CALGARY, June 28, 2019 /CNW/ - Pacific Oil and Gas Ltd. ("PO&G") and Canbriam Energy Inc. ("Canbriam") are pleased to announce that PO&G has completed the acquisition of all the issued and outstanding shares of Canbriam. "We welcome the Canbriam team to Pacific Oil and Gas Ltd," said Ratnesh Bedi, President of PO&G. "Our intention is to continue to produce the cleanest natural gas from the Montney region, and to help reduce global GHG emissions by sharing that resource through [Read more]
Headlines
Higher oil prices, more tax income: Alberta ends 2018-19 with smaller deficit
EDMONTON - Newly released figures show the Alberta government ended the last fiscal year with a deficit more than $2 billion smaller than originally predicted in the budget. Higher oil prices and more than $800 million in additional tax revenue are being credited for shrinking the red number. The figures show resource revenue was up $1.6 billion from what was expected in the 2018-19 budget — the last brought in by Rachel Notley's NDP before a provincial election loss earlier this year to [Read more]
U.S. drillers add rigs for second week in a row
U.S. energy firms this week increased the number of oil rigs operating for a second week in a row with oil futures up about 12% over the past couple of weeks despite plans by most producers to cut spending on new drilling this year. The rig count, however, was still down 92, or 10%, since the start of the year. Companies added four oil rigs in the week to June 28, bringing the total count to 793, General Electric Co's Baker Hughes energy services firm said in its closely followed report on [Read more]
Ontario Court of Appeal rules carbon tax is constitutional
Ontario's Court of Appeal ruled on Friday that Canada's federal carbon tax is constitutional after a challenge from the province's Conservative government in a blow to efforts to strike down Justin Trudeau's environmental policies.In April, Canada's federal government imposed a carbon tax on provinces without a carbon pricing system, which was opposed by several provinces including Ontario, Manitoba, Saskatchewan and New Brunswick. Ontario said in August 2018 it would [Read more]
Canada Weekly Rig Count Up 5 to 124
Western Canada’s fleet of drilling rigs went up by 5 to 124 according to data collected by Baker Hughes for the week of June 28th. Oil drilling went from 80 to 84; natural gas rigs went from 39 to 40. View a full breakdown of western Canada’s rig activity. [Read more]
Michigan sues Enbridge in U.S., seeks to shut oil pipeline through Great Lakes
CALGARY, Alberta (Reuters) - The U.S. state of Michigan has filed a lawsuit asking for an Enbridge Inc oil pipeline that runs under the Straits of Mackinac in the Great Lakes to be decommissioned, Michigan’s attorney general said on Thursday. The Line 5 oil pipeline ships 540,000 barrels per day of light crude oil and propane and is a critical part of Enbridge’s Mainline network, which delivers the bulk of Canadian crude exports to the United States. Potential disruption to Line 5 adds to [Read more]
Oil prices little changed ahead of G-20 talks, OPEC meet
Oil prices were little changed on Friday as traders awaited any update on the Sino-U.S. trade war from a scheduled weekend meeting of the two countries’ presidents at the G20, and eyed next week’s OPEC gathering. U.S. West Texas Intermediate (WTI) crude futures were up 14 cents, or 0.3%, at $59.60 a barrel. The leaders of the G20 countries meet on Friday and Saturday in Osaka, Japan, but the most anticipated meeting is between U.S. President Donald Trump and Chinese President Xi Jinping on [Read more]
Paramount Resources Ltd. Announces the Sale of its Karr 6-18 Natural Gas Facility for Cash and Other Considerations of $470 million
CALGARY, June 28, 2019 /CNW/ - Paramount Resources Ltd. (ʺParamountʺ or the ʺCompanyʺ) is pleased to announce that it has entered into an agreement with an affiliate of CSV Midstream Solutions Corp. (ʺCSV Midstreamʺ) for the sale of its Karr 6-18 natural gas facility and related midstream assets (the ʺ6-18 Facilityʺ) for total cash consideration of approximately $330 million plus a $140 million capital commitment to fund and complete the associated expansion of the facility (ʺD2ʺ), bringing the [Read more]
B.C. to argue for injunction on Alberta’s turn-off-the-taps law in Calgary court
CALGARY - British Columbia's request for an injunction against Alberta's so-called turn-off-the-taps law is to be heard in a Calgary courtroom today. The legislation allows Alberta to crimp energy shipments to B.C. if it stands in the way of a major pipeline expansion to the west coast. B.C. filed a statement of claim in Alberta Court of Queen's Bench last month calling the law unconstitutional. The legislation was passed — but never used — by Alberta's former NDP government as a way to [Read more]
No pipeline fireworks as Western premiers emerge from annual meeting in Edmonton
EDMONTON - Canada's western and northern leaders pushed Thursday for reducing trade barriers and building trade corridors while avoiding a bunfight on the contentious Trans Mountain pipeline. Alberta Premier Jason Kenney and his B.C. counterpart John Horgan amicably agreed to continue to disagree on the pipeline expansion project that would carry Alberta oil to the West Coast. Horgan even made a joke about being the lone New Democrat at the table with Kenney, Saskatchewan's Scott Moe and [Read more]