With there being light at the end of the tunnel in regards to COVID-19 via vaccine rollouts, the world is eagerly anticipating when they can begin normal lives and travel the world once again. With spring and summer around the corner, this anticipation and growing demand is going to require lots of oil and gas services and products, and it begs the question, is there going to be another oil boom? These factors offer a wonderful remedy for the once-beleaguered industry. As the world [Read more]
Headlines
Canada’s weekly rig count at 100
Canada averaged 100 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 48% are drilling for oil, 41% are drilling for natural gas, 2% for other (helium, hydrogen, geothermal, or potash), and 9% are moving. Drilling activity by province is 73% in Alberta, 19% in BC, and 6% in Saskatchewan. Precision Drilling holds the majority of the Canadian market share with 32%, Ensign Drilling with 12%, Savanna Drilling with [Read more]
U.S. drillers add most oil & gas rigs in a week since January
U.S. energy firms added the most oil and natural gas rigs in a week since January even as oil prices this week pulled back from a recent 28-month high. The oil and gas rig count, an early indicator of future output, rose nine to 411 in the week to March 19, its highest since April, energy services firm Baker Hughes Co said in its closely followed report on Friday. That puts the rig count, which has climbed over the past seven months, up 68% since falling to a record low of 244 in August [Read more]
Imperial Oil urges shareholders to reject ‘premature’ net-zero 2050 carbon motion
CALGARY - Imperial Oil Ltd. is recommending investors attending its annual meeting in May vote against a shareholder resolution that it adopt a corporate-wide target to achieve net-zero carbon emissions by 2050. The motion, made by Aequo Shareholder Engagement Services on behalf of Quebec group retirement system Batirente, argues that Imperial's current 2023 emissions reduction target is a step in the right direction but that it is also important to have a long-term strategy. In its notice [Read more]
Oil drops over 8% yesterday as dollar rises and vaccine rollout stalls
Oil prices sunk for a fifth day in a row on Thursday to their lowest in two weeks on growing worries about rising COVID-19 cases in Europe and the strengthening U.S. dollar that hurts the value of oil. U.S. West Texas Intermediate (WTI) crude fell $5.05, or 7.84%, to $59.35. Brent futures fell $$5.22, or 7.72%, to $62.54 a barrel. That puts WTI on track for its lowest close since March 2 and Brent on track for its lowest close since March 3. It would be the longest losing streak for WTI [Read more]
Chevron Canada to stop funding further feasibility work Kitimat LNG project
CALGARY - Chevron Canada Ltd. says it will stop funding further feasibility work on its proposed Kitimat LNG project on B.C.'s north coast. The company holds a 50% stake in the project in a joint venture with Australia's Woodside Petroleum Ltd. Chevron, which is the project operator, put its interest up for sale in December 2019, but has failed to find a buyer. When the company put its stake up for sale, Chevron said it would continue to work with Woodside on agreed project activities [Read more]
Column: State of the Alberta economy
This article describes the current state of the Alberta economy. It recognizes that the coal development proposals can contribute to the needed economic recovery. Forgotten in the pre-occupation with the development risks are the valuable benefits of Alberta coal mining investments at a time when: Employment at a time of record-high unemployment. Investment at a time of record-low investment. Tax revenue at a time of record-high public deficits and debt. Alberta's economic [Read more]
Equinor annual and sustainability reports for 2020
Today 19 March Equinor ASA (OSE: EQNR, NYSE: EQNR) presents its 2020 annual report and form 20-F, and its 2020 Sustainability report. “2020 was an extraordinary year with the pandemic causing human suffering and market turmoil. I am impressed by our employees’ hard work during this year, to keep people safe and operations running. We delivered solid operational performance during this demanding year, but our results were heavily impacted by the low prices for oil and gas,” says Anders Opedal, [Read more]
Blacksteel Energy Inc. announces shareholder approval of all proposals at the AGM and files for reinstatement of trading with the exchange
Calgary, Alberta - Blacksteel Energy Inc. (TSXV: BEY) ("Blacksteel") is pleased to announce that all proposals at the AGM were approved. Motions including changing the name, the approval of the potential sale of all the oil and gas assets, share consolidation, and the transfer of the listing from the TSXV to the CSE were all approved. There can be no certainty that one or all of these will be acted upon. Further disclosure will be forthcoming as appropriate. Blacksteel has applied to [Read more]
Spartan Delta Corp. announces closing of previously announced strategic acquisitions and financings
CALGARY, AB - Spartan Delta Corp. ("Spartan") (TSXV: SDE) is pleased to announce the closing of its previously announced strategic acquisitions (the "Acquisitions"), including the corporate acquisition of Inception Exploration Ltd. ("Inception"), a Montney focused arm's length private company with operations in the Gold Creek area of north-west Alberta (the "Inception Acquisition"), and the purchase of assets located primarily in the Simonette area of north-west Alberta and Willesden Green area [Read more]