The discount on Canadian heavy crude was unchanged versus U.S. benchmark West Texas Intermediate (WTI) crude on Tuesday, but remained large due to large stockpiles and limited pipeline space. Alberta oil storage levels are high after a temporary Keystone pipeline outage last year and with production steady, a Calgary industry source said. The heavy differential may narrow in the second quarter when oil producers conduct maintenance, the source said. Western Canada Select (WCS) heavy blend [Read more]
Headlines
Alberta fires back at UN committee for criticism of energy megaprojects
EDMONTON - Alberta's energy minister says the United Nations is an unelected, unaccountable body that has no business criticizing Canada's energy megaprojects. Sonya Savage, in a statement, says that it's the job of elected leaders, not the UN, to make decisions on how best to govern people and economies. The UN's Committee on the Elimination of Racial Discrimination has urged Canada to stop work on three major resource projects — including the Trans Mountain pipeline expansion — until it [Read more]
U.S. natgas futures rise from near 4-month low on cooler forecasts
U.S. natural gas futures rose on Tuesday from a near four-month low following the release of a midday weather report showing a few more colder-than-normal days in mid- to late-January than expected earlier in the day. In the latest afternoon forecast, meteorologists projected temperatures in the U.S. Lower 48 states will remain at warmer-than-normal to near-normal levels before turning cold on several days starting around Jan. 17. That is cooler than the morning outlook when the weather was [Read more]
Cona Resources Completes Acquisition of Pengrowth Energy Corporation
CALGARY - Cona Resources Ltd. ("Cona"), a portfolio company of Waterous Energy Fund ("WEF"), today announced the completion of its acquisition of Pengrowth Energy Corporation ("Pengrowth") for approximately C$740 million. With the Pengrowth acquisition, Cona is the largest privately-owned heavy oil producer in North America, with production of 35,000 boe/d and an industry-leading base decline rate below 10%. Adam Waterous, Founder and CEO of Waterous Energy Fund, commented, "We believe the [Read more]
Column: Fear rules the news, but the fact is humanity’s lot has never been better and we have the tools to keep it that way
“Struggling for breath in that ditch full of pee 65 years ago in a working-class suburb of Sweden, little did I know that I would be the first of my family to go to university.” Hans Rosling in “Factfulness” Have you ever read anything so beautiful? Beautiful in two ways. First, I needed a mental remap of Sweden anyway. There had to be more to the country than IKEA, meatballs and Nordic murder mysteries. Now I can add that ditch and its forlorn occupant to my mental list of visuals, [Read more]
Tom Olsen, CEO and Managing Director of the Canadian Energy Centre to speak at the Calgary Petroleum Club.
The Canadian Association of Petroleum Landmen is pleased to host Mr. Tom Olsen of the newly founded Canadian Energy Centre at the Calgary Petroleum Club, Thursday, January 23, 2020. Join us at one of the first public appearances of Mr. Olsen, set to discuss the objectives of the Centre and the facts regarding Canada's energy story. Mr. Olsen is focused on improving Canadian energy industry perception and allowing Canada to take control of its energy story through promoting energy literacy, [Read more]
Hillcrest Announces New CFO
VANCOUVER, B.C. - January 6, 2020 - Hillcrest Petroleum Ltd. (the "Company" or "Hillcrest") (TSXV:HRH) (OTC:HLRTF) is pleased to announce that, effective January 1, 2020, Aaron Triplett was appointed as its new Chief Financial Officer and Corporate Secretary. Mr. Triplett is a Chartered Professional Accountant (CPA, CA), and has accumulated experience in the field of financial management and accounting, specializing in forecasting, compliance and risk management, and the development and [Read more]
B.C. LNG pipeline project to resume work despite opposition, says company
VICTORIA - The company building a 670-kilometre natural gas pipeline as part of the massive LNG Canada project in northern British Columbia says it plans to resume construction this week despite an eviction notice served by members of a local First Nation over the weekend. Coastal GasLink says in a statement on its website it will mobilize construction crews, beginning with safety refresh meetings tomorrow and Wednesday, after a break over the recent holiday season. The company says [Read more]
Oil surges again after Trump threatens Iraq sanctions, Iran retaliation
Oil prices shot more than 1% higher on Monday, with Brent rising above $70 a barrel, after U.S. President Donald Trump issued a threat to impose sanctions on Iraq amid escalating tensions with Iran in the Middle East. U.S. West Texas Intermediate crude was at $63.47 a barrel, up 45 cents, or 0.73%, after touching $64.44 earlier, the highest since April. Brent crude futures soared to a high of $70.27 a barrel at 0222 GMT, up $1.67, or 2.4%, from Friday's settlement. The gains extended [Read more]
Universal Geomatics Solutions Corp. Announces Environmental Sustainability Program Development
Universal Geomatics Solutions Corp. Board of Directors has voted in favour of the development of an integrated Environmental Sustainability Program, to begin in January 2020. The global investment community is becoming increasingly socially conscious in screening investment opportunities, and the impact of this reality on the oil and gas industry has been significant. It is evident that many oil and gas companies are not only enhancing their Environmental, Social, and Governance (ESG) [Read more]