Canadian heavy crude's discount versus the U.S. benchmark West Texas Intermediate (WTI) oil narrowed on Wednesday, helped by curtailed production. Shut-ins, estimated so far at 325,000 barrels per day by consultancy Rystad Energy, are accelerating, leaving the Enbridge Mainline short of capacity and supporting prices, a Calgary trading source said. Canadian crude storage levels saw a small draw this week, the source said, which also underpins prices. Net prices remain among the lowest on [Read more]
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Strategic Alternatives Process – Drakkar Energy Ltd./Blacksteel Energy Inc
Drakkar Energy Ltd. (“Drakkar”) and Blacksteel Energy Inc. (“Blacksteel”) (TSX-V: BEY) (collectively the “Companies”) have a combined 100% working interest (70% Drakkar, 30% Blacksteel) in an oil and natural gas asset in the Girouxville area of northwestern Alberta (the “Property”). The Property is operated by Drakkar and is the sole asset of both Companies. The Companies have engaged Sayer Energy Advisors to assist with a joint sales process whereby Drakkar and Blacksteel intend to both [Read more]
Oil market falls too big to offset with output cuts, IEA warns
The International Energy Agency (IEA) on Wednesday forecast a 29 million barrel per day (bpd) dive in April oil demand to levels not seen in 25 years and warned no output cut by producers could fully offset the near-term falls facing the market. The IEA forecast a 9.3 million bpd drop in demand for 2020 despite what it called a "solid start" by producers following a record deal to curb supply in response to the coronavirus pandemic. "By lowering the peak of the supply overhang and [Read more]
Column: A proper national energy policy should be a post-coronavirus priority
When this is all over, the lockdown, what is the world going to look like? Some aspects of the reversion to the mean will be predictable – as soon as social distancing is no longer a health imperative, bars and restaurants across the country will explode like Stampede at its finest. Well, maybe not that extreme, there's only so much liquor available, but it will be some party. Travel will tentatively resume, and even those who “hate the mall” or “hate shopping” will no doubt feel pretty good [Read more]
The newest (and best) way to manage asset connectivity
As part of our ongoing commitment to provide our customers with the best data and tools to make effective operational decisions, GDM Pipelines is pleased to let you know about the release of Connectivity Manager…the latest addition to Converge! Converge Connectivity Manager is the simplest, most cost-effective connectivity solution on the market. Using a simple drag-and-drop interface, you can easily create system diagrams that represent your entire network of assets. With it, you can… [Read more]
XI Technologies: Why knowing your working interest partners is more important than ever
Each week, XI Technologies scans its unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you'd like to receive our Wednesday Word to the Wise in your inbox, subscribe here. With the increased focus on assets involved in the Orphan Well Association (OWA) due to Bill 12 and the $100 million Alberta Government loan, as well as a legitimate concern that more producers will become insolvent in the months to [Read more]
Vermilion Energy Inc. Announces Suspension of Monthly Dividend
CALGARY - Vermilion Energy Inc. ("Vermilion", "We", "Our", "Us" or the "Company") (TSX, NYSE: VET) announces that its Board of Directors has suspended our monthly dividend until further notice. Following the release of our revised 2020 capital budget and announced dividend reduction, we have witnessed further deterioration in near-term commodity prices as a result of the COVID-19 pandemic and resulting oil demand destruction. In particular, growing oil inventory has decreased prompt prices [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 Apr. 14 Maintenance Planner / Scheduler AltaGas Sundre Apr. 14 Air Emissions Analyst Process Ecology Inc. Calgary Apr. 12 Human Resources Compensation [Read more]
Surge Energy Inc. Announces COVID-19 Pandemic Response; Corporate Update; Annual General Meeting; Dividend Suspension
CALGARY - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) provides an operational update. COVID-19: PROTECTING STAFF, FAMILIES, SERVICE PROVIDERS, STAKEHOLDERS AND THE PUBLIC In response to the rapidly evolving COVID-19 pandemic, Surge has taken all possible steps to protect its staff, their families, service providers, stakeholders and the general public. Health and safety is our number one priority and we have a dedicated team working on proactive measures to limit COVID-19 [Read more]
Heavy discount narrows as output cuts look to ease glut
Canadian heavy crude's discount versus the U.S. benchmark West Texas Intermediate (WTI) oil narrowed on Tuesday, as traders factored in OPEC+ supply cuts that look to ease a global glut, and space on Canadian pipelines. Cuts totaling 9.7 million barrels per day take effect in May, although they fall well short of estimates for lost demand due to the COVID-19 pandemic. A Calgary-based industry source said the market was "extremely confused" trying to account for curtailments, plunging [Read more]