VANCOUVER - The first half of a $100-million federal fund directed at cleaning up dormant oil and gas wells in British Columbia has been disbursed. Energy Minister Bruce Ralston says work is underway to reclaim wells that have been inactive for at least five years and aren't likely to come back into service. He says applications to receive a share of the second $50-million instalment will open on Nov. 1, allowing B.C.-based companies to hire local workers to clean up about 2,000 dormant [Read more]
Headlines
Canada’s weekly rig count up 10
Canada’s fleet of active drilling rigs is up from 62 last week to 72 this week according to data from the Canadian Association of Oilwell Drilling Contractors. Total drilling count for the week of September 14 is 72, 31 of which are drilling for oil, 38 for natural gas, and 1 for potash. Drilling activity by province as of September 18 is 45 in Alberta, 14 in British Columbia, 16 in Saskatchewan, and 1 in Manitoba. Precision Drilling holds the majority of the Canadian market share with [Read more]
Lower Canada crude flows to U.S. helps chip away at Cushing glut
Lower flows of crude from Canada to Cushing, Oklahoma have helped ease a glut of oil at the delivery point for U.S. crude futures over the past two weeks, traders said, but the storage hub remained near a multi-month high. Crude inventories at Cushing fell 646,578 barrels the week ending on Tuesday, according to traders, citing the latest data from market intelligence firm Genscape. Cushing has eased as U.S. imports of Canadian crude fell to 3,057,000 barrels a day the week ending Sept. 11 [Read more]
U.S. drillers add oil and gas rigs for second week in three
U.S. drillers this week added oil and natural gas rigs for the second time in three weeks as a recent increase in energy prices from coronavirus-linked lows prompted some to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose by one to 255 in the week to Sep. 18, energy services firm Baker Hughes Co said in its closely followed report on Friday. That total rig count fell to a record low of 244 rigs during the week ended Aug. 14. That was 613 rigs, [Read more]
Cequence Energy announces court sanction of plan of compromise and arrangement and update on continuous disclosure filings
CALGARY, Alberta - Cequence Energy Ltd. (“Cequence” or “the Company“) announces that the previously announced plan of compromise and arrangement (the “Plan”) of the Company, under the Companies’ Creditors Arrangement Act (Canada) (“CCAA”) was sanctioned today by order of the Court of Queen’s Bench of Alberta (the “Court”) under the CCAA. Cequence’s creditors approved the Plan at a creditors’ meeting held on Tuesday September 15, 2020. At the creditors’ meeting 100% of the votes cast by the [Read more]
U.S. natgas futures ease to 7-week low as output rises after Hurricane Sally
U.S. natural gas futures eased on Friday to a seven-week low with output rising as Gulf of Mexico producers return wells shut for Hurricane Sally. That price decline came despite an increase in U.S. liquefied natural gas exports to their highest since April as rising prices in Europe and Asia make U.S. gas more attractive. Front-month gas futures fell 1.5 cents, or 0.7%, to $2.027 per million British thermal units (mmBtu) at 11:27 a.m. EDT (1527 GMT), their lowest since July 31 for a [Read more]
Pipestone Energy Corp. announces closing of $70 million convertible preferred share financing transaction and provides operations and risk management updates
CALGARY, Alberta - Pipestone Energy Corp. (“Pipestone Energy” or the “Company”) is pleased to announce that following receipt of overwhelming approval at the annual and special meeting of the shareholders of Pipestone Energy held on September 14, 2020 (the “Shareholder Meeting”), it has closed the previously announced financing (the “Financing”) pursuant to subscription agreements with Riverstone V EMEA Holdings Cooperatief U.A. which was subsequently assigned to Riverstone Pipestone LP [Read more]
OPEC+ panel to meet amid oil price decline, worry of virus impact
OPEC and allies, led by Russia, are scheduled to hold an online meeting on Thursday to discuss compliance with their agreed output cuts and demand trends amid falling oil prices and a faltering economic recovery outlook. The key OPEC+ panel will be reviewing an internal document which warned that a rise in coronavirus cases in some countries may curb oil demand despite signs of economic recovery and initial indications of a decline in oil stocks, according to a copy of the report seen by [Read more]
U.S. oil producers, exporters tally damages from Hurricane Sally, begin restarts
Storm-tossed U.S. offshore energy producers and exporters began clearing debris on Thursday from Hurricane Sally and booting up idle Gulf of Mexico operations after hunkering down for five days. The storm toppled trees, flooded streets and left about 570,000 homes and businesses from Mississippi to Florida without power. Sally became a tropical storm and spread heavy rains overnight from Alabama to Georgia. Crews returned to at least 30 offshore oil and gas platforms. Chevron Corp began [Read more]
ELM Inc. – Last chance – Site nominations for BC wells to close in under 2 weeks
The second, and final, period to nominate sites for Federal funding under BC’s Dormant Site Reclamation Program (the “Program”) is soon coming to a close. Indigenous communities, landowners and local governments may nominate, through an online process supported by the BC Oil and Gas Commission, specific dormant oil or natural gas sites (Nominated Sites) in their territory or district, or on their property, for consideration for work to be completed under the Program. The deadline for [Read more]