CALGARY - Business consultancy Deloitte says an unexpected continuation of oversupply in both oil and natural gas will mean lower prices for longer. The firm is forecasting oil prices to average below US$50 a barrel for 2016 and 2017 as demand growth for oil slows before prices start a slow rise to US$80 a barrel by 2022.It also expects natural gas prices to stay low in the near term as natural gas storage levels sit at a five-year high and Canada is facing a potentially warmer winter this [Read more]
Headlines
Pembina Pipeline Corporation Launches $150 Million Bought Deal Preferred Share Offering
CALGARY, ALBERTA--(Marketwired - Jan. 6, 2016) - Pembina Pipeline Corporation ("Pembina" or "the Company") (TSX:PPL)(NYSE:PBA) is pleased to announce that it has entered into an agreement with a syndicate of underwriters co-led by Scotiabank, BMO Capital Markets and RBC Capital Markets (together, the "Underwriters") pursuant to which the Underwriters have agreed to purchase from Pembina 6,000,000 cumulative redeemable minimum rate reset class A preferred shares, Series 11 (the "Series 11 [Read more]
Economic benefits of Trans Mountain Pipeline go well beyond construction period
OTTAWA, Jan. 6, 2016 /CNW/ - The employment and fiscal benefits of the Trans Mountain Expansion Project (TMEP) to the Canadian economy extend well beyond the construction and operations of the pipeline, according to a new report by The Conference Board of Canada. The report, Who Benefits? A Summary of the Economic Impacts that Result from the Trans Mountain Expansion Project, estimates three new impacts associated with the project that would generate 678,000 person-years of employment and [Read more]
Canadian Oil Sands Releases Corporate Trailer: “Valuable. For the Long Term.”
"Acting together now means we can remain independent in the long term. The principles that guided shareholders' investments in Canadian Oil Sands remain sound." -- Ryan Kubik, President and CEO CALGARY, Jan. 6, 2016 /CNW/ - Today Canadian Oil Sands Limited ("Canadian Oil Sands") released a new corporate trailer: "Valuable. For the Long Term." The video showcases the numerous initiatives underway to maximize long-term shareholder value at a strong, independent Canadian Oil Sands and thanks [Read more]
Rising tension between Saudi Arabia and Iran isn’t enough to stop the slide in oil prices
DALLAS - A persistent glut of oil is trumping Middle Eastern tension, extending the slump in oil markets into the new year.The price of oil fell 30 per cent last year, following a 50 per cent plunge in 2014. At below $36 a barrel on Tuesday, the price is down more than 2 per cent early in 2016. Even the breakoff of diplomatic relations between Saudi Arabia and Iran, two big oil-producing countries, failed to halt the slide.Oil prices are likely to remain about where they are until either [Read more]
Vermilion Energy Inc. Announces 2016 Budget
CALGARY, Jan. 5, 2016 /CNW/ - Vermilion Energy Inc. ("Vermilion", "We", "Us", or "Our") (TSX, NYSE: VET) is pleased to announce that our Board of Directors has approved an exploration and development ("E&D") capital budget for 2016 of $285 million. Highlights Budgeted E&D investment of $285 million for 2016 represents a 41% decrease from 2015 forecasted E&D investment of $485 million, and a 59% decrease from 2014 investment of $688 million. Production guidance for 2016 is 62,500 to [Read more]
Groundstar Resources Limited Announces Closing of Flow-Through Financing
CALGARY, ALBERTA--(Marketwired - Jan. 5, 2016) - Groundstar Resources Limited (TSX VENTURE:GSA) (the "Company") is pleased to announce that it has closed its previously announced financing through the issuance of 4,440,000 common shares in the capital of the Company issued on a "flow-through" basis within the meaning of the Income Tax Act (Canada) (the "Flow-Through Shares") at a price of $0.05 per Flow-Through Share by way of a non-brokered private placement for total gross proceeds of [Read more]
Shell-led joint venture obtains key permit for LNG facility in Kitimat, B.C.
VANCOUVER - A Shell-led joint venture company has obtained a key permit to build a liquefied natural gas export facility in northern British Columbia.LNG Canada is the first in the province to receive a facility permit from the B.C. Oil and Gas Commission. The document outlines the requirements for design, construction and operation of the proposed facility in Kitimat, B.C.Director of external affairs Susannah Pierce said it's a crucial development for the project, following environmental [Read more]
South Dakota regulators again approve portion of Keystone XL pipeline
PIERRE, S.D. - Regulators in South Dakota have again approved the portion of the embattled Keystone XL oil pipeline that would go through the state.The Public Utilities Commission's decision Tuesday still requires TransCanada Corp. to get a presidential permit for the project.President Barack Obama blocked the pipeline in November, but an attorney for the company has said TransCanada remains committed to the project, which could be revived under the next president.The state authorized the [Read more]
Upstream Oil and Gas M&A Deal Count and Asset Transaction Value Plunged in 2015 as Weak, Volatile Oil Market Sidelined Many Buyers and Sellers, IHS Says
HOUSTON--(BUSINESS WIRE)--Despite an ample supply of oil and gas assets on the market due to low oil prices, the overall merger and acquisition (M&A) deal count in the upstream energy sector plunged in 2015 as the weakness and volatility in oil prices made it difficult for buyers and sellers to achieve consensus on value and outlook. These findings come from new analysis by IHS Inc. (NYSE: IHS), the leading global source of critical information and insight. Despite the boost from Shell’s [Read more]