Industry icon Mac Van Wielingen, founder, director and partner of ARC Financial and ARC Resources, will deliver the opening keynote address at Natural Gas World’s upcoming Canadian Gas Dialogues conference April 1 at the Calgary Petroleum Club. Mac and two partners founded ARC Financial – then known as PowerWest Financial – in 1989, initially to provide corporate advisory services and in-depth investment research. Soon, the company began making equity investments in early stage energy [Read more]
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Heavy discount narrows, nearing five-month low
Canadian heavy crude's discount narrowed versus the U.S. benchmark West Texas Intermediate (WTI) crude on Friday, nearing a fresh five-month low due to plunging global prices and dwindling Alberta inventories. Traders took in stride a fire at Canada's Syncrude oil sands facility, which led to the company declaring force majeure. The site upgrades heavy oil into light oil. Western Canada Select (WCS) heavy blend crude for April delivery in Hardisty, Alberta, was trading at $13.10 per barrel [Read more]
Canada weekly rig count down 37 to 203
Canada’s fleet of active drilling rigs shrank from 240 to 203 since last week according to data from Baker Hughes. Total drilling count was 203 at March 6th. 134 rigs were drilling for oil; 69 for natural gas. The drilling activity in Alberta fell from 159 to 139 since last week. Saskatchewan’s drilling dropped from 59 to 43 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]
U.S. drillers add oil rigs for fourth week in five -Baker Hughes
U.S. energy firms added oil rigs for the fourth time in five weeks even though Exxon Mobil Corp said it would join other producers and reduce new drilling this year. Companies added 4 oil rigs in the week to March 6, bringing the total count to 682, their highest since December, energy services firm Baker Hughes Co said in its closely followed report on Friday. . That is down 18% from the same week a year ago when 834 rigs were active. Exxon, which analysts say is operating the most [Read more]
Oil falls amid demand concern, fears over OPEC+ deal for deeper output cuts
Oil slid nearly 1% on Friday as worries about global oil demand and economic growth slowdown caused by the coronavirus outbreak were heightened by concern over non-OPEC crude producers not yet having agreed to cut output further to support prices. U.S. West Texas Intermediate (WTI) was down $3.75, or 8.1%, at $42.22 per barrel. Brent crude fell $4.08, or 8.1%, to $45.94 per barrel. The Organization of the Petroleum Exporting Countries (OPEC) on Thursday pushed for crude output by OPEC [Read more]
International Petroleum Corp. Announces Completion of Acquisition of Light Oil Assets in Southern Alberta
International Petroleum Corp. ("IPC") (TSX, Nasdaq Stockholm: IPCO) is pleased to announce the closing of the previously announced acquisition of Granite Oil Corp. (“Granite”) (TSX:GXO; OTCQX:GXOCF) (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. The Acquisition is comprised of high netback, light oil producing assets [Read more]
Discover technologies and find out who you will meet in the Global Energy Digital Transformation Zone
IN THE MARKET PLACE While using AI systems with better monitoring and maintenance, it was announced that BP experienced a 72% decrease in methane vented from the field. Additionally, gas production rose 20% using the AI-powered system meanwhile costs were reduced by 22%. The oil and gas sector is going all out for efficiency savings underpinned by digital drives, according to a survey conducted by EY. The global financial advisory firm’s poll of 100 senior oil and gas executives saw: - 42% [Read more]
Canada’s Syncrude oil sands facility declares force majeure after fire
Canada's Syncrude oil sands facility has declared force majeure after a fire at the plant and told customers it will reduce production by about 20%, sources familiar with the matter said. Syncrude is a joint venture majority-owned by Suncor Energy Inc , with minority stakes held by Imperial Oil Ltd and others. It can produce up to 360,000 barrels per day, upgrading thick bitumen to light oil. "We're working with the operator, Syncrude, to better understand the situation," Suncor [Read more]
Vermilion Energy Inc. Announces Results for the Year Ended December 31, 2019 and 2019 Reserves and Resources Information
CALGARY - Vermilion Energy Inc. ("Vermilion", "We", "Our", "Us" or the "Company") (TSX, NYSE: VET) is pleased to report operating and financial results for the year ended December 31, 2019 along with our 2019 reserves and resources information. The audited financial statements, management discussion and analysis, and annual information form for the year ended December 31, 2019 will be available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com, on EDGAR [Read more]
Altura Energy Inc. Announces an Operational Update and 2019 Reserves
CALGARY - Altura Energy Inc. ("Altura" or the "Company") (TSX-V: ATU) is pleased to announce an operational update and the results of the independent evaluation of the Company's oil and natural gas reserves (the "McDaniel Report"), effective December 31, 2019, as prepared by McDaniel and Associates Consultants Ltd. ("McDaniel"). Altura's audit of its 2019 annual financial statements is not yet complete and accordingly all financial amounts referred to in this news release are unaudited and [Read more]