Canadian heavy crude's discount widened versus the U.S. benchmark West Texas Intermediate (WTI) crude on Tuesday, but remained in a narrow range. Western Canada Select (WCS) heavy blend crude for April delivery in Hardisty, Alberta, was trading at $13.70 per barrel below WTI, according to NE2 Canada Inc, wider than Monday's settle of $13.45 under. Broad strength across Canadian grades indicates excess capacity on pipelines, with the upstream turnaround season beginning soon, milder weather [Read more]
Headlines
CAODC applauds Alberta Government loan for well reclamation
The Canadian Association of Oilwell Drilling Contractors applauds the Alberta Government for extending a loan to the Orphan Well Association to speed up well reclamation and create jobs. Canada’s oil and gas service sector is in its sixth year of what will likely be regarded as the worst downturn in its history. Beginning in 2014 with a slide in commodity prices, a long stretch of poor policy decisions, cancelled infrastructure projects, misinformation, protests, blockades, and global [Read more]
Elected Wet’suwet’en councillor calls for inclusivity in consensus building over deal
VANCOUVER - A Wet'suwet'en elected councillor says she has "high hopes" that internal conflict over governance issues and a pipeline can be resolved respectfully but she's also concerned some members will not have a chance to participate in the decision on a proposed deal. Karen Ogen-Toews, a councillor of the Wet'suwet'en First Nation, said six elected councils have historically been excluded from negotiations over land rights and she hopes all Wet'suwet'en people have their say before [Read more]
Oil rises a 2nd day as stimulus hopes, expected OPEC cuts offset virus
Oil prices rose for a second day on Tuesday on expectations that central banks are likely to enact financial stimulus to offset the impacts of the coronavirus outbreak and growing optimism that OPEC will order deeper output cuts this week. U.S. West Texas Intermediate (WTI) rose 20 cents, or 0.45%, to $47.63 a barrel. Brent crude rose 3 cents per barrel, , to $52.75 per barrel at 0148 GMT. Brent and WTI have rebounded somewhat over the past two days from a more than 20% drop from [Read more]
Advantagewon Oil Corp., Completes Work On Second Canadian Well, Discovers Oil Again
Toronto, Ontario - Advantagewon Oil Corp., (CSE: AOC), (OTC Pink: ANTGF), (the "Corporation", "Advantagewon", "AOC") announced today that further to its press release previously issued on February 3, 2020 that the Corporation has completed all of the work on its second Canadian well. The Corporation is pleased to announce that the work was successful, and oil has been discovered. The Corporation is in the process of tying in the well and expects to be able to report flow rates in the next 7 to [Read more]
CB Securities – FTI Eagle Energy Receivership Property Offering
FTI Consulting Canada Inc., in its capacity as Court appointed Receiver of Eagle Energy Inc., Eagle Energy Holdings Inc. and Eagle Energy Trust, has retained CB Securities Inc. as its advisor for the sale of the oil and gas properties held by the Companies. Non-Binding Phase 1 Bids Due by noon on March 27, 2020. Dixonville Highlights 1,600 Bbls/day (800 Bbls/day net) of 30° API oil Large OOIP of 108 MMBbls in 5 sands that make up the Montney C pool Pool is ~16 sections in [Read more]
Chinook Energy Inc. Announces Fourth Quarter and 2019 Results and Reserves
Calgary, Alberta - Chinook Energy Inc. (TSX: CKE) ("our", "we", or "us") is pleased to announce our three months and year ended December 31, 2019 ("Q419" and "2019", respectively) operating and financial results and the results of our year end reserve evaluation effective December 31, 2019 as prepared by our independent evaluator. Our operating and financial highlights for Q419 and 2019 are noted below and should be read in conjunction with our consolidated financial statements for the years [Read more]
Suncor files application for base oilsands mine extension with federal agency
CALGARY - The Impact Assessment Agency of Canada is inviting public and Indigenous comment on a Suncor Energy Inc. project to open a new mine in order to extend the life of its base oilsands processing facilities near Fort McMurray in northern Alberta. The agency, which replaced the Canadian Environmental Assessment Agency last summer, says written comments will be accepted until March 23 to support the preparation of a summary of issues to be provided to Suncor. It says those issues will [Read more]
Heavy discount remains narrow before turnarounds as new monthly trading cycle begins
Canadian heavy crude's discount traded in a narrow range versus the U.S. benchmark West Texas Intermediate (WTI) crude on Monday, reflecting anticipation of some oil production going offline for maintenance soon, on the first day of the month's trading cycle. Western Canada Select (WCS) heavy blend crude for April delivery in Hardisty, Alberta, was trading at $13.50 per barrel below WTI, according to NE2 Canada Inc, slightly narrower than Friday's settle in thin trading of $13.55 [Read more]
Alberta boosts oil well clean-up to create jobs
The oil-producing Canadian province of Alberta is increasing its financial support for cleaning up wells without owners, addressing an environmental liability as it creates jobs in the slumping industry. Premier Jason Kenney said on Monday that Alberta would loan up to C$100 million ($74.95 million) to the Orphan Well Association, which is funded by energy companies, to decommission 1,000 additional wells, doubling its pace. The move will create as many as 500 direct and indirect jobs for [Read more]