Canada’s fleet of active drilling rigs shrank from 54 to 41 since last week according to data from Baker Hughes. Total drilling count was 41 at April 3rd. 9 rigs were drilling for oil; 32 for natural gas. The drilling activity in Alberta fell from 46 to 29 since last week. Saskatchewan’s drilling remained at 1 rig. View a full breakdown of Western Canada’s rig activity. [Read more]
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Alberta to join OPEC+ call ‘with open mind’
The Canadian province of Alberta, which produces most of the country's oil, will take part in Monday's OPEC+ conference call aimed at reducing a global glut of crude, Premier Jason Kenney said on Friday. Energy Minister Sonya Savage will participate in the call, Kenney said. OPEC has scheduled the emergency meeting, led by Saudi Arabia, where cuts equal to 10% of world supply - about 10 million barrels per day - could be agreed. A Saudi-Russian price war that started last month has [Read more]
Heavy discount edges wider as storage levels swell
Canadian heavy crude's discount widened slightly versus the U.S. benchmark West Texas Intermediate (WTI) oil on Friday, as storage levels filled and OPEC and its allies debated coordinated production cuts to stem the market rout caused by the coronavirus pandemic. Western Canada Select (WCS) heavy blend crude for May delivery in Hardisty, Alberta, traded at $16.25 per barrel below WTI, according to NE2 Canada Inc, wider than Thursday's settle of $16 under. OPEC and allies are working on a [Read more]
Putin says Russia agrees on oil output cuts, blames Saudis for low prices
President Vladimir Putin said on Friday Russia was ready for deep oil production cuts with the United States and OPEC, but firmly put the blame for the collapse in oil prices on OPEC's de facto leader Saudi Arabia. Putin, speaking in a televised video conference with Russian government officials and domestic oil producers, proposed to cut combined oil production by around 10 million barrels per day, or around 10% of global output. Oil prices hit an 18-year low following the failure of the [Read more]
U.S. drillers cut most oil rigs in a week since 2015 -Baker Hughes
U.S. energy companies reduced the number of active oil rigs for a third week in a row in their biggest weekly cut in five years as they slashed spending on new drilling due to a coronavirus-related slump in economic activity and fuel demand. Drillers cut 62 oil rigs in the week to April 3, the biggest weekly drop since March 2015, bringing the total count down to 562, the lowest since March 2017, energy services firm Baker Hughes Co said in its closely followed report on Friday. The oil [Read more]
OPEC+ producers debate possible oil cuts of 10 mln bpd -OPEC source
The OPEC+ crude oil exporter group is debating cutting global supply by 10 million barrels per day (bpd), an OPEC source said on Friday, adding that any further cuts must include producers from outside the alliance. U.S. President Donald Trump on Thursday said he had brokered a deal that could result in Russia and Saudi Arabia cutting output by 10 million to 15 million bpd, representing 10-15% of global supply. Trump said he made no offer to cut U.S. output. The source added that OPEC+ is [Read more]
PetroFrontier Corp. Announces Proposed Funding Update
Calgary, Alberta - PetroFrontier Corp. (TSXV: PFC) ("PetroFrontier" or the "Company") announces the following: Previously Announced Proposed Funding PetroFrontier advises that the parties involved in the proposed funding transaction announced on October 10, 2019 (the "Proposed Funding") have formally terminated their discussions pertaining to completing the Proposed Funding. Subject to the approval of TSX Venture Exchange, the Company expects trading in the common shares of [Read more]
Altima Announces Completion of Acquisition of Crimson Oil and Gas Ltd., and Provides Project Update
Vancouver, British Columbia - Altima Resources Ltd. (TSXV: ARH) (the "Company" or "Altima") announces it has completed the acquisition from Crimson Energy Ltd. ("Crimson") of all of the issued and outstanding shares in the capital stock of Crimson Oil and Gas Ltd. ("COGL"), a private Alberta corporation wholly owned by Crimson (the "Acquisition"). Refer to News Releases dated September 18, 2018, February 13, 2019 and March 28, 2019. In consideration for the acquisition, the Company has [Read more]
Ovintiv restructures crude oil derivatives to provide additional downside protection; company now plans to reduce second quarter 2020 investments by $500 million
DENVER, April 2, 2020 /CNW/ - Ovintiv Inc. (NYSE, TSX: OVV) restructured its crude oil derivatives positions to provide additional downside protection for the balance of 2020. In addition, the Company now plans to further reduce its second quarter investments by an additional $200 million, bringing total capital reductions in the second quarter to $500 million. Updated hedge and sensitivity tables are included within this release. "We have built our Company with tremendous flexibility and [Read more]
Alberta open to potential global oil cut deal -premier
The Canadian province of Alberta, home to the world's third-largest oil reserves, is open to joining any potential global pact to reduce a glut of crude production, Premier Jason Kenney told Reuters on Thursday. "We would certainly look at it, but really it's the Saudis and the Russians here who are the problem, not Canada," Kenney said in an interview. Alberta has limited its oil production since January 2019. "If we see an effort at a global reduction in production, we would be open to [Read more]