OPEC leader Saudi Arabia and non-OPEC Russia have agreed a preliminary deal to extend existing record oil production cuts by one month while raising pressure on countries with poor compliance to deepen their output cuts, OPEC+ sources told Reuters. "Any agreement on extending the cuts is conditional on countries who have not fully complied in May deepening their cuts in upcoming months to offset their overproduction," one OPEC source said. OPEC+ agreed last month to cut output by a record [Read more]
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Fuelled launches new appraisal services
CALGARY - Today, Fuelled Energy Marketing Inc. (Fuelled) is pleased to announce the launch of its own appraisal service: Fuelled Appraisals (www.fuelledappraisals.com). Since inception, Fuelled has been providing valuation services as part of the Fuelled Certified process. Now with thousands of completed transactions around the world, Fuelled is in an unique position to leverage true empirical data to provide fully accredited valuations on energy equipment. Of the company's recent appraisal [Read more]
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 Jun. 2 Cost Accountant Brunel Kelowna Jun. 1 Pipelayer Strike Group High Level Jun. 1 Quality Control Inspector Strike Group High Level Jun. [Read more]
Zargon Oil & Gas Ltd. provides 2020 first quarter results
CALGARY, Alberta - Zargon Oil & Gas Ltd. (“Zargon” or the “Company”) (TSX:ZAR) has released its 2020 first quarter financial results. Highlights from the first quarter ended Mar. 31, 2020 are provided below: FINANCIAL AND OPERATING HIGHLIGHTS (THREE MONTHS ENDED MARCH 31, 2020) Funds flow from operating activities was a negative $1.24 million compared to $1.35 million recorded in the prior quarter. The decrease from the prior quarter is primarily due to significantly lower commodity [Read more]
Heavy discount widens as global oil prices rise
Canadian heavy crude's discount widened versus the U.S. benchmark West Texas Intermediate (WTI) on Tuesday as global oil prices rose. Western Canada Select (WCS) heavy blend crude for July delivery in Hardisty, Alberta, traded at $7.75 per barrel below WTI, according to NE2 Canada Inc, wider than Monday's settle of $6.80 under. Data showed oil production in Canada's Alberta province fell in April to 3,008 mbpd, down roughly 490 mbpd from the previous month, led by production cuts in the [Read more]
U.S. shale producers begin restoring output as oil prices turn higher
U.S. shale oil producers are reversing production cuts as prices recover from historic lows, underscoring shale's ability to quickly adjust to pricing and posing a challenge to OPEC as it considers extending production curbs. U.S. producers began cutting output in March as oil prices collapsed due to a supply glut and falling demand due to the COVID-19 pandemic. U.S. oil companies are forecast to pare their output by as much as 2 million barrels per day (bpd) this year, with half coming from [Read more]
Oil prices inch up ahead of OPEC+ meeting on extended output cuts
Oil prices crawled higher on Tuesday, with traders waiting to see whether major producers agree to extend their huge output cuts to shore up prices at a meeting expected later this week. West Texas Intermediate (WTI) crude futures traded in a 38-cent range on either side of Monday's close, and last traded up 38 cents at $35.91 a barrel. Brent crude futures rose 1.09%, or 42 cents, to $38.96 a barrel. Brent has doubled over the past six weeks, thanks to supply cuts by the Organization [Read more]
U.S. natgas edges up as higher air-conditioning use offsets fall in LNG exports
U.S. natural gas futures edged up on Tuesday as power generators burned more fuel to keep air conditioners humming despite a drop in liquefied natural gas (LNG) exports to Europe and Asia, where prices recently fell to record lows due to coronavirus demand destruction. Front-month gas futures rose 2.2 cents, or 1.2%, to $1.796 per million British thermal units. Data provider Refinitiv said average gas output in the U.S. Lower 48 states fell to 88.2 billion cubic feet per day (bcfd) so far [Read more]
Spartan Delta Corp. announces closing of previously announced transformational acquisition
CALGARY, Alberta - Spartan Delta Corp. (formerly Return Energy Inc., "Spartan" or the "Company") (RTN: TSXV) is pleased to announce the closing of its previously announced acquisition of substantially all of the assets (the "Assets") of Bellatrix Exploration Ltd. (the "Acquisition"). The Acquisition was funded through a combination of cash on hand and a senior-secured lending facility with a syndicate of lenders comprised of National Bank of Canada, ATB Financial and Canadian Western Bank in [Read more]
Heavy discount narrows as monthly trading cycle begins
Canadian heavy crude's discount narrowed versus the U.S. benchmark West Texas Intermediate (WTI) on Monday, the first day of the monthly trading cycle. Western Canada Select (WCS) heavy blend crude for July delivery in Hardisty, Alberta, traded at $6.55 per barrel below WTI, according to NE2 Canada Inc, narrower than Friday's settle of $7.10 under. Analysts at Tudor, Pickering, Holt & Co last week said steam-driven oil sands production in April fell to 1,345 mbpd in April, down 167 [Read more]