International Petroleum Corp, the first foreign oil company to sanction a project in Canada's oil sands in more than a decade, could add carbon capture and storage (CCS) to the plant if more government financial incentives become available, its CEO told Reuters. Geneva-based IPC, part of Sweden's Lundin Group, sanctioned phase one of the 30,000 barrel-per-day (bpd) Blackrod thermal project in northern Alberta last month. The company joins Canada's biggest oil producers in urging [Read more]
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Asset Sale – Prairie Provident Resources – Southern Alberta – Coutts Field
Prairie Provident Resources (“PPR”) is working with Energy Advisors Group to monetize several non-core Central and Southern Alberta assets, starting their 2023 divestiture program with the PPR-operated Coutts Field, comprised of approximately 3,640 gross / 2,850 net acres. Most leases have rights to the base of the Mannville. Two wells, including a recent reactivation, produce steadily at 15 boe/d (net) from the Cutbank and Glauconitic Sands at depths ranging 2,600 to 4,100 feet (~800 to 1,250 [Read more]
Freehold Royalties announces executive team update
CALGARY, Alberta - Freehold Royalties Ltd. (Freehold or the Company) (TSX:FRU) is pleased to announce two internal promotions within the Company’s executive team. Effective April 1, 2023, Rob King will be appointed as Chief Operating Officer and Susan Nagy will be appointed as Vice President, Business Development. Mr. King joined Freehold in 2020 as Vice President, Business Development where he was instrumental in the Company’s expansion into the U.S. Mr. King oversaw the execution of over [Read more]
On being a bank at SXSW the week that SVB collapsed
The South by South West (SXSW) conference and festival in Austin TX has been known for decades for being the locus for the convergence of cutting edge film music education and culture. The many diverse concerts and festival events of the SXSW have garnered a lot of attention in mainstream media over the years. However, it is the conference portion, featuring presentations that focus on the most important breakthroughs in technology, film, and culture that are the most fascinating. This year [Read more]
Canada’s weekly rig count down 6 to 242
Canada averaged 242 active drilling rigs this week according to data from the Canadian Association of Energy Contractors. Of those rigs, 32% are drilling for natural gas, 39% are drilling for oil, 7% for other (helium, hydrogen, geothermal, lithium, or potash), and 22% are moving. Drilling activity by province is 75% in Alberta, 13% in Saskatchewan, 9% in BC, and 3% in Manitoba. Precision Drilling holds the majority of the Canadian market share with 30%, Ensign Drilling with 21%, Savanna [Read more]
Blacksteel Energy Inc. announces completion of acquisition of Drakkar Energy and appointment of Bettina Pierre-Gilles as a Director
Calgary, Alberta - Blacksteel Energy Inc. ("Blacksteel" or the "Corporation") is pleased to announce that it has closed the acquisition of Drakkar Energy Ltd. and has appointed Bettina Pierre-Gilles to the Board of Directors for Blacksteel. Completion of Acquisition of Drakkar Energy Ltd. Blacksteel has completed the acquisition of Drakkar Energy Ltd. through the amalgamation of Drakkar with a wholly owned subsidiary of Blacksteel, thereby consolidating its working interest in the [Read more]
Indigenous-led prospective buyer ‘not going away’ even as Trans Mountain costs spiral
CALGARY - An Indigenous-led initiative says it is still pursuing ownership of the Trans Mountain pipeline, in spite of the project's ballooning price tag. Project Reconciliation managing director Stephen Mason says his group isn't going away just because Trans Mountain Corp. announced last week that construction costs for the project have risen to $30.9 billion. The Trans Mountain pipeline was bought by the federal government for $4.5 billion in 2018 after previous owner Kinder Morgan [Read more]
US natgas dips over 5% on forecasts for lower heating demand
U.S. natural gas futures dipped more than 5% on Friday to their lowest since late-February on expectations for lower heating demand due to moderating weather, which set the contract on track for a second consecutive weekly decline. Front-month gas futures for April delivery fell 14.09 cents, or 5.6%, to $2.37 per million British thermal units (mmBtu) by 11:09 a.m. EDT. The weather outlook for later in March has shifted from colder-than-normal along the eastern seaboard to slightly [Read more]
B.C. sets high emissions bar for new LNG projects
British Columbia's decision this week to toughen emissions standards for new liquefied natural gas (LNG) projects creates one of the most robust climate plans in North America, but sets a high hurdle for the industry even as many countries look to Canada to become a global supplier of gas. As part of a new energy action framework, the western Canadian province will require proposed LNG projects that are going through or entering the environmental assessment process to have a credible plan to [Read more]
Suncor gives Elliott more time to add another director to board
Suncor Energy Inc said on Friday it has amended an agreement with Elliott Investment Management to give the activist investor more time until March 31 to appoint an additional director to the energy company's board. Elliott has been pushing for organizational changes and strategic review at Suncor since disclosing a 3.4% stake in the company in April last year. As part of its agreement with Elliott in July 2022, Suncor appointed three independent directors to its board. In January, the two [Read more]