Reef Oilfield Inventory Ltd. (ROI, est. 2017) offers value-added surplus oilfield production equipment. From “As Is,” “Retrofitted/Repaired”, “Delivered” to “Engineered Surplus Solutions,” we are eager to announce the listing of two shut-in/preserved gas plants ready for their next application. Follow the links for pictures and detailed information. To engage us, request drawings, or inquire about other equipment please use our contact information included below. PLANT #1 – 25mmscfd Dual Amine [Read more]
Headlines
Canada’s weekly rig count remains at 52
Canada’s fleet of active drilling rigs remains at 52 this week according to data from the Canadian Association of Oilwell Drilling Contractors. Total drilling count for the week of August 31 is 52, 19 of which are drilling for oil and 31 for natural gas. Drilling activity by province as of September 4 is 32 in Alberta, 14 in British Columbia, and 5 in Saskatchewan. Precision Drilling holds the majority of the Canadian market share with 40 per cent, Ensign Drilling with 15 per cent, [Read more]
U.S. drillers add oil and gas rigs for second week in three
U.S. energy firms this week added oil and natural gas rigs for the second time in the past three weeks as a recovery in oil prices from historic coronavirus-linked lows prompted some drillers to return to the wellpad. The oil and gas rig count, an early indicator of future production, rose two to 256 in the week to Sep. 4, energy services firm Baker Hughes Co said in its closely followed report on Friday. That was 642 rigs, or 71.5%, below this time last year. That total rig count fell [Read more]
Heavy discount narrows slightly, pipeline outage in focus
Canadian heavy crude's discount versus West Texas Intermediate (WTI) narrowed slightly on Friday, as prices were supported by a pipeline leak's impact on oil production. Western Canada Select (WCS) heavy blend crude for October delivery in Hardisty, Alberta, traded at $8.75 per barrel below WTI, according to NE2 Canada Inc. It settled the previous day at $9 under. Imperial Oil Ltd this week shut all production at its 220,000-barrel-per-day (bpd) Kearl oil sands site in Canada due to an [Read more]
Canada has big plans to use hydrogen to cut emissions – and produce more oil
Alberta looks to use hydrogen to fuel expansion of its oil sands without increasing emissions, even as Prime Minister Justin Trudeau promises strong action against climate change, officials with the two governments said. Alberta will announce no later than October a strategy to develop "blue hydrogen" as a cleaner alternative to using natural gas to extract crude at steam-driven oil sands sites, Associate Minister of Natural Gas Dale Nally told Reuters in an interview. Deploying cleaner [Read more]
Oil falls 1% on lacklustre demand, set for biggest weekly drop since June
Oil futures slipped 1% on Friday, with prices on both sides of the Atlantic heading for their biggest weekly drops since June, as lacklustre demand and ample fuel supplies offset support from a weaker dollar. U.S. West Texas Intermediate was at $40.80 a barrel, down 51 cents and set for its first weekly drop in five weeks. Brent crude fell 44 cents to $43.63 a barrel. The volume of crude arriving in China, the world's largest crude importer, is set to slow in September after rising [Read more]
Canadian midstream and producers – “We’re in this together”
The challenges facing Canadian oil and gas companies are daunting - collapsed oil prices & demand amid the COVID-19 pandemic, regulatory uncertainty, Bill C-69, asset write-downs and credit crunch/liquidity challenges to mention some. For E&P companies carrying too much debt, despite calls for help with liquidity, the writing may be on the wall. In a recent interview with The BOE Report, Rick Peterson of Peterson Capital commented: “It’s going to be tough and right now I think there [Read more]
Obsidian Energy announces extension to our syndicated credit facility
CALGARY, AB - OBSIDIAN ENERGY LTD. (TSX: OBE) (OTCQX: OBELF) ("Obsidian Energy", the "Company", "we", "us" or "our") announces the extension of our syndicated credit facility to October 31, 2020. The syndicated credit facility has an underlying borrowing base of $550 million and amount available to be drawn of $450 million which remains unchanged. Under the agreement, the syndicated credit facility continues to be available on a revolving basis until October 31, 2020, subject to further [Read more]
Heavy discount hits narrowest level since mid-July
Canadian heavy crude's discount versus West Texas Intermediate (WTI) narrowed on Thursday the most since mid-July, with production halted from a major oil sands site due to a pipeline leak. Western Canada Select (WCS) heavy blend crude for October delivery in Hardisty, Alberta, traded at $8.95 per barrel below WTI, according to NE2 Canada Inc. It settled the previous day at $9.35 under. The differential moved as narrow as $7.50. An outage on part of the Polaris diluent pipeline is the [Read more]
U.S. natgas futures rebound on warmer weather view
U.S. natural gas futures rose on Thursday as the weather forecasts turned slightly warmer, and as a federal report that was mostly in line with estimates still showed a below-normal storage build. The U.S. Energy Information Administration (EIA) said U.S. utilities injected 35 billion cubic feet (bcf) of gas into storage in the week ended Aug. 28. That was in line with analysts estimates in a Reuters poll of an injection of 34 billion cubic feet (bcf), and compared with an increase of 77 [Read more]