Oil futures dropped more than 20% on Sunday to their lowest since 2016 after Saudi Arabia slashed its official selling price (OSP), signaling the start of a price war after OPEC talks with Russia failed to produce an agreement on production cuts. On Friday, Russia balked at OPEC’s proposed steep production cuts to stabilize prices hit by economic fallout from the coronavirus. OPEC responded by removing limits on its own production. Brent futures fell $9.57, or 21.1%, to $35.70 a barrel, [Read more]
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Column: Everyone paying attention now? THAT’s what a swing producer can do
What a strange feeling to be talking about good old energy markets again, after months lost in the advocacy wilderness (Canadian Energy Centre, if this is your idea of help, please go wait quietly in the cigar lounge with all the others from whom we expect more, and you know who you are). The mind-bending challenge of trying to defend Canada’s place as a worthy supplier of the energy the world needs and demands against people that don’t understand that is overwhelming. It is, therefore, a relief [Read more]
Kelt Reports Financial and Operating Results for the Quarter and Year Ended December 31, 2019
Calgary, Alberta - Kelt Exploration Ltd. (TSX: KEL) ("Kelt" or the "Company") has released its financial and operating results for the fourth quarter and year ended December 31, 2019. The Company's financial results are summarized as follows: FINANCIAL HIGHLIGHTS Three months ended December 31 Year ended December 31 (CA$ thousands, except as otherwise indicated) 2019 2018 % 2019 2018 % Petroleum [Read more]
MKS Investments is Looking for Canadian Power, Mid-stream, Petrochemical Investment Opportunities
MKS Investments Ltd. (“MKS”) is looking for investment opportunities in Canadian power, mid-stream, and petrochemical projects on behalf of a Korean financial investor (the “Investor”). The Investor has worldwide infrastructure, power generation and energy investments in the United States, Europe, Asia, and Middle East with total fund size of C$ 20.6 billion. Currently, the Investor is interested in existing facilities or infrastructure in Canada with steady revenue stream and the type of [Read more]
Industry Icon Mac Van Wielingen to Deliver Opening Keynote at Canadian Gas Dialogues 2020
Industry icon Mac Van Wielingen, founder, director and partner of ARC Financial and ARC Resources, will deliver the opening keynote address at Natural Gas World’s upcoming Canadian Gas Dialogues conference April 1 at the Calgary Petroleum Club. Mac and two partners founded ARC Financial – then known as PowerWest Financial – in 1989, initially to provide corporate advisory services and in-depth investment research. Soon, the company began making equity investments in early stage energy [Read more]
Heavy discount narrows, nearing five-month low
Canadian heavy crude's discount narrowed versus the U.S. benchmark West Texas Intermediate (WTI) crude on Friday, nearing a fresh five-month low due to plunging global prices and dwindling Alberta inventories. Traders took in stride a fire at Canada's Syncrude oil sands facility, which led to the company declaring force majeure. The site upgrades heavy oil into light oil. Western Canada Select (WCS) heavy blend crude for April delivery in Hardisty, Alberta, was trading at $13.10 per barrel [Read more]
Canada weekly rig count down 37 to 203
Canada’s fleet of active drilling rigs shrank from 240 to 203 since last week according to data from Baker Hughes. Total drilling count was 203 at March 6th. 134 rigs were drilling for oil; 69 for natural gas. The drilling activity in Alberta fell from 159 to 139 since last week. Saskatchewan’s drilling dropped from 59 to 43 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]
U.S. drillers add oil rigs for fourth week in five -Baker Hughes
U.S. energy firms added oil rigs for the fourth time in five weeks even though Exxon Mobil Corp said it would join other producers and reduce new drilling this year. Companies added 4 oil rigs in the week to March 6, bringing the total count to 682, their highest since December, energy services firm Baker Hughes Co said in its closely followed report on Friday. . That is down 18% from the same week a year ago when 834 rigs were active. Exxon, which analysts say is operating the most [Read more]
Oil falls amid demand concern, fears over OPEC+ deal for deeper output cuts
Oil slid nearly 1% on Friday as worries about global oil demand and economic growth slowdown caused by the coronavirus outbreak were heightened by concern over non-OPEC crude producers not yet having agreed to cut output further to support prices. U.S. West Texas Intermediate (WTI) was down $3.75, or 8.1%, at $42.22 per barrel. Brent crude fell $4.08, or 8.1%, to $45.94 per barrel. The Organization of the Petroleum Exporting Countries (OPEC) on Thursday pushed for crude output by OPEC [Read more]
International Petroleum Corp. Announces Completion of Acquisition of Light Oil Assets in Southern Alberta
International Petroleum Corp. ("IPC") (TSX, Nasdaq Stockholm: IPCO) is pleased to announce the closing of the previously announced acquisition of Granite Oil Corp. (“Granite”) (TSX:GXO; OTCQX:GXOCF) (the "Acquisition"). The Acquisition includes total proved plus probable ("2P") reserves of 14.0 million barrels of oil equivalent (MMboe) and 6.2 MMboe of unrisked contingent resources (best estimate) as at December 31, 2019. The Acquisition is comprised of high netback, light oil producing assets [Read more]