After enduring so many punches during 2020, from a depressed market and a global pandemic all but halting much of the world, Alberta’s bruised and battered oil and gas sector did not make the top 10 of North America’s most competitive oil patches, according to Fraser Institute’s Canada-US Energy Sector Competitiveness Survey 2020. Another tough pill to swallow for the province was the announcement of Norway’s Equinor moving staff from Calgary to St. John’s, and will no longer evaluate [Read more]
Headlines
Worker missing after dozer breaks through frozen tailings pond in northern Alberta
FORT MCMURRAY - A worker is missing after a dozer broke through ice on an inactive Suncor tailings pond in northern Alberta. Suncor Energy Inc. spokeswoman Erin Rees says crews responded to the accident Wednesday afternoon at the mine site near Fort McMurray. She says the dozer operator has not been found. The worker was an employee of Christina River Construction. Rees says Suncor's emergency services team responded immediately and remains at the site. She says occupational [Read more]
U.S. plans sale of up to 20 mln bbls of crude oil from strategic reserve
The U.S. Energy Department said on Thursday it plans to sell up to about 20 million barrels of crude oil from the Strategic Petroleum Reserve, as directed by laws passed in 2015 and 2018.The department is required to sell a little more than 10 million barrels during fiscal year 2021 by the Bipartisan Budget Act of 2015 and the Consolidated Appropriations Act of 2018. In addition, the department said it is allowed by law to sell up to $450 million worth of oil to pay for modernization of the [Read more]
Oil prices dip on virus worries; U.S. stock draw, China data check losses
Oil prices eased for a second day on Thursday as mounting coronavirus cases globally raised demand concerns, although a drawdown in U.S. crude stocks for a fifth straight week and robust data from China capped losses. U.S. West Texas Intermediate (WTI) slipped by 12 cents, or 0.2%, to $52.73 a barrel. Brent crude oil futures fell 34 cents, or 0.6%, to $55.66 a barrel. "Oil market's sizzling rally likely took a hiatus as the stronger dollar and the omnipresent gasoline supply overhang [Read more]
Column: The world needs more Canadian oil and gas, not less
Pretty much since the Trans Mountain pipeline expansion was proposed, it has been fought tooth and nail by “Keep It In The Ground” anti-oil and gas activists. Some of the latest attacks on this pipeline include a call to action from the Rockefeller Foundation funded anti-oil activist group, 350.org. In character, 350.org misrepresents recent reports from Parliamentary Budget Officer and Canadian Energy Regulator. They claimed that recent reports by the Parliamentary Budget Office and the [Read more]
Obsidian Energy provides compelling reasons why Bonterra shareholders should tender their shares to the offer
CALGARY, AB - OBSIDIAN ENERGY LTD. (TSX: OBE) (OTCQX: OBELF) ("Obsidian Energy" or the "Company") today provided Bonterra Energy Corp. ("Bonterra") shareholders with compelling reasons why combining Bonterra and Obsidian Energy is in their best interests through increased shareholder value. "Our in-depth financial and operational analysis clearly shows that the value as a combined entity results in far greater share price appreciation and upside than either company could achieve on a [Read more]
Heavy crude tightens as end of trade cycle nears
Canadian heavy crude's discount to West Texas Intermediate (WTI) narrowed on Wednesday, extending the previous day's gains. Western Canada Select (WCS) heavy blend crude for February delivery in Hardisty, Alberta, traded at $11.30 per barrel below WTI, according to NE2 Canada Inc, narrowing from Tuesday's settle of $12.50 a barrel under WTI. One industry source said there was strong demand from spot shippers and refiners. The differential on Canadian heavy crude hit its widest level [Read more]
Natural gas and oil industry investing in Canada’s economic recovery: CAPP forecasts an increase of more than $3 billion in planned upstream spending for 2021
CALGARY, AB - The Canadian Association of Petroleum Producers (CAPP) is forecasting a 14 per cent increase in upstream natural gas and oil investment in 2021. Capital spending in the sector is expected to be around $3.36 billion higher this year, reaching $27.3 billion, compared to an estimated total investment of $24 billion in 2020. The planned investment for 2021, while increasing from the lowest levels in more than a decade, would halt the dramatic decline seen since 2014, when [Read more]
Carbon Leakage- the unintended consequence of carbon pricing?
Canada’s Climate Plan announcement last month revealed the federal government plans to increase the carbon tax annually up to a new proposed $170 per tonne by 2030 to exceed Canada’s promise to cut emissions by 30 percent below 2005 levels. “There is no vaccine against a polluted planet,” the P.M. said at a press conference. One could make a similar statement about carbon leakage- that there is no vaccine that can effectively combat the negative effects of carbon leakage on the global [Read more]
Indigenous prime contractor exceeds Q4 well abandonment expectations
Western Petroleum Management (WPM), an Indigenous Prime Contractor, and its highly motivated and experienced team of professionals and subcontractors exceeded expectations on projects funded by Alberta Site Rehabilitation well abandonment program during the fall of 2020. Western Petroleum Management would like to congratulate all its employees and subcontractors for a job well done and the successful completion of multiple project milestones and deliverables, including the following: I: [Read more]