This week, industry champions Peter Tertzakian and Jackie Forrest took on the daunting task of inviting meaningful discussion with the Honorable Seamus O’Regan, Minister of Natural Resources and Member of Parliament in the same Federal Government that has so doggedly obstructed, opposed, and over-regulated the Western Canadian Oil and Gas Industry for the last five years. It was a breath-taking exercise in restraint and civility in an attempt to truly communicate the urgency of the need for [Read more]
Headlines
Alberta reinstating environmental monitoring in industry, oilpatch on July 15
EDMONTON - Alberta industries, including the oilpatch, will resume environmental monitoring and reporting in three weeks. The Alberta government and its energy regulator have each issued orders for reporting to resume on July 15. Testing and reporting had been suspended earlier this spring due to health and staffing concerns related to the COVID-19 pandemic. Environmental critics and the Opposition NDP had been demanding the government reinstate the monitoring, questioning why it was [Read more]
Oil prices steady amid signs of demand coming back after coronavirus
Oil prices were steady on Tuesday, holding onto the previous session's gains, amid more signs of fuel demand picking up after the depths of the coronavirus pandemic as major crude producers continue to stick to supply cuts. U.S. oil was up 8 cents at $40.81 a barrel, having risen 1.8% in the previous session. Brent crude was up 6 cents at $43.14 a barrel at 0046 GMT, after gaining 2.1% on Monday. "We're starting to see the green shoots of recovery," Exxon Mobil Australia Chairman [Read more]
Crescent Point releases 2020 sustainability report
CALGARY, AB - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) (NYSE: CPG) has released its 2020 Sustainability Report (the "Report") highlighted by an emissions intensity reduction target of 30 percent by 2025. The Report outlines the Company's latest progress and commitment to strong environmental, social and governance ("ESG") performance. Additional highlights of the Report include: An effective risk-management response to the COVID-19 pandemic, [Read more]
Toscana Energy enters into an arrangement agreement with i3 Energy Plc
CALGARY, Alberta - Toscana Energy Income Corporation (Toscana or the Company) (TSX: TEI) is pleased to announce that i3 Energy plc (i3 Energy), an AIM-listed oil and gas company with assets and operations in the United Kingdom, has elected to exercise the option granted under the previously announced option agreement dated March 29, 2020 between i3 Energy and Toscana, and pursuant thereto, the Company has entered into an arrangement agreement (the Arrangement Agreement) with i3 Energy under [Read more]
Obsidian Energy provides corporate and operational update
CALGARY, AB - OBSIDIAN ENERGY LTD. (TSX: OBE) (OTCQX: OBELF) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to provide a corporate and operational update. Message to Shareholders We are pleased to report that Obsidian Energy has quickly adapted to the challenging environment over the past few months by taking prudent and decisive actions resulting in a CDN $24 million reduction in our forecasted operating expenses for 2020. Due to improved oil prices, narrower oil [Read more]
Enbridge says Line 5 Injunction Unnecessary
Inspections show no damage to twin pipelines CALGARY, AB and LANSING, Mich. - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge) said today the temporary restraining order and preliminary injunction sought by the Attorney General of Michigan is legally unsupportable, unnecessary, and will be vigorously opposed by Enbridge. Enbridge understands the importance of the Great Lakes to the State and the need to protect the Straits, the environment and people. As part of its thorough maintenance [Read more]
Canadian Natural Resources Limited prices US$1.1 billion in 5 and 10 year notes
CALGARY, Alberta - Canadian Natural Resources Limited ("Canadian Natural" or the “Company”) announces that on June 22, 2020, the Company priced the following US$ unsecured notes: Note / Coupon Principal Maturity Price per Note Yield to Maturity 5 year / 2.05% US$600,000,000 July 15, 2025 US$99.832 2.085% 10 year / 2.95% US$500,000,000 July 15, 2030 US$99.955 2.955% The offering is targeted to close on June 24, 2020, subject to customary closing conditions. [Read more]
Co-op, Unifor ratify new seven-year contract after six-month labour dispute
REGINA - Hundreds of workers at Regina's Co-op oil refinery complex will be returning to work after ratification of a tentative contract. The agreement brings an ends to a six-month labour dispute that began after refinery owner Federated Co-operatives Ltd. locked out more than 700 workers last December following a strike vote. The company says the new contract is a seven-year deal and that employees will return to work in the coming weeks. Unifor Local 594 had encouraged members to [Read more]
Ranch Energy failure more than doubles B.C.’s inventory of orphan wells
CALGARY - The number of orphan wells in British Columbia has more than doubled thanks to the failure of one oil and gas company. The BC Oil and Gas Commission says it has designated 401 wells and three facilities formerly owned by Calgary-based Ranch Energy as orphans, which means there is no owner willing or able to restore those sites. The provincial agency says the wells take B.C.'s list of orphan sites to a total of 770, although 56 of those sites are substantially restored. Ranch [Read more]