EDMONTON - Alberta's government house leader is not backing away from his fellow minister's comment that the COVID-19 pandemic is a great time to build pipelines. On Friday, Energy Minister Sonya Savage told an energy industry podcast that because public health rules limit protest gatherings, it's a "great time" to be building a pipeline. House leader and Environment Minister Jason Nixon says Savage was just stating the obvious. He says the government will continue to stand up for the [Read more]
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Oil prices rise on supply cut hopes, easing of coronavirus lockdowns
Oil prices climbed on Tuesday, boosted by increasing faith in the market that producers will to stick to commitments to cut crude supply while demand picks up with more cars back on the road as coronavirus lockdowns are eased around the world. U.S. West Texas Intermediate (WTI) crude futures gained 47 cents, or 1.45%, to $34.33 a barrel. There was no WTI settlement on Monday because of the U.S. Memorial Day holiday. Brent crude futures were up nearly 1.7%, or 59 cents to $36.12, [Read more]
‘This could be the one that gets me,’ says oilfield service veteran
Tim Harris was preparing to relocate for an assignment with energy services firm Halliburton Co for the fifth time in 15 years when his career came to a halt. A third-generation employee, Harris rose through the ranks at the top shale-oil services provider to oversee oilfield crews. He sailed through several busts, with the exception of a 9-month break in 2016. But April's historic price crash, which has left U.S. crude prices down 50% since January, put him and tens of thousands of oil [Read more]
Demand rise, output cuts could mean oil market balance in June
Recovering demand as coronavirus lockdowns ease combined with output cuts by top producers could balance global oil markets as soon as June, some analysts and banks predict. "Bullish sentiment continues to gather momentum as we move closer to June, when ... the global crude balance is set to reach net short territory, to the tune of a non-negligible 1.5 million barrels per day (bpd), its tightest point since August 2019," JBC Energy said. Russia's energy minister Alexander Novak was quoted [Read more]
Advantage announces renewal of credit facility at $400 million
CALGARY - Advantage Oil & Gas Ltd. ("Advantage" or the "Corporation") is pleased to announce the renewal of the Corporation's existing $400 million revolving credit facility, following completion of its annual review by the syndicate of lenders. Upon closing of the previously announced sale of a 12.5% interest in the Glacier Gas Plant for $100 million in July 2020 (see Advantage news release dated April 13, 2020), Advantage and the lending syndicate have agreed to adjust the revolving [Read more]
U.S. natgas futures rise on slowing output despite falling exports and demand
U.S. natural gas futures rose by more than 3% on Tuesday as output slows despite a continued decline in demand and exports from milder weather and coronavirus lockdowns. On its second to last day as the front-month, gas futures for June delivery on the New York Mercantile Exchange rose 6 cents, or 3.5%, to $1.791 per million British thermal units (mmBtu) at 8:27 a.m. EDT (1227 GMT). The July contract, which will soon be the front-month, was up 5.4 cents to $1.935 per mmBtu. Looking [Read more]
Gathering limits make a ‘great time to be building a pipeline:’ Alberta minister
EDMONTON - Alberta's energy minister says it's a good time to build a pipeline because public health restrictions limit protests against them. Sonya Savage made the comment Friday in a podcast hosted by the Canadian Association of Oilwell Drilling Contractors. Asked about the Trans Mountain Expansion pipeline, she said "now is a great time to be building a pipeline" because COVID-19 rules restrict large gatherings. While the interviewer laughs, Savage does not. Savage's spokesman [Read more]
Canada’s TC Energy completes Coastal GasLink pipeline stake sale
Pipeline operator TC Energy Corp said on Monday it had completed the sale of a 65% stake in its Coastal GasLink pipeline, which will move gas from northeast British Columbia to the Pacific Coast. Private equity firm KKR & Co Inc said in December that it and Alberta Investment Management Corp would jointly buy the 65% Coastal GasLink stake. The company said the partnership also includes a credit agreement with a syndicate of banks to fund the majority of the construction costs. The [Read more]
Clearview resources Ltd. reports first quarter 2020 results
CALGARY - Clearview Resources Ltd. ("Clearview" or the "Company") is pleased to announce its financial and operational results for the three months ended March 31, 2020. FINANCIAL and OPERATIONAL RESULTS Production for the three months ended March 31, 2020 was down 9% to 2,299 barrels of oil equivalent per day ("boe/d") versus the comparative period of 2019. The decrease in production was primarily due to lower oil production of 24% as the two oil wells drilled in 2018 continued to [Read more]
Royalty interest divestiture: Maple Leaf 2013 & 2015 oil & gas income LPs
Maple Leaf 2013 Oil & Gas Income LP (“Maple Leaf 2013”) and Maple Leaf 2015 Oil & Gas Income LP (“Maple Leaf 2015”), (collectively “Maple Leaf” or the “Company”) has engaged Sayer Energy Advisors to assist it with the sale of the royalty interests held by the Company. The Company holds royalty interests in properties located in the Drumheller, Twining, Rumsey, Harmattan-Elkton, Provost, Mikwan, Ricinus, Strachan, Ferrier, Ferrybank, Homeglen-Rimbey, Crystal, Willesden Green, Brazeau, [Read more]