OPEC says that $10 trillion worth of investment will need to flow into oil and gas through 2040 in order to meet the world’s energy needs. The OPEC published its World Oil Outlook 2015 (WOO) in late December, which struck a much more pessimistic note on the state of oil markets than in the past. On the one hand, OPEC does not see oil prices returning to triple-digit territory within the next 25 years, a strikingly bearish conclusion. The group expects oil prices to rise by an average of about [Read more]
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Vermilion Energy sees Irish gas field as key source of growth in 2016-17
CALGARY - Vermilion Energy (TSX:VET) says the Corrib offshore natural gas in Ireland began producing for the first time on Wednesday.The Calgary-based company expects output to rise over six months and Vermilion's share will peak at 58 million cubic feet per day, the equivalent of 9,700 barrels per day of oil.Vermillion has an 18.5 per cent interest in the Corrib project, which is a joint venture with Shell E&P Ireland Ltd. (45 per cent) and Statoil Exploration Ireland Ltd. (36.5 per cent). It [Read more]
Vermilion Energy Inc. Announces Achievement of First Gas Production from Corrib Project
CALGARY, Dec. 30, 2015 /CNW/ - Vermilion Energy Inc. ("Vermilion", "the Company", "We", "Us", or "Our") (TSX, NYSE: VET) is pleased to announce that natural gas began to flow at our Corrib gas project in Ireland on December 30, 2015. Production levels at Corrib are expected to rise over a period of approximately six months to a peak rate estimated at 58 mmcf/d (9,700 boe/d), net to Vermilion. "First gas marks an important milestone for Vermilion" said Lorenzo Donadeo, CEO of Vermilion. [Read more]
Anterra Energy Announces Proposed Transaction to Extinguish Debt by Transfer of Assets
CALGARY, ALBERTA--(Marketwired - Dec. 30, 2015) - Anterra Energy Inc. ("Anterra" or the "Company") (TSX VENTURE:AE.A) announces that it has signed a purchase and sale agreement dated December 22, 2015 with Western Union Petro (Canada) Technology Co. Ltd. ("Western Union"), a subsidiary of LandOcean Energy Services Co. Ltd. The agreement provides that amounts owed by Anterra to Western Union (approximately $3.2 million) are extinguished in exchange for Anterra transferring its interests in three [Read more]
Stonehaven Closes Private Placement of Flow-Through Shares and Common Share Units
CALGARY, AB--(Marketwired - December 29, 2015) Stonehaven Exploration Ltd. ("Stonehaven" or the "Company") (TSX VENTURE: SE) reports that the Company has closed its previously announced non-brokered private placement offering through the issuance of 3,642,530 common shares of the Company ("Common Shares") issued on a "flow-through" basis (the "Flow-Through Shares") at a price of $0.58 per Flow-Through Share (the "FT Offering") and 550,000 non-flow-through units of the Company ("Units") at a [Read more]
U.S. Lost 70,000 Oil Jobs in 2015
According to the Federal Reserve Bank of Dallas, “U.S. oil and gas employment has fallen 14.5 percent (by 70,000 jobs) year over year. Job losses and falling energy prices portend continued distress for the oil and gas sector in 2016.” In their fourth quarter 2015 report titled “OPEC Tips Crude Oil Markets over the Cliff,” the job losses are blamed on the falling U.S. crude oil production. [Read more]
Vermilion Energy Inc. Announces Receipt of Final Consent for Corrib Project and Anticipation of First Gas Prior to Year End
CALGARY, Dec. 29, 2015 /CNW/ - Vermilion Energy Inc. ("Vermilion", "the Company", "We", "Us", or "Our") (TSX, NYSE: VET) is pleased to announce that Shell E&P Ireland Limited ("Shell"), operator of the Corrib project, has received the final remaining consent required for production from the office of Ireland's Minister for Communications, Energy and Natural Resources. The Corrib partners (Shell, Vermilion and Statoil Exploration Ireland Limited) are now focused on final preparations to [Read more]
Canadian Oil Sands Sends New Letter to Shareholders: A Full Share of COS is Worth More Than a Quarter Share of Suncor
CALGARY, Dec. 29, 2015 /CNW/ - (TSX: COS) — Canadian Oil Sands Limited is mailing a letter to all shareholders advising them to reject Suncor's undervalued and opportunistic bid. It warns shareholders of Suncor's fear-mongering tactics and urges them not to succumb to Suncor's pressure tactics, knowing the value and upside of the asset they currently hold. To REJECT the Suncor bid, shareholders should simply TAKE NO ACTION. Do not tender your shares of Canadian Oil Sands Limited. For [Read more]
Delphi Energy Provides Update
CALGARY, ALBERTA--(Marketwired - Dec. 29, 2015) - Delphi Energy Corp. (TSX:DEE) ("Delphi" or the "Company") provides the following update. Delphi is now singularly focused on its Bigstone assets where it holds 139.5 gross sections (118.1 net) of Montney rights and 81.5 gross sections (60.0 net) of contiguous shallow Cretaceous rights. The Bigstone Montney now represents 87 percent of corporate production. While the oil and gas industry remains in a very challenging environment, Delphi's [Read more]
Saudi Arabia posts $98B budget deficit as lower oil prices cut into government revenue
RIYADH, Saudi Arabia - Saudi Arabia said Monday that this year's budget deficit amounted to $98 billion (367 billion riyals) as lower oil prices cut into the government's main source of revenue, prompting the kingdom to scale back spending for the coming year.For the third consecutive year, the kingdom said it will post a budget shortfall in 2016, projecting a deficit of $87 billion (327 billion riyals).The government said it projects expenditures of $224 billion (840 billion riyals) in 2016, [Read more]