Oil prices rose to their highest in more than week on Monday after two large crude production bases in Libya began shutting down amid a military blockade, risking reducing crude flows from the OPEC member to a trickle. The West Texas Intermediate contract was up 27 cents, or 0.5%, at $58.81 a barrel, after rising to $59.73, the highest since Jan. 10. Brent crude was up 41 cents, or 0.6%, at $65.26 by 1116 GMT, having earlier touched $66 a barrel, the highest since Jan. 9. Two major [Read more]
Headlines
Pipestone Energy Corp. Announces Unplanned Outage at the Keyera Wapiti Gas Plant
CALGARY, Alberta, Jan. 20, 2020 (GLOBE NEWSWIRE) -- (PIPE – TSX-V) Pipestone Energy Corp. (“Pipestone Energy” or the “Company”) was notified by Keyera Corp. (“Keyera”) on January 17, 2020 of an electrical failure within the Keyera Wapiti Gas Plant (“Keyera Plant”). This failure has resulted in an unplanned outage. Keyera expects it to be repaired and resume operations of the Keyera Plant within approximately two weeks. Based on the expected outage duration, the Company is reaffirming its 2020 [Read more]
Calls for dialogue as pipeline polarizes some in northern British Columbia
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]
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]