WASHINGTON - Prime Minister Justin Trudeau will speak with U.S. President Joe Biden today amid continuing fallout from the death of the Keystone XL pipeline project. The phone call, Biden's first with a foreign leader since taking office this week, comes as the new administration turns its focus to the country's economic recovery. It also comes with parts of Canada up in arms over Biden's Day 1 executive order rescinding permits for the US$8-billion cross-border pipeline [Read more]
Headlines
Canada’s rig count at 183
Canada averaged 183 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 109 are drilling for oil, 69 are drilling for natural gas, 1 for potash, and 4 for other. Drilling activity by province is 123 in Alberta, 34 in Saskatchewan, 14 in British Columbia, 3 in Manitoba, and 9 in other. Precision Drilling holds the majority of the Canadian market share with 29 per cent, Ensign Drilling with 19 per cent, Nabors [Read more]
Indigenous business coalition leader says Keystone XL denial will hurt communities
CALGARY - The leader of a group promoting Indigenous participation in oil and gas development as a solution to poverty on reserves says the cancellation of the Keystone XL pipeline by U.S. President Joe Biden is a major setback. Dale Swampy, president of the National Coalition of Chiefs, says the decision means fewer jobs in the short term for Indigenous people in constructing the pipeline and supplying goods and services for it. He adds it also implies more long-term unemployment for [Read more]
Alberta premier wants direct compensation from U.S. if Keystone XL pipeline dead
EDMONTON - Alberta Premier Jason Kenney is making another demand of Justin Trudeau over the Keystone XL pipeline ahead of the prime minister's call today with new U.S. President Joe Biden. In a letter to Trudeau, Kenney reiterates that the prime minister must press for a meeting with Biden so that Canada can make its case for the pipeline, which Biden cancelled this week on his first day in office. Kenney also repeats that if that fails, Trudeau must take retaliatory measures such as trade [Read more]
U.S. drillers add oil and gas rigs for 9th week in a row
U.S. energy firms this week added oil and natural gas rigs for a ninth week in a row amid higher energy prices over the past few months. The oil and gas rig count, an early indicator of future output, rose five to 378 in the week to Jan. 22, its highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday. Despite gains in recent months, that count is still 416 rigs, or 52%, below this time last year. The total count, however, has soared since [Read more]
Even without Keystone XL, U.S. set for record Canadian oil imports
The Keystone XL pipeline project may be dead, but the United States is still poised to pull in record imports of Canadian oil in coming years through other pipelines that are in the midst of expanding. U.S. President Joe Biden canceled Keystone XL's permit on his first day in office Wednesday, dealing a death blow to a long-gestating project that would have carried 830,000 barrels per day of heavy oil sands crude from Alberta to Nebraska. Environmental activists and indigenous communities [Read more]
Oil prices fall as China’s surging COVID-19 cases trigger clampdowns
Oil prices dropped on Friday, retreating further from 11-month highs hit last week, weighed down by worries that new pandemic restrictions in China will curb fuel demand in the world's biggest oil importer. U.S. West Texas Intermediate (WTI) crude futures dropped 88 cents, or 1.63%, to $52.13 a barrel. Brent crude futures fell 85 cents, or 1.52%, to $55.20 a barrel. Recovering fuel demand in China underpinned market gains late last year while the United States and Europe lagged, but that [Read more]
Come check out the BOE Report’s new AER License Transfers page
BOE Report is proud to announce the unveiling of our brand new Alberta Energy Regulator (AER) Licence Transfers page. This exciting new page has a list of aggregated licence transfer of wells, facilities, and pipelines as they are applied to and decided by AER. AER Licence Transfers are updated daily from the AER website. Statuses are defined as: Approved – Approved by the AER Closed – file closed and transfer did not complete Withdrawn – company applying withdraws application [Read more]
Cenovus to announce 2021 budget and production forecast
CALGARY, Alberta - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) will release its planned 2021 capital expenditure and production guidance on Thursday, January 28, 2021. A conference call and webcast to discuss the budget will be held for the investment community at 9 a.m. MT (11 a.m. ET). To participate in the webcast, please dial 888-231-8191 (toll-free in North America) or 647-427-7450 (Toronto) approximately 10 minutes prior to the start. The conference call webcast link will be [Read more]
Irving Oil lays off 60 workers from Saint John refinery, citing collapse in demand
SAINT JOHN, N.B. - Irving Oil has laid off 60 workers from its Saint John refinery, saying the pandemic has had an "extreme and serious" impact on its business and industry. The company says it also reduced its contractor workforce to 225 workers from its average first-quarter workforce of about 1,000 earlier this year. Irving Oil says the collapse in demand for motor fuels, jet fuel and other refined products continues to create prolonged and significant challenges. In addition, it [Read more]