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]
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XI Technologies: Bill 12 just passed – what you need to know
Each week, XI Technologies scans its unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you’d like to receive our Wednesday Word to the Wise in your inbox, subscribe here. On Thursday, April 2, 2020, Bill 12: Liabilities Management Statutes Amendment Act, passed the third reading in the Alberta Legislature. The Bill will enable the Orphan Well Association (OWA) to better manage and accelerate the [Read more]
Altura Energy Inc. Provides a Corporate Update
CALGARY - Altura Energy Inc. ("Altura", or the "Corporation") (TSXV: ATU) announces a voluntary curtailment of production volumes and a revision to its credit facility. The COVID-19 pandemic and the recent actions of OPEC and Russia abandoning production quotas has resulted in an unprecedented decline in crude oil prices. In response to these events Altura is voluntarily curtailing production volumes in April to its hedged oil production of 300 barrels of oil per day, which is approximately [Read more]
New Oil and Gas Jobs from BOE Report Jobs
Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location Apr. 6 Labourer Roska DBO Grande Prairie Apr. 2 Project Controls Manager TC Energy Calgary Apr. 2 Environmental Advisor - Post Construction Monitoring TC [Read more]
Suncor Energy announces $1.25 billion medium term note offering
All financial figures are in Canadian dollars CALGARY, Alberta - Suncor announced today that it will issue $1.25 billion of senior unsecured Series 7 Medium Term Notes due on April 9, 2030 (the “Notes”). The Notes will have a coupon of 5.00% and have been priced at $99.697 per $100 of Notes to yield 5.039%. The offering is expected to close on April 9, 2020, subject to customary closing conditions. Suncor intends to use the net proceeds from the sale of the Notes to repay short-term [Read more]
Global Energy Show Postpones 2020 Event Due to COVID-19 Pandemic
CALGARY, Alberta: dmg::events announces postponement of its flagship North American event, the Global Energy Show. The annual exhibition and conference were set to host more than 53,000 local and international delegates coming from more than 110 countries around the world and was Canada’s largest B2B tradeshow in 2019. The Global Energy Show has confirmed new dates for the exhibition and conference, which will now be June 8 – 10, 2021 in Calgary, Canada. “The decision to postpone was not [Read more]
Heavy discount edges wider as Canada producers eye cuts
Canadian heavy crude's discount widened versus the U.S. benchmark West Texas Intermediate (WTI) oil on Tuesday, as Alberta producers braced for deeper output cuts and doubts grew that OPEC and its allies would agree on a global pact to reduce a supply glut. Western Canada Select (WCS) heavy blend crude for May delivery in Hardisty, Alberta, traded at $19.75 per barrel below WTI, according to NE2 Canada Inc, wider than Friday's settle of $18 under. "We think the demand and refinery cuts [Read more]
Canada oil cuts set to deepen as Alberta province eyes global deal
Steep Canadian oil production cuts are expected due to a crash in oil prices, two of the country's major energy companies said on Tuesday. Some 20-25% of Western Canada's crude oil production could be shut in during the current second quarter, said Enbridge Inc Chief Executive Al Monaco. Western Canada produced an estimated 4.5 million barrels per day in March, according to the Canada Energy Regulator. That estimate is in line with a forecast of 1.1 million to 1.7 million barrels from [Read more]
Alberta minister says patience running short for federal energy industry aid
Alberta's energy minister says patience in her province is wearing thin for a promised aid package from the federal government for the oil and gas sector. Sonya Savage, speaking at the Canadian Association of Petroleum Producers conference, says the industry doesn't want a bailout, it just needs help to cope with short-term liquidity problems caused by steeply lower oil prices that have reduced investment plans and activity levels. The annual conference, held in Toronto for the past few [Read more]
Oil gains as hopes rise for production cut amid coronavirus outbreak
Oil rose on Tuesday amid hopes that the world's biggest producers of crude will agree to curtail production as the coronavirus pandemic ravages the global economy, even as analysts cautioned the cuts may do little to boost demand. U.S. crude was up by 20 cents, or 0.80%, at $26.48 a barrel, having dropped nearly 8% in the previous session. Brent crude was up by 54 cents, or 1.56%, at $33.83 a barrel after falling more than 3% on Monday. The world's main oil producers including Saudi [Read more]