CALGARY - Clearview Resources Ltd. ("Clearview" or "the Company") is pleased to announce its 2019 year end reserves and an operational update in light of the combined impacts of the Coronavirus pandemic and the collapse in energy commodity pricing due to decreased global oil demand and the OPEC+ oversupply situation. HIGHLIGHTS Proved developed producing ("PDP") reserves decreased by 5% to 5.1 million barrels of oil equivalent ("MMboe"), while the total proved ("1P") and total proved [Read more]
Headlines
Canada won’t tip hand on possibility of import tariffs on Saudi oil
OTTAWA - Canada's energy minister will speak to his U.S. and Mexican counterparts Thursday in a bid to generate a common front ahead of talks by the world's biggest economies aimed at ending the global oil price wars. But Deputy Prime Minister Chrystia Freeland refuses to say whether Canada would consider slapping import duties on oil from Saudi Arabia or Russia if they can't reach an agreement to curb production to respond to the drastic drop in global demand for oil. U.S. President [Read more]
Financier predicts new respect for oilpatch as Canada recovers from pandemic
Calgary energy investor Mac Van Wielingen says there's an opportunity for the oil and gas sector to regain public and government respect when Canada tries to restore its economy after the COVID-19 pandemic ends. The co-founder of ARC Financial Corp. says the industry has suffered through six years of slow crisis started when global oil prices tumbled in 2014 and made worse by national policies that show "sometimes hellish hostility" toward the fossil fuel industry. Van Wielingen predicts [Read more]
The Canadian Association of Petroleum Producers outlines recommendations for economic recovery
CALGARY - The Canadian Association of Petroleum Producers (CAPP) has been working closely with the federal government to identify important areas for urgent action to help Canada's energy sector survive the current economic crisis, and other measures needed to support the country's recovery once the COVID-19 pandemic subsides Through the Government of Canada's designation of the oil and natural gas sector as an essential service, industry workers remain on the front lines to ensure Canadians [Read more]
Heavy discount narrows despite oil storage pressure
Canadian heavy crude's discount narrowed slightly versus the U.S. benchmark West Texas Intermediate (WTI) oil on Wednesday, as Canada's largest oil producer signaled support for government curtailments to ease storage pressure amid a global glut. Western Canada Select (WCS) heavy blend crude for May delivery in Hardisty, Alberta, traded at $19.50 per barrel below WTI, according to NE2 Canada Inc, narrower than Tuesday's settle of $20.25 under. "Canadian storage capacity is going to be [Read more]
COVID-19 plan key part of Keystone XL construction acceleration, says CEO
The CEO of TC Energy Corp. says the company is fine-tuning its plan to guard against the spread of COVID-19 as it moves ahead with site preparation for the US$8-billion Keystone XL Pipeline project. Russ Girling says crews are working on right-of-way clearing and moving pipe and equipment into position while starting to drill river crossings and constructing the border crossing into Canada from northern Montana. Major pipe-laying activity on the route from Hardisty, Alta., to Steele City, [Read more]
Canadian Natural Resources signals support for broad Canada oil output cut
Canadian Natural Resources Ltd , Canada's biggest oil producer, would support any commitment by the federal government to cut oil production as long as it was applied fairly to the industry, company president Tim McKay said on Wednesday. "We supported curtailments here in Alberta to help balance the market when you have these issues," McKay told a virtual investor conference hosted by Bank of Nova Scotia and the Canadian Association of Petroleum Producers. "To me, as long as it's a [Read more]
Oil prices jump on hopes for OPEC, Russia meeting on output cuts
Oil bounced back on Wednesday, with U.S. crude jumping over $1, lifted by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have crumbled amid the coronavirus pandemic. U.S. West Texas Intermediate (WTI) crude rose 70 cents, or 3%, to $24.84 a barrel after dropping 9.4% in the previous session. Brent crude was up by 1 cent at $32.36 per barrel by 0246 GMT after falling 3.6% on Tuesday. Thursday's videoconference [Read more]
OPEC+ talks face challenges over baseline for cuts and U.S. role
OPEC and its allies are due to hold talks on Thursday to discuss the biggest coordinated supply production cut in history but they must agree on two major points: the levels from which any cuts should be made and how the United States will respond. U.S. President Donald Trump said last week he had brokered a deal between Russia and Saudi Arabia to cut 10 million to 15 million barrels per day (bpd) of crude, or 10 to 15% of global oil supplies. The coronavirus crisis has slashed demand by [Read more]
Column: Saudi – Russia price war affects Canada too
It could be argued that Saudi Arabia’s labelling of the USA could well partially apply to Canada. While senators from oil-producing states might want someone else to cut back, the Saudis might well argue that the current situation would be easier to deal with had the U.S. not doubled its oil production in less than a decade. Whichever side prevails, the geopolitical wrestling match could end up squeezing the US and also Canada. Will there be an agreement at all, and if so, what will it consist [Read more]