Contaminated water that leaked from an oilfield pipeline on Christmas Day has entered the North Saskatchewan River but has had no detectable impact on it, says a spokesman for Calgary-based oil and gas producer ARC Resources Ltd. The spill was reported by a local landowner at about 2 p.m. last Friday, said Sean Calder, ARC’s vice-president of production, in an interview on Tuesday. “We had guys on site within about an hour and then the pipeline was shut in by 4 p.m., I believe,” he [Read more]
Headlines
A look at Canada’s hydrogen strategy
With an eye towards the future, Canada’s Minister of Natural Resources, Seamus O’Regan recently announced the launch of the hydrogen strategy for Canada, a plan that aims to position Canada as a global hydrogen leader. The strategy is planned to create 350,000 jobs and help Canada reach net-zero emissions by 2050. O’Regan added that roughly $5 to $7 billion is needed to help aid the hydrogen industry. From the Federal Government, “we see Canada advancing a hydrogen economy as not just [Read more]
Oil rises on hopes U.S. pandemic stimulus to spur fuel demand
Oil rose on Tuesday, for the third time in four sessions, on expectations for rising fuel demand as the United States may expand their pandemic aid payments and a final Brexit deal is set to stabilize trade between Europe and the UK. U.S. West Texas Intermediate (WTI) crude futures added 59 cents, or 1.23%, to $48.27 a barrel. Brent crude climbed 61 cents, or 1.2%, to $51.51 a barrel. "Markets feel very rangy into the New Year but should find support today from broader risk markets as [Read more]
U.S. natgas futures drop over 10% on warmer weather forecasts
U.S. natural gas futures plunged more than 10% to a three-month low on Monday, weighed down by forecasts for warmer-than-usual weather in early January that could result in lower heating demand. One day ahead of the expiry date, Front-month gas futures declined 24.1 cents, or 9.6%, to $2.267 per million British thermal units by 10:33 a.m. EST (1533 GMT). Prices earlier dropped to their lowest since Sept. 25 at $2.238. "Technically gas prices declined sharply after Christmas due to profit [Read more]
Oil trims losses after Trump signs aid bill; demand concerns linger
Oil pared some of its losses from earlier on Monday after U.S. President Donald Trump signed a $2.3 trillion coronavirus aid and spending package but lingering worries about near-term demand weighed on market sentiment. U.S. West Texas Intermediate (WTI) crude futures slipped 27 cents, or 0.55%, to $48.02 a barrel. Brent crude futures were down 9 cents, or 0.16%, to $51.18 a barrel, having fallen as much as 1.5% to $50.53 a barrel earlier in the session. "With President Trump signing [Read more]
Canada’s rig count ends the year at 120
Canada averaged 120 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 63 are drilling for oil, 54 are drilling for natural gas, 1 for potash, and 2 for other. Drilling activity by province is 84 in Alberta, 18 in British Columbia, 17 in Saskatchewan, and 1 in Manitoba. Precision Drilling holds the majority of the Canadian market share with 33 per cent, Ensign Drilling with 19 per cent, Nabors Drilling with 13 per [Read more]
New property on PNG Exchange from Amicus Petroleum
Amicus Petroleum Inc. is entertaining proposals for its Viking prospective assets in the Whitecourt area of Central Alberta. Full details can be found on the PNG Exchange website. Property Highlights: 42 sections of mostly 100% interest Viking PNG rights Majority of lands are set to expire in Spring 2021 unless validated. Recently completed oil well capable of 20 bbl/d. Location built and ready to re-licence. Operated pipeline infrastructure About PNG Exchange PNG [Read more]
Tamarack Valley Energy Ltd. announces closing of previously announced gross overriding royalty disposition
CALGARY, AB - Tamarack Valley Energy Ltd. ("Tamarack" or the "Company") (TSX: TVE) is pleased to announce the closing of the sale of a newly created 2% gross overriding royalty (the "GORR Disposition") to Topaz Energy Corp. on a select portion of the acquired Clearwater properties completed on December 21, 2020. Tamarack has committed to spending $80.0 million of capital to further develop the GORR lands prior to December 31, 2022. About Tamarack Valley Energy Ltd. Tamarack is an oil and [Read more]
Perpetual Energy Inc. announces extension of credit facility redetermination
CALGARY, AB - (TSX: PMT) – Perpetual Energy Inc. ("Perpetual" or the "Company") announced today that the revolving credit period applicable to the Company's credit facility has been extended to March 1, 2021 and the $20 million borrowing limit maintained. The borrowing limit is scheduled to be redetermined and the revolving credit period extended on or before March 1, 2021. The extension of the revolving credit period provides additional time to finalize negotiations with its lenders and for the [Read more]
Newfoundland’s Hibernia offshore oil project gets $38 million in federal aid
ST. JOHN'S, N.L. - Newfoundland and Labrador Premier Andrew Furey says the $38 million his government is giving the Hibernia offshore oil project will protect about 148 jobs over 18 months. Furey made the announcement today, saying the money comes from a pot of $320 million offered to the province by the federal government in September to bolster the floundering oil industry. Stephen Edwards, president of the Hibernia Management and Development Company, says the money will help it increase [Read more]