CALGARY, Alberta - Peyto Exploration & Development Corp. (“Peyto” or the “Company”) (TSX: PEY) is pleased to present the results and in-depth analysis of its independent reserve report effective December 31, 2019. The evaluation encompassed 100% of Peyto’s reserves and was conducted by InSite Petroleum Consultants (“InSite”). The year 2019 marks the Company’s 21st year of successful reserves development. SUSTAINABILITY Long Life, Low Decline: Peyto’s base production decline is [Read more]
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Shelved Suncor thermal oilsands project wins Alberta government approval
CALGARY - The Alberta government has approved an application by Suncor Energy Inc. to build a 40,000-barrel-per-day thermal oilsands project but construction is unlikely to start any time soon. The province says in a news release that the Meadow Creek West project 40 kilometres south of Fort McMurray, which would use steam to produce bitumen from wells, can now apply for environmental and local development permits. Suncor CEO Mark Little, however, said earlier this month his company plans [Read more]
Alberta approves Suncor Energy oil sands project, other approvals still needed
The Alberta provincial government said on Wednesday that it had approved Suncor Energy's Meadow Creek West oil sands project, although other approvals are still needed. The 40,000-barrel-per-day project planned near Fort McMurray, Alberta, requires environmental licenses and development permits, and Suncor has not yet made a final decision on whether to build it. [Read more]
Chiefs say RCMP and pipeline firm must leave before they meet with government
VANCOUVER - A Wet'suwet'en hereditary chief says the chiefs won't meet with the federal government over their opposition to a natural gas pipeline until both the RCMP and Coastal GasLink leave their traditional territory. Na'moks, who also goes by John Ridsdale, said Wednesday the chiefs have communicated their terms to Carolyn Bennett, the minister responsible for Crown-Indigenous relations. Bennett has sought to meet with the chiefs as the federal government faces mounting pressure to [Read more]
Canada’s VIA Rail to temporarily suspend 1,000 employees amid pipeline protests
Canada's passenger rail company on Wednesday said blockades by demonstrators had forced it to temporarily lay off 1,000 employees, adding to pressure on Prime Minister Justin Trudeau to solve a two-week protest. Freight traffic in eastern Canada has already been halted after campaigners blockaded a main line in Ontario. They say they want to show solidarity with an aboriginal band trying to stop construction of a gas pipeline in the Pacific province of British Columbia. "This general [Read more]
No injuries as CN train carrying crude oil derails in northwestern Ontario
EMO, Ont. - Canadian National Railway Co. says a train carrying crude oil has derailed in northwestern Ontario. CN says 31 cars came off the tracks near Emo, Ont. at around 8:30 p.m. on Tuesday. The company says 26 of those cars were carrying crude oil at the time and at least two are leaking oil. It says no oil has entered local waterways and no one was injured in the derailment. Provincial police issued an evacuation order for anyone within 800 metres of the site, but CN says [Read more]
Canada protesters mount fresh rail blockade, PM Trudeau says disruptions unacceptable
Demonstrators opposed to a Canadian energy project on Wednesday started blocking a western rail line, adding to pressure on Prime Minister Justin Trudeau to solve a two-week protest that is harming the economy. Freight traffic in eastern Canada has been stopped after campaigners blockaded a main line in Ontario. They say they want to show solidarity with an aboriginal band trying to stop construction of a gas pipeline in the Pacific province of British Columbia. Trudeau, who insists his [Read more]
Hereditary chiefs say they’ll meet with ministers if RCMP get out
VANCOUVER - A small, mobile RCMP detachment in a remote area of British Columbia has become a bargaining chip in proposed talks that many hope could put an end to blockades that have disrupted rail and road traffic across the country. The demonstrations are in support of Wet'suwet'en hereditary chiefs who oppose a natural gas pipeline through their territory and the federal minister in charge of Indigenous relations has proposed a meeting with the chiefs to diffuse the situation. However, [Read more]
Oil gains as optimism grows economic impact of coronavirus outbreak may be brief
Oil prices gained 1% on Wednesday, with Brent rising a seventh straight day, amid broad optimism as new coronavirus cases fell for a second day in China and concerns rose over supply after a U.S. move to cut more Venezuelan crude from the market. U.S. oil was up 70 cents, or 1.3%, at $52.77 a barrel. Brent crude was up by 92 cents, or 1.63%, at $58.60 a barrel. China is still struggling to get manufacturing going again in the world's second-largest economy, after imposing stringent [Read more]
Quit wasting money Hot-Oiling waxed off wells
Oil wells often hang up once wax and asphaltenes build up on the sucker rods systems. When the oil temperature cools from the reservoir when flowing to the surface, the heavy hydrocarbons can solidify causing headaches for pumping oil wells. Not only will this wax buildup impede production, but it also causes additional stress to the pumping equipment and can accelerate downhole failures. It is a very common practice for operators to call out a hot oiler to reverse circulate fluid to clean [Read more]