The first oil refinery shutdowns in India and Europe were announced on Friday while global refinery runs drop like a stone in response to plunging demand as countries worldwide implement lockdowns. Italy’s API said it would close operations temporarily at its Ancona refinery, which has capacity of 85,000 barrels per day (bpd). In India, top refiners Indian Oil Corp (IOC.NS) and Mangalore Refinery and Petrochemicals (MRPL.NS) declared force majeure, with MRPL in the process of shutting down [Read more]
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Big Oil’s interest in renewable energy investments expected to waver: report
CALGARY - Budget cutting in response to the twin challenges of COVID-19 demand destruction and low oil prices mean the world's oil and gas industry will likely spend less on renewable energy going forward. But a report from consultancy Wood Mackenzie says that won't likely slow the overall investment in renewables — fossil fuel players really weren't putting much money into it anyway. "In a US$60 per barrel oil price environment, most companies were generating strong cash flow and could [Read more]
Altima Announces Amendment to Agreement to Acquire Crimson Oil and Gas Ltd., and Provides Project Update
Vancouver, British Columbia--(Newsfile Corp. - March 28, 2019) - Altima Resources Ltd. (TSXV: ARH) (the "Company" or "Altima") announces an amendment has been made to its proposed 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 and February 13, 2019. In consideration [Read more]
Alberta sees ‘no point’ in bigger oil curtailment orders -Premier
Alberta sees "no point" in further increases to its restrictions on oil production amid a global glut, because low prices are prompting voluntary reductions, Premier Jason Kenney said on Friday. A Saudi-Russia price war and reduced oil demand due to coronavirus spread have put the world's crude producers, including in Canada, under extreme stress. "I don't think government-mandated curtailment is relevant at this point," Kenney said. Western Canadian Select (WCS) traded below $5 US a [Read more]
Canada weekly rig count down from 98 to 54
Canada’s fleet of active drilling rigs shrank from 98 to 54 since last week according to data from Baker Hughes. Total drilling count was 54 at March 27th. 18 rigs were drilling for oil; 36 for natural gas. The drilling activity in Alberta fell from 73 to 46 since last week. Saskatchewan’s drilling dropped from 12 to 1 rig. View a full breakdown of Western Canada’s rig activity. [Read more]
U.S. oil drillers cut the most rigs in a week in nearly 5 years
U.S. energy firms cut the most oil rigs in a week since April 2015, removing rigs for a second week in a row as a coronavirus-related slump in economic activity and fuel demand has forced massive retrenchment in investment by oil and gas companies. Drillers cut 40 oil rigs in the week to March 27, bringing the total count down to 624, the lowest since March 2017, energy services firm Baker Hughes Co said in its closely followed report on Friday. The oil rig count, an early indicator of [Read more]
Oil price crash expected to hit thermal oilsands production in Western Canada
CALGARY - An oil and gas analyst says record low prices for oilsands crude could lead to up to 20 per cent of Canada's thermal bitumen production being shut down over the next few months. Analyst Matt Murphy of Tudor Pickering Holt & Co. says that would equate to about 340,000 barrels per day of the 1.7 million barrels produced each day by projects that use steam to pump the heavy, sticky oil from wells in northern Alberta. Western Canadian Select oil, a blend of bitumen and lighter [Read more]
Oil falls as demands fears outweigh stimulus efforts
Oil prices fell on Friday as demand destruction caused by the coronavirus outweighed stimulus efforts by policymakers around the world and the United States faced the prospect of becoming the next global epicenter of the pandemic. U.S. crude was down $1.48, or 6.5%, at $21.66. Brent crude was down $2.16, or 8%, at $24.75 a barrel. Both contracts were on track for a fifth consecutive weekly drop. They are down nearly two thirds this year and the coronavirus-related slump in economic [Read more]
Russia calls for new enlarged OPEC deal to tackle oil demand collapse
A new OPEC+ deal to balance oil markets might be possible if other countries join in, Kirill Dmitriev, head of Russia's sovereign wealth fund said, adding that countries should also cooperate to cushion the economic fallout from coronavirus. A pact between the Organization of the Petroleum Exporting Countries and other producers, including Russia (known as OPEC+), to curb oil production to support prices fell apart earlier this month, sending global oil prices into a tailspin. "Joint [Read more]
Delphi Energy Corp. Provides an Operations Update
CALGARY, Alberta - Delphi Energy Corp. (TSX: DEE) (“Delphi” or the “Company”) is pleased to provide an operations update on its first three wells of the 2020 capital program. Completion operations on the Company’s first three Montney wells (3.0 net) in the 2020 drilling program have concluded, with all of the wells expected to be placed on production by months end. These 3 wells are drilled in liquid-rich West Bigstone, in close proximity to existing pipelines, minimizing the tie-in costs. The [Read more]