CALGARY - PetroChina Canada Inc. says it will be hiring engineers and technical specialists as it creates a new operating team after the end of an eight-year partnership in an Alberta oilfield. PetroChina and Ovintiv Inc. — formerly known as Encana Corp. — say they have agreed to terminate their joint venture formed in 2012 to own and develop Duvernay shale assets in west-central Alberta. The acreage is being split between the two and each will wind up with the same production of about [Read more]
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New oil and gas jobs from BOE Report Jobs
Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location Aug. 31 Senior Accounts Payable Analyst PetroChina Canada Calgary Aug. 30 IS Cybersecurity Analyst TC Energy Calgary Aug. 27 Category Analyst, Valves, Fittings, [Read more]
Oilsands diluent pipeline partly closed following spill near Fort McMurray
CALGARY - Operator Inter Pipeline Ltd. says it has partially shut down its Polaris pipeline system following a leak detected on Crown recreational land just east of the Fort McMurray airport in northern Alberta. According to the Alberta Energy Regulator, initial reports indicated about 550 barrels or 90,000 litres of light oil were released with no reported impacts to waterbodies or wildlife. The pipeline is used to move light petroleum such as condensate from Edmonton to the region where [Read more]
Ovintiv ends JV with PetroChina and becomes 100% owner in partitioned Duvernay position
No change to net acreage, production, proved reserves or 2020-21 scenarios DENVER - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced that its subsidiary, Ovintiv Canada ULC, has closed an agreement with PetroChina Canada Ltd. (PCC) to terminate the parties' joint venture and transfer the ownership and operation of certain Duvernay shale assets in west-central Alberta. Ovintiv and PCC have agreed to partition the Duvernay acreage and associated infrastructure as each company will [Read more]
Heavy discount narrows, monthly trading cycle begins
Canadian heavy crude's discount versus West Texas Intermediate (WTI) narrowed on Tuesday, the first day of the monthly trading cycle. Western Canada Select (WCS) heavy blend crude for October delivery in Hardisty, Alberta, traded at $9.85 per barrel below WTI, according to NE2 Canada Inc. It settled the previous day at $10.60 under. Heavy oil prices are strong due to reduced output in Venezuela and Mexico, and shut-ins in Canada, a Canadian industry source said. Road repair season, during [Read more]
ELM unlocks over $200 million in ARO reduction for its client
Elm Inc. recently conducted a very successful complete asset assessment and environmental liability review of a large multinational oil and gas company’s Canadian portfolio. Through a collaborative effort with our client, Elm delivered a full liability management assessment and ARO reduction plan leading to the following successes: Immediate reduction of recognized ARO more than $200 million Optimized ARO reduction plan for future closure work Identification of significant operational [Read more]
Chair Resources Inc. – Property divestiture
Chair Resources Inc. and Chair Holdings Limited (collectively “Chair” or the “Company”) has engaged Sayer Energy Advisors (“Sayer”) to assist it with the sale of all of the assets of the Company which are located throughout western Canada. The Company’s oil and natural gas assets consist of long-life, low-decline, non-operated oil and natural gas working interests and royalty interests in the Deep Basin, Joffre-Leduc, Dunvegan, Edson, Swan Hills, Verger, Nipisi, Hangingstone/Portage and [Read more]
Storm damages continue to hamper U.S. Gulf of Mexico energy operations
Catastrophic damage to power lines and communications outages on Monday weighed on U.S. Gulf Coast refineries' post-Hurricane Laura assessments and on offshore oil and gas production. Energy companies continued to inspect and restart offshore operations while onshore repairs were hampered by power outages. In Lake Charles, Louisiana, near where the storm made landfall early Thursday, Citgo Petroleum and Phillips 66 said reviews to their refineries could take days and neither could estimate [Read more]
Crescent Point updates production guidance and outlook
CALGARY, AB - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) and (NYSE: CPG) is pleased to announce reactivation of economic volumes previously shut-in and provide revised 2020 guidance along with a preliminary outlook for 2021. KEY HIGHLIGHTS Reactivated shut-in volumes, resulting in second half 2020 production increasing by approximately 20 percent. Capital expenditures expected to be approximately $665 million in 2020, in-line with the lower end of [Read more]
Oil prices rise on falling U.S. dollar
Oil prices recovered on Tuesday, erasing overnight losses, as investors moved into risk assets and away from the safe-haven U.S. dollar which tumbled to multi-year lows. U.S. West Texas Intermediate (WTI) crude futures rose 52 cents, or 1.22%, to $43.32 a barrel. Brent crude futures climbed 49 cents, or 1.1%, to $45.77 a barrel. Both benchmark contracts fell around 1% on Monday on worries about oil oversupply, with global demand stuck below pre-COVID levels. The dollar was last [Read more]