel bills through his very own carbon tax,” said Franco Terrazzano, the CTF’s Alberta Director. “When he was running for leader, O’Toole pledged to taxpayers that he would fight carbon taxes. If he goes through [Read more]
Pieridae still plans FID on Nova Scotia LNG export plant by late June
Canadian energy company Pieridae Energy Ltd said on Thursday it continues to work toward making a final investment decision (FID) by June 30 to build its proposed Goldboro liquefied natural gas (LNG) export plant in Nova Scotia. That would allow the $10 billion project to first produce LNG in 2025-2026. Pieridae has a 20-year agreement to sell all the LNG from Goldboro's first liquefaction train - about 5 millions tonnes per annum (MTPA) or 0.66 billion cubic feet per day of natural gas - [Read more]
Parliamentarians affirm importance of Line 5 pipeline for Canada and U.S.; call for urgent executive action to keep Line 5 operating
CALGARY, AB - A multi-party Canadian House of Commons Special Committee report released today affirms the economic importance of the Line 5 pipeline to both Canada and the U.S. and recommends urgent, bi-national executive action to resolve the dispute between the State of Michigan and Enbridge over the Straits of Mackinac crossing. "Line 5 is a significant aspect of Canada's economic relationship with the United States and contributes to secure energy supplies in both countries," the report [Read more]
Oil prices find new equilibrium: Kemp
Crude prices appear to have found a temporary equilibrium in recent weeks, with OPEC+ planning to add just enough extra production to prevent prices rising further and draw in more output from U.S. shale firms. Brent’s six-month calendar spread remains in a steep backwardation, implying traders expect the market to remain somewhat tight, with continued downward pressure on global inventories, in the second half of the year. OECD commercial petroleum inventories have fallen back in line [Read more]
Oil to hit $40 by 2030 if climate goals are met according to report
Global oil prices could drop to around $40 a barrel by 2030 if governments push to reduce fuel consumption in step with U.N.-backed plans to limit global warming, a leading energy consultancy said on Thursday. In a report outlining a scenario where the world acts decisively to tackle greenhouse gas emissions by electrifying transport and industry, Edinburgh-based Wood Mackenzie said oil consumption would begin a steep drop as early as in 2023. The decline in demand would accelerate to a rate [Read more]
Iron Horse Group Inc. & Elite Pumping Service Ltd. joint venture agreement
Iron Horse Group Inc. is proud to announce the formation of a new First Nations Joint Venture Partnership with Elite Pumping Service Ltd. Our strategic goal is to provide cementing, acidizing, stimulation, and pumping services all over Western Canada. Our focus will always remain on providing the highest quality of products and services that rely on our technical innovation. The health and safety of our employees & clients, with respect for the environment, are always our top [Read more]
Limitless opportunities in hydraulic fracturing for extended reach wells
Unconventional hydrocarbons have an increasingly important role in meeting the world’s energy needs. Advancements in horizontal drilling and hydraulic fracturing have led to the commercial production of unconventional oil and gas and “the shale revolution” in North America. The industry, however, is under increasing pressure to reduce project costs and the environmental impact. This requires new technical solutions and improved technologies. The Limitless™ Frac System (Limitless™) is a new, [Read more]
Razor Energy Corp. announces fourth quarter and 2020 year end results
CALGARY, Alberta - Razor Energy Corp. (“Razor” or the “Company”) (TSXV: RZE) announces its fourth quarter and year end 2020 financial and operating results. Selected financial, operational and reserves information is outlined below and should be read in conjunction with Razor’s audited consolidated financial statements, management’s discussion and analysis and annual information form (“AIF”) for the year ended December 31, 2020 which are available on SEDAR at www.sedar.com and the Company’s [Read more]