Canada's fleet of active drilling rigs increased by 8 since last week according to data from Baker Hughes. Total drilling count was 127 at September 27. 88 rigs were drilling for oil; 39 for natural gas. Alberta's drilling activity increased, growing from 77 to 83, while Saskatchewan stagnated, remaining at 30 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]
Headlines
Canada’s heavy oil exports to Asia from U.S. surge
Shipments of Canadian crude from the U.S. Gulf Coast since May have more than doubled all of 2018's exports as Asian refiners scramble for heavy sour oil, according to vessel-tracking data, traders and industry sources. Following U.S. sanctions on Venezuela in late January, Asian refiners have sought new heavy oil supplies in a hunt that has benefited Canadian oil exporters since this summer. Thirty-two cargoes with a combined 16 million barrels of Canadian crude loaded in the U.S. Gulf [Read more]
Oil prices fall as supply risk premium fades, demand outlook drags
Oil prices fell on Friday, erasing more of the gains realised after the Sept. 14 attacks on Saudi Arabian oil facilities, as the rapid return of production capacity from the world's top exporter squashed risk premiums. Prices were also pressured by worries of weak global economic growth and its effect on oil demand. U.S. West Texas Intermediate (WTI) crude futures fell 67 cents, or 1.2%, to $55.84 a barrel. Brent crude futures fell 32 cents, or 0.5%, from the previous session's [Read more]
GLJ Petroleum Consultants Appoints New CEO
Calgary, AB, September 26, 2019 - GLJ Petroleum Consultants (GLJ) announced today that Jodi Anhorn, current GLJ executive vice president and COO, has been appointed as GLJ’s new president and CEO. In addition, GLJ vice president Chad Lemke has been appointed to executive vice president and COO, joining Caralyn Bennett, executive vice president and chief strategy officer, as part of the senior leadership team. The leadership changes are effective Oct. 1, and follow the retirements of Keith [Read more]
Kenney defends oil curtailment program as maximum output inches higher
Alberta's United Conservative government is again easing oil production limits for producers, setting a maximum production quota of 3.81 million barrels per day for December, up 250,000 bpd from the original limit set by the previous NDP government for last January. The province says it will allow large producers to open the taps by another 10,000 bpd in each of November and December. Outside the Global Business Forum in Banff, Alberta, Premier Jason Kenney defended continuing the program [Read more]
Toscana Announces Resignation of Director
CALGARY, Alberta, Sept. 26, 2019 (GLOBE NEWSWIRE) -- Toscana Energy Income Corporation ("Toscana" or the "Corporation") (TSX: TEI) announces that Mr. Don Copeland, Chairman of Toscana’s Board of Directors (the “Chairman”) is stepping down as Chairman and a member of the Board effective September 30, 2019 (the "Effective Date"). On behalf of the Board, Mr. Joseph Durante, Executive Director, commented: “Mr. Copeland has served on the Toscana Board since inception in 2010. Over this time, he made [Read more]
Alberta government eases oil curtailment limits
The government of Canada's main oil-producing province Alberta on Thursday eased oil curtailments for November and December, allowing producers to increase output to 3.80 million barrels per day and 3.81 million barrels per day respectively. Alberta has had oil curtailments in place since the start of the year to ease congestion on export pipelines and help support prices. The policy was announced by the province's previous government late in 2018 after a glut of crude built up in storage, [Read more]
Canadian company ships solid oil sands bitumen to Chinese refinery
A Canadian company has loaded a test cargo of solid bitumen onto a vessel destined for a refinery in China, the latest effort by the energy industry to avoid congested export pipelines and find new ways to export more oil sands crude. Calgary, Alberta-based Melius Energy loaded 130 barrels of neat bitumen, similar in consistency to a hockey puck, onto a 20-foot shipping container in Edmonton, Alberta, and transported it by rail to the Port of Prince Rupert in northern British Columbia. The [Read more]
Imperial Oil to begin planned work at Sarnia site
A planned maintenance turnaround is expected to get underway in the next several days and continue for about two months at Imperial Oil Ltd's Sarnia site, according to a local media website. Individual process units will come offline beginning this weekend and restart at various times within the overall period, the report said citing Kristina Zimmer, the company's Public & Government Affairs Manager. Imperial operates a 121,000 barrel-per-day refinery in Sarnia. [Read more]
Oil prices steady amid concerns of rising supplies and sluggish demand
Oil prices were steady on Thursday after falling the previous two sessions on industry concerns about rising supplies and signs of slowing demand. U.S. West Texas Intermediate (WTI) crude futures were 2 cents lower, or 0.04%, to $56.47 a barrel. Brent crude futures were at $62.36 a barrel, down 3 cents, or 0.05%, from the previous close, by 0555 GMT. Brent prices have dropped 3.6% since the close on Monday, while WTI is down 3.7% over the same period, weighed down by a surprise 2.4 [Read more]