Monday, March 30th | 11:00 am MST | 45-Minutes Already grappling with infrastructure challenges, the Canadian petroleum industry now faces COVID-19 and a near-complete crude price collapse. Survival in these unprecedented times will require companies to make difficult decisions that will impact the near and long-term viability of your business. This webinar explores the many hard decisions required at this time using real-world examples to illustrate their potential impact. Featured [Read more]
Headlines
‘We did it right:’ COVID-19 scare at oilsands work camp tests businesses’ plans
CALGARY - A COVID-19 scare at an oilsands staff lodge north of Fort McMurray, Alta., last week tested the pandemic preparedness of one of the many businesses that house, feed and transport workers at resource extraction sites. Civeo Corp., which runs the Borealis Lodge by Suncor Energy's base mine, said Friday that a worker staying there was taken to hospital with novel-coronavirus-like symptoms. On Tuesday, it said the test was negative. Ian Robb, Canadian director of the hospitality [Read more]
Oil extends falls as U.S. stimulus lifts global markets
Oil prices extended falls for a third session on Wednesday. U.S. crude was at $23.58 a barrel, down 81 cents, or 3.4%. Brent crude was trading down $1.13, or 4.2%, at $26.48 a barrel after rising to a high of $28.29. The U.S. Congress may vote on Wednesday on the $2 trillion stimulus after Republicans and Democrats said they were close to a deal, with optimism over the package fueling a surge in stock markets. Still, demand for oil products, especially jet fuel, is falling worldwide [Read more]
Global oil storage fills to the brim despite leap in costs
From Canada and the Caribbean to the Baltic and Singapore, oil tanks around the world are filling fast, despite a 50%-100% jump in lease costs, as oil companies and traders scramble to park unwanted crude and refined products. Millions of barrels are struggling to find buyers among industrial users and refiners, which have cut operations as the impact of the coronavirus has destroyed demand and a Saudi-Russia market share battle has led to a flood of supply. Fuel storage rates doubled this [Read more]
XI Technologies: The power of the remote office
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. This week, XI’s President and CEO Darryl Stackhouse wanted to share his thoughts on the current situation. If you’d like to receive our Wednesday Word to the Wise in your inbox, subscribe here. As we all attempt to navigate our way through this difficult and surreal time, I think one of the hardest things to deal with [Read more]
Saturn Oil & Gas Inc. Provides Corporate Update and Confirms Response to COVID-19
CALGARY, Alberta - Saturn Oil & Gas Inc. ("Saturn" or the "Company") (TSX.V: SOIL) (FSE: SMK) today provides a corporate update in response to recent market volatility caused by the COVID-19 pandemic and the continued oil price weakness. Saturn is pleased to confirm that in the interests of managing risk through an uncertain environment, the Company has secured a fixed price hedge on production of 400 barrels (“bbl”) of oil per day at CAD $65.40 per bbl through February, 2021. With this [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 Mar. 24 Human System Integration Engineer Brunel Halifax Mar. 23 Camp Cook Roska DBO Whitecourt Mar. 23 Electrical and Instrumentation Technician Roska [Read more]
Bonavista Energy Corporation Provides Financial Update
Calgary, Alberta - Bonavista Energy Corporation (TSX: BNP) ("Bonavista" or the "Company") and Canadian Imperial Bank of Commerce ("CIBC") as administrative agent on behalf of a syndicate of lenders, including CIBC, The Toronto-Dominion Bank, Bank of Montreal, Royal Bank of Canada, The Bank of Nova Scotia, National Bank of Canada, ATB Financial and Federation des Caisses Desjardins du Quebec, under its existing unsecured $500 million bank credit facility (the "Facility") have agreed, subject to [Read more]
Canada oil sands worker tests negative for coronavirus
FORT MCMURRAY, Alta. - The operator of a work lodge north of Fort McMurray, Alta., says a guest who fell ill last week does not have COVID-19. Houston-based Civeo Corp. said last Friday the worker was taken to hospital with symptoms consistent with the novel coronavirus. Civeo says it has since been informed by the worker, who was staying at the Borealis Lodge by Suncor's base mine, that the test came back negative. Civeo says its team followed stringent protocols and cautiously managed [Read more]
Suncor cuts $1.5 billion from budget to cope with low oil prices, virus impact
CALGARY - Suncor Energy Inc. is cutting its 2020 capital spending budget by $1.5 billion or 26 per cent to a range between $3.9 billion and $4.5 billion. The Calgary-based producer and refiner is putting several projects on hold to deal with lower oil prices linked to a market share battle between Saudi Arabia and Russia, and lower demand for its retail fuel because of the COVID-19 pandemic. The shelved projects include a $1.4-billion plan announced in September to install two cogeneration [Read more]