Canada-based oil refinery operator Irving Oil on Tuesday said it has terminated an agreement for the purchase of North Atlantic Refinery Limited, the company said in a statement on its website. Irving had agreed to buy the owner of the idled 135,000 barrels per day Come-by-Chance refinery in Newfoundland, for an undisclosed price in May. According to industry sources, Irving walked away from the purchase and share agreement shortly before it was set to close in mid-October. "North [Read more]
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Alberta aims to export hydrogen
The province of Alberta will look to use its plentiful natural gas reserves to become an exporter of hydrogen, a clean-burning fuel, by 2040, Premier Jason Kenney said on Tuesday. The pandemic has hit Alberta's oil industry hard, as travel restrictions crushed demand for fuel. The province's struggles date back years, however, as the oil sands' high emissions made it a target for environmental activists and have led to some investors, banks and insurers cutting ties with the industry. "The [Read more]
Canadian Natural Resources Limited completes the acquisition of Painted Pony Energy Ltd.
CALGARY, Alberta - Canadian Natural Resources Limited (“Canadian Natural” or the “Company”) announces that the previously announced acquisition by Canadian Natural of all the issued and outstanding common shares of Painted Pony Energy Ltd. (“Painted Pony”) pursuant to a plan of arrangement has been completed. Canadian Natural welcomes Painted Pony employees to its Northeast British Columbia and Calgary head office teams. The acquired production, infrastructure and land compliments Canadian [Read more]
Oil prices gain on supply disruptions, Trump’s hospital exit
Oil prices gained on Tuesday amid supply disruptions in Norway, a new hurricane in the Gulf of Mexico, and U.S. President Donald Trump’s return to the White House from hospital. U.S. West Texas Intermediate (WTI) crude futures were trading $1.02 higher, or 2.6%, at $40.24 a barrel. Brent crude futures were up $1.02, or 2.5%, by 1220 GMT at $42.31 a barrel. An oil workers’ strike in Norway will cut the country’s total output capacity by just over 330,000 barrels of oil equivalent per day, or [Read more]
Workers at Newfoundland oil refinery meet amid fears over facility’s future
COME BY CHANCE, N.L. - Workers at an oil refinery in Come by Chance, N.L., are meeting this morning under a cloud of uncertainty. Those heading into a meeting at the sprawling facility say they aren't sure what to expect about their jobs or the future of the refinery. In a tweet sent Monday night, Newfoundland and Labrador premier Andrew Furey said he recognizes that these are difficult, uncertain times for the refinery workers. He said discussions about the facility's future are [Read more]
Katalyst Data Management launches Katalyst 360 data analytics platform
Oil and gas data analytics now available for subsurface data insights HOUSTON (October 6, 2020) – Katalyst Data Management announced today the launch of their new Katalyst 360 data analytics platform for the oil and gas industry. This self-service data analytics environment provides a 360 degree view of how subsurface data assets are being utilized within an organization. Katalyst 360 greatly expands the utility of Katalyst’s data management solutions, giving oil and gas companies the [Read more]
Bonterra Energy Corp.’s Board of Directors unanimously rejects Obsidian Energy Ltd.’s offer and advises shareholders to take no action
CALGARY, AB - Bonterra Energy Corp. (www.bonterraenergy.com) (TSX: BNE) ("Bonterra" or the "Company") today announced its Board of Directors (the "Board") has unanimously determined that Obsidian Energy Ltd.'s ("Obsidian") hostile "take-under" bid (the "Hostile Bid") to acquire Bonterra significantly undervalues the common shares of Bonterra ("Common Shares") and is NOT in the best interests of Bonterra, the holders of its Common Shares (the "Shareholders") or its other stakeholders and [Read more]
Oil firms begin offshore U.S. evacuations as record-breaking storm threatens
Energy companies on Monday began evacuating offshore oil platforms as the 25th named storm of the year formed in the Caribbean and was forecast to move into the Gulf of Mexico and threaten the Gulf Coast this week. Tropical Storm Delta was expected to strengthen as it crosses the warm waters of the Gulf of Mexico midweek and to approach the northern Gulf Coast as a hurricane with up to 105 mile per hour (194 kilometers per hour) winds, the National Hurricane Center said. If Delta makes a [Read more]
Heavy discount narrows on low inventories, steady demand
Canadian heavy crude's discount versus West Texas Intermediate (WTI) narrowed on Monday, reflecting low inventories and steady demand. Western Canada Select (WCS) heavy blend crude for November delivery in Hardisty, Alberta, traded at $9.60 per barrel below WTI, according to NE2 Canada Inc. It settled on Friday at $10 under. Rising production as curtailments are reversed looks likely to increase inventories this autumn and push the heavy differential wider, a Calgary trading source [Read more]
TC Energy makes $2 billion offer to take over U.S. pipeline partnership
CALGARY - Pipeline and power company TC Energy Corp. is moving to buy out the other unitholders in TC PipeLines, LP, a U.S. master limited partnership it operates, for about US$1.48 billion (C$1.97 billion) in shares. The Calgary-based company says it will offer 0.65 of a share in the parent company for each TC PipeLines unit, the equivalent of US$27.31 per unit based on the TC Energy's Friday closing price and reflecting a 7.5 per cent premium to the 20-day volume weighted average price of [Read more]