HOUSTON, B.C. - A natural gas pipeline project has polarized many communities across northern British Columbia in a dispute a Wet'suwet'en elder says he hopes will be resolved through dialogue. Russell Tiljoe, 83, has long-established ties with the First Nation whose hereditary clan chiefs say the Coastal GasLink project has no authority to run through its 22,000 square kilometres of traditional territory without their consent. His own late father was one of the clan chiefs, but Tiljoe is [Read more]
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Granite Oil Corp. Announces 2019 Year End Reserve Metrics
CALGARY - GRANITE OIL CORP. (“Granite” or the “Company”) (TSX:GXO)(OTCQX:GXOCF) is pleased to present the summary results of the independent reserves report (the “Sproule Report”) prepared by Sproule Associates Limited (“Sproule”) with an effective date of December 31, 2019. In 2019, Granite invested approximately $6.4 million of capital expenditures (unaudited) into its 100%-owned Bakken oil property, representing approximately 45% of its Corporate funds from operations (unaudited), and [Read more]
International Petroleum Corp. Announces Acquisition of Light Oil Assets in Southern Alberta
International Petroleum Corp. (“IPC”) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that it has entered into an agreement to acquire Granite Oil Corp. (“Granite”) (TSX: GXO) for total equity and debt consideration of approximately USD 59 million (CAD 77.2 million) (the “Acquisition”). The Acquisition includes total proved plus probable ("2P") reserves of 14.0 million barrels of oil equivalent (MMboe) and 6.2 MMboe of unrisked contingent resources (best estimate) as at December 31, 2019. [Read more]
Alberta court approves Encana reorganization, paving way for change next week
CALGARY - Encana Corp. says an Alberta court has approved the oil and gas company's reorganization that will see it move its headquarters to Denver from Calgary and change its name to Ovintiv Inc. The decision by the Court of Queen's Bench of Alberta follows Tuesday's vote that saw 90 per cent of shareholders approve the change, despite public criticism from Encana founder Gwyn Morgan and shareholder Letko, Brosseau & Associates Inc. Encana announced the changes in October as part of a [Read more]
Canada weekly rig count jumps up 41 to 244
Canada’s fleet of active drilling rigs grew from 203 to 244 since last week according to data from Baker Hughes. Total drilling count was 244 at January 17. 152 rigs were drilling for oil; 92 for natural gas. The drilling activity in Alberta rose from 133 to 177 since last week. Saskatchewan’s drilling grew from 50 to 52 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]
Extreme cold in Western Canada disrupts oil production, refining
Canadian oil producers and refiners have cut processing rates this week as extreme cold weather grips Western Canada, traders familiar with the matter said on Friday. Cold weather has spread across western Canada this week. In Edmonton, the capital of Canada's main oil-producing province, Alberta, temperatures dropped to minus 36 degrees Celsius (minus 33 Fahrenheit) on Wednesday, according to Environment Canada. Syncrude, one of the largest producers of crude oil from Canada's oil sands, [Read more]
U.S. drillers add oil rigs for first week in four
U.S. energy firms this week added oil rigs for the first time in four weeks even as the pace of growth in record crude output is expected to slow. Companies added 14 oil rigs in the week to Jan. 17, bringing the total count to 673, energy services firm Baker Hughes Co said in its closely followed report on Friday. In the same week a year ago, there were 852 active rigs. In 2019, the oil rig count, an early indicator of future output, dropped for the first year since 2016, as independent [Read more]
PetroLMI report highlights opportunities to support Indigenous employment post-pandemic in Canada’s energy industry
The PetroLMI Division of Energy Safety Canada (PetroLMI) released a report, Going Beyond: Supporting Indigenous Employment in Canada’s Energy Industry Through a Pandemic and Economic Challenges. It examines the impact COVID-19 has had on Indigenous employment; representation of Indigenous Peoples in Canada’s oil and gas industry; and the opportunities to attract Indigenous workers, address skill gaps and support entrepreneurship. The report was funded by the Government of Canada’s Sectoral [Read more]
Oil steady as sluggish China growth offsets trade deal optimism
Oil prices were steady on Friday as reports of sluggish economic growth in China, the world's biggest crude importer, raised concerns about future fuel demand and countered optimism from the signing of the Sino-U.S. trade deal earlier in the week. In the fourth quarter of 2019, the world's second-largest economy increased by an expected 6% from a year earlier, while the full-year expansion was 6.1%, the slowest in 29 years, government data showed on Friday. "A well-expected fourth-quarter [Read more]
Column: Another Day, Another Foreign Think Tank Attacking Our Energy Sector
The Institute for Energy Economics and Financial Analysis (IEEFA) has released a report attacking the financial benefits of Teck’s Frontier Mine Project. They claim that the accounting that went into the calculations of these benefits was “misguided and reckless”. Even if oil doesn’t reach the $95 a barrel-like the IEA predicts, the economics at the more modest price in Teck’s shareholder presentation will still be profitable at the current cost of development. This is another shot across the [Read more]