Global commodities trader Trafigura's chief economist said oil demand could fall by more than 30 million barrels per day (bpd) in April, as the global economy grinds to a near halt due to the coronavirus. The forecast, the highest yet from a senior industry forecaster, equates to around a third of the world's daily oil consumption. Saad Rahim, chief economist at the Geneva-based trader, said a battle for market share between Saudi Arabia and Russia had become increasingly irrelevant now [Read more]
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i3 Energy plc strategic production acquisition & TSX listing
i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to announce the following update. Highlights i3 has entered into an Option agreement to acquire all issued and outstanding common shares of Toscana Energy Income Corporation ("Toscana" or "TEIC"), a TSX listed company TEIC had 2019 year-end 2P Reserves of 4.65 MMboe (53% oil, 47% gas) with a reserve life index of 14.7 years Toscana's 2019 production averaged 1,065 boepd and generated C$5.5 [Read more]
U.S. crude dips as lockdowns hit demand
Oil prices fell sharply on Monday, with U.S. crude briefly dropping below $20 and Brent hitting its lowest level in 18 years, on heightened fears that the global coronavirus shutdown could last months and demand for fuel could decline further. U.S. West Texas Intermediate (WTI) crude fell $1.69, or 7.8%, to $20.08. Earlier in the session, WTI fell as low as $19.92. Brent crude, the international benchmark for oil prices, was down $2.09, or 8.4%, at $22.84, after earlier dropping to $22.58, [Read more]
Inter Pipeline Announces Reduction to Monthly Cash Dividend, Suspension of Dividend Reinvestment Plan and Business Update
CALGARY - Inter Pipeline Ltd. ("Inter Pipeline") (TSX:IPL) announced today measures to provide greater financial strength and flexibility for its capital program in response to the significant decrease in global energy prices and the COVID-19 pandemic. In summary, these measures include: Dividend reduction of 72% Suspension of the Premium DividendTM and Dividend Reinvestment Plan Suspension of the European Bulk Liquid Storage sales process Expense reductions including [Read more]
Managing Covid-19: Important Resources for Energy Companies
When we feel a global impact like the one from novel coronavirus (COVID-19), we need to be prepared to adapt and keep every aspect of your business safe—from pivoting immediately to formulating long-term strategies for success. Above all, the people driving your businesses are priority. BDO teams across the country are proactively engaged and rapidly monitoring new developments, providing guidance and support to clients wherever they need it, and responding accordingly. We're here to offer [Read more]
Point Loma Resources Announces Termination of Further Closings of the Wizard Lake Property Disposition
CALGARY - Point Loma Resources Ltd. (TSX-V:PLX) ("Point Loma" or the "Corporation") announces the termination of further closing steps in the previously announced disposition of the Wizard Lake Property. Termination of Purchase and Sale Agreement ("PSA") Further to the Corporation's press release on December 17, 2019, the Corporation has been advised in writing by Whitebark Energy Ltd. that they will not be completing the pending Step 2 and Step 3 closings as contemplated in the previously [Read more]
Evolution of the Dissolvable Frac Plug
Dissolvable technology has been an evolving success story — innovation answering necessity in an industry never short of challenges. Today, dissolving plugs are a frequent if not typical component of most well completions, in all wellbore or downhole environments. Dissolvable plugs have proven to be particularly effective in long laterals with higher stage density. In fact, a report by Stratview Research predicts that the global dissolvable frac plugs market is likely to reach $1,178.8 million [Read more]
Canada’s Come By Chance refinery to shut due to virus
North Atlantic Refining Limited's 130,000 barrels per day Come by Chance refinery in Newfoundland and Labrador, Canada will be shut down this week due to the coronavirus, a local media report said citing the president of the United Steelworkers Union. Though the period of the shutdown is uncertain, it could be anywhere from 2 to 5 months, the report dated March 29 said. The company was not immediately available for comment. [Read more]
Toscana Energy Enters Into an Option Agreement With I3 Energy Plc and Announces the Assignment of Its Senior Bank Debt and Subordinated Note and the Release of Its Fourth Quarter and Year End 2019 Results
CALGARY, Alberta - Toscana Energy Income Corporation ("Toscana" or the "Company") (TSX:TEI) is pleased to announce that the Company has entered into an option agreement (the "Option Agreement") with i3 Energy plc ("i3 Energy"), an AIM-listed oil and gas company with assets and operations in the United Kingdom, which, if exercised by i3 Energy in accordance with the terms of the Option Agreement, obligates Toscana to enter into an arrangement agreement (the "Arrangement Agreement") substantially [Read more]
Obsidian Energy Announces Completion of Agreements with our Banking Syndicate, Noteholders and Landlord
CALGARY - OBSIDIAN ENERGY LTD. (TSX – OBE, NYSE – OBE.BC) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to announce completion of agreements with our lenders and building landlord. All figures are in Canadian dollars unless otherwise stated. Further to our recent announcements, the Company has executed final agreements resulting in the renewal of our syndicated credit facility, amendments to our senior notes and renewed terms on our Calgary office lease. All terms are [Read more]