CALGARY, Feb. 5, 2016 /CNW/ - The Honourable Jim Carr, Canada's Minister of Natural Resources, today discussed challenges and opportunities facing the oil and natural gas industry at an event hosted by the Calgary Chamber of Commerce. Minister Carr heard about the challenges persistent low oil and natural gas prices present to businesses and communities, and he outlined the federal government's plan to modernize and restore public trust in the way Canada reviews and assesses major resource [Read more]
Headlines
Wood Mackenzie: No sign of significant oil production shut-ins at US$35 per barrel
EDINBURGH/HOUSTON 5th February 2016 – Wood Mackenzie's latest global oil production analysis* indicates that 3.4 million barrels per day (b/d) of oil production is cash negative at a Brent oil price of US$35. Since the dramatic drop in prices from late 2014, there have been few halts in production – with around 100,000 b/d shut-in globally to date. According to Wood Mackenzie, the areas with the largest volumes shut-in so far have been Canada onshore and oil sands, conventional US onshore [Read more]
Obama’s irrational oil tax: Unintended consequences and why Energy East is critical for Canada
On February 5, US President Barack Obama floated the idea of adding a $10 per barrel tax on oil. What is meant by a tax on oil is anyone’s guess; the concept itself is so formless and ill conceived you can pencil in any interpretation that turns your crank and you’ll be as far ahead as the rest of us. At the very least, the proposal should be a poster child for the law of unintended consequences. It’s hard to know where to even start trying to analyze the chaos this would cause. Little is [Read more]
Baker Hughes Announces January 2016 Rig Counts
HOUSTON, Feb. 5, 2016 /PRNewswire/ -- Baker Hughes Incorporated (NYSE:BHI) announced today that the international rig count for January 2016 was 1,045, down 50 from the 1,095 counted in December 2015, and down 213 from the 1,258 counted in January 2015. The international offshore rig count for January 2016 was 242, down 8 from the 250 counted in December 2015, and down 72 from the 314 counted in January 2015. The average U.S. rig count for January 2016 was 654, down 60 from the 714 counted [Read more]
Sunshine Oilsands Ltd. Announces Maturity Date of the Senior Secured Notes
HONG KONG, CHINA and CALGARY, ALBERTA--(Marketwired - Feb. 5, 2016) - The Board of Directors (the "Board") of Sunshine Oilsands Ltd. (the "Corporation" or "Sunshine") (HKSE:2012) announces the following: Reference is made to the Company's announcement of August 8, 2014 relating to the Company's offering of $US 200 million principal amount of senior secured notes (the "Notes"). Under the terms of the Notes, the maturity date for the Notes was August 1, 2017 and, if certain events did not take [Read more]
Trudeau’s promises get lukewarm reception with some Alberta oilpatch workers
CALGARY - Prime Minister Justin Trudeau's promises of fast-tracked infrastructure spending and employment insurance reform in Alberta have received a lukewarm reception among some oilpatch workers."It's just a drop in the bucket of the billions that we've sent out east," said pipeline contractor Chad Miller, 35, of $700 million to come for construction projects and another $250 million for Alberta from a federal fiscal stabilization fund.Miller had been hoping to see some help for small-business [Read more]
Big hits and Brussels sprouts: Nenshi shrugs off Coderre’s Energy East talk
OTTAWA - Calgary Mayor Naheed Nenshi says it's up to the federal government to make the final call on pipeline approvals — not mayors or provincial premiers.The ongoing debate over getting western Canada's oil and gas to ocean ports continues to churn as Canada's big city mayors meet for two days of talks in the national capital.A group of Montreal-area mayors, fronted by former Liberal cabinet minister Denis Coderre, sparked a minor national unity furor last month when they came out against the [Read more]
Cequence Energy Announces Operations Update
CALGARY, Feb. 4, 2016 /CNW/ - Cequence Energy Ltd. ("Cequence" or the "Company") (TSX: CQE) is pleased to announce its recent operating highlights. Simonette 16-33 Montney Well The Company's recent Simonette Montney well at 16-33-61-27W5 utilized a new completion design and was highly successful based on initial results. The average production rate for the last seven days was 1,800 boe/d (7.5 mmcf/d and 550 bbl/d of condensate). The well continues to clean up and after 21 days is [Read more]
Toro Oil & Gas Ltd announces certain 2015 accomplishments and strategy entering 2016
CALGARY, Feb. 4, 2016 /CNW/ - Toro Oil & Gas Ltd. (TSXV: TOO) ("Toro" or the "Company") is pleased to announce a summary of certain 2015 accomplishments along with its near term 2016 strategy and guidance in light of continuing volatile market conditions. Despite persistent weak commodity prices and other macro-economic headwinds for much of 2015, Toro materially increased its position within the Alberta Viking light oil fairway while taking advantage of capital and operating cost [Read more]
Meeting with Trudeau encouraging, but no assurance on pipelines: Suncor CEO
CALGARY - Prime Minister Justin Trudeau offered a sympathetic ear to major players in Canada's oilpatch Thursday, but didn't provide any assurances on the fate of the pipelines Alberta so desperately wants to move its product to the coasts.Trudeau, federal Natural Resources Minister Jim Carr and Alberta Premier Rachel Notley took part in one-hour roundtables with oil and natural gas producers and their suppliers.The province's oil sector is looking for signals that Trudeau is serious about [Read more]