Oil prices fell on Friday on concerns that major producers will move ahead with plans to ease their supply cuts even as a spike in COVID-19 cases in Europe and the United States is curtailing demand in two of the world's biggest fuel consuming regions. U.S. West Texas Intermediate (WTI) crude futures for November delivery slid 52 cents, or 1.3%, to $40.29 a barrel. Brent crude futures for December dropped 51 cents, or 1.19%, to $42.48 a barrel. Both benchmarks fell slightly the [Read more]
Headlines
Razor Energy Corp. announces board appointment and resignation
CALGARY, Alberta - Razor Energy Corp. ("Razor" or the "Company") (TSXV: RZE) is pleased to announce the appointment of Mr. Sean Phelan to its Board of Directors, effective October 15, 2020. Mr. Phelan is an independent businessman with over 30 years of finance experience in the oilfield services industry. He was co-founder and Vice President, Finance and Administration for Matrix Drilling Fluids Ltd. from 2004 to 2020 where he was responsible for all accounting, finance, corporate governance, [Read more]
Alberta premier says he’s still hopeful about Keystone, even if Biden elected
Alberta Premier Jason Kenney says he is still hopeful about the future of the Keystone XL pipeline, even if the Democrats win the White House next month. Democratic candidate Joe Biden has promised to kill the project if elected president, but Kenney says his government has been speaking with officials on both sides of the aisle in the U.S. TC Energy has approved construction of the US$8-billion project to transport up to 830,000 barrels a day of oil from Alberta to Nebraska. The [Read more]
OPEC+ panel discusses weaker oil demand outlook, Libya supply rise
An OPEC+ technical committee discussed on Thursday higher oil supply as production resumes in Libya amid a weaker demand outlook due to a second wave of coronavirus infections, two OPEC+ sources said. The Joint Technical Committee (JTC), which includes representatives from key OPEC+ producers such as Saudi Arabia and Russia, was meeting to review compliance with global oil output cuts and to review the oil market. The group had 102% compliance with its production cuts in September, two [Read more]
Heavy discount widens, still at tight levels on low stocks
Canadian heavy crude's discount versus West Texas Intermediate (WTI) widened on Wednesday, but remained at tight levels on low inventories and recovering demand. Western Canada Select (WCS) heavy blend crude for November delivery in Hardisty, Alberta, traded at $9.65 per barrel below WTI, according to NE2 Canada Inc. It settled on Tuesday at $9.30 under. The tight differential level is surprising, given that oil sands turnarounds are wrapping up and demand is seasonally weaker, said Matt [Read more]
Banks and insurers shun Canada’s oil sands
Canada is betting that efforts to incrementally reduce greenhouse gas emissions from its oil sands deposits will win back investors, banks and insurers who in recent years have shunned the carbon-heavy resource for environmental reasons. Here is a look at some of the institutions with commitments and policies targeting oil sands. ING Group in June 2017 updated its policy barring transactions directly linked to mining, exploration and transportation and processing of oil sands to include [Read more]
Annapolis Capital Limited announces the combination of Tyrannex Energy Ltd. and Tempus Energy Ltd. to create well-capitalized Alberta light oil producer Amicus Petroleum Inc.
CALGARY, AB - Annapolis Capital Limited ("Annapolis") is pleased to announce the merger (the "Merger") of two of its portfolio companies, Tyrannex Energy Ltd. ("Tyrannex") and Tempus Energy Ltd. ("Tempus"), to form Amicus Petroleum Inc. ("Amicus" or the "Company"). The Merger creates an Alberta-focused, high netback, light oil producer with current production capability of approximately 1,350 boe/d (75% oil and NGLs) and a pristine balance sheet. The Company's blend of longer life, low decline [Read more]
Clearview Resources Ltd. October 2020 corporate update
CALGARY, AB - Clearview Resources Ltd. ("Clearview" or the "Company") is pleased to provide the following corporate update to its shareholders. CREDIT FACILITY REVIEW The Company's credit facility was set for its normal course review to be completed by June 30, 2020. The Company's lender, ATB Financial ("ATB"), informed Clearview that the completion of the review will be extended to a later time period as lenders to the oil and gas industry deal with the impact of COVID-19 and the [Read more]
Oil rises as robust China trade data offsets returning supply
Oil prices rebounded on Wednesday, supported by robust economic data from China that offset returning supply in other regions but gains were capped by forecasts for a slow recovery in global oil demand as coronavirus cases rise U.S. West Texas Intermediate (WTI) crude futures settled up 80 cents, or about 2%, to $40.96 a barrel. Brent crude futures ended up 78 cents, or 1.8%, to $43.20 a barrel while On Monday, both benchmarks fell nearly 3%. China, the world’s top crude oil importer, took [Read more]
XI Technologies: Why a proper balance of drill planning information sources is essential for successful drilling programs
Each week, XI Technologies scans their 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. Our current oil and gas development environment has led many companies to adapt to new market needs and challenges by exploring new drilling opportunities in unfamiliar plays. In addition, consolidation and acquisition has resulted [Read more]