Oil prices fell on Friday, erasing more of the gains realised after the Sept. 14 attacks on Saudi Arabian oil facilities, as the rapid return of production capacity from the world's top exporter squashed risk premiums. Prices were also pressured by worries of weak global economic growth and its effect on oil demand. U.S. West Texas Intermediate (WTI) crude futures fell 67 cents, or 1.2%, to $55.84 a barrel. Brent crude futures fell 32 cents, or 0.5%, from the previous session's [Read more]
Headlines
GLJ Petroleum Consultants Appoints New CEO
Calgary, AB, September 26, 2019 - GLJ Petroleum Consultants (GLJ) announced today that Jodi Anhorn, current GLJ executive vice president and COO, has been appointed as GLJ’s new president and CEO. In addition, GLJ vice president Chad Lemke has been appointed to executive vice president and COO, joining Caralyn Bennett, executive vice president and chief strategy officer, as part of the senior leadership team. The leadership changes are effective Oct. 1, and follow the retirements of Keith [Read more]
Kenney defends oil curtailment program as maximum output inches higher
Alberta's United Conservative government is again easing oil production limits for producers, setting a maximum production quota of 3.81 million barrels per day for December, up 250,000 bpd from the original limit set by the previous NDP government for last January. The province says it will allow large producers to open the taps by another 10,000 bpd in each of November and December. Outside the Global Business Forum in Banff, Alberta, Premier Jason Kenney defended continuing the program [Read more]
Toscana Announces Resignation of Director
CALGARY, Alberta, Sept. 26, 2019 (GLOBE NEWSWIRE) -- Toscana Energy Income Corporation ("Toscana" or the "Corporation") (TSX: TEI) announces that Mr. Don Copeland, Chairman of Toscana’s Board of Directors (the “Chairman”) is stepping down as Chairman and a member of the Board effective September 30, 2019 (the "Effective Date"). On behalf of the Board, Mr. Joseph Durante, Executive Director, commented: “Mr. Copeland has served on the Toscana Board since inception in 2010. Over this time, he made [Read more]
Alberta government eases oil curtailment limits
The government of Canada's main oil-producing province Alberta on Thursday eased oil curtailments for November and December, allowing producers to increase output to 3.80 million barrels per day and 3.81 million barrels per day respectively. Alberta has had oil curtailments in place since the start of the year to ease congestion on export pipelines and help support prices. The policy was announced by the province's previous government late in 2018 after a glut of crude built up in storage, [Read more]
Canadian company ships solid oil sands bitumen to Chinese refinery
A Canadian company has loaded a test cargo of solid bitumen onto a vessel destined for a refinery in China, the latest effort by the energy industry to avoid congested export pipelines and find new ways to export more oil sands crude. Calgary, Alberta-based Melius Energy loaded 130 barrels of neat bitumen, similar in consistency to a hockey puck, onto a 20-foot shipping container in Edmonton, Alberta, and transported it by rail to the Port of Prince Rupert in northern British Columbia. The [Read more]
Imperial Oil to begin planned work at Sarnia site
A planned maintenance turnaround is expected to get underway in the next several days and continue for about two months at Imperial Oil Ltd's Sarnia site, according to a local media website. Individual process units will come offline beginning this weekend and restart at various times within the overall period, the report said citing Kristina Zimmer, the company's Public & Government Affairs Manager. Imperial operates a 121,000 barrel-per-day refinery in Sarnia. [Read more]
Oil prices steady amid concerns of rising supplies and sluggish demand
Oil prices were steady on Thursday after falling the previous two sessions on industry concerns about rising supplies and signs of slowing demand. U.S. West Texas Intermediate (WTI) crude futures were 2 cents lower, or 0.04%, to $56.47 a barrel. Brent crude futures were at $62.36 a barrel, down 3 cents, or 0.05%, from the previous close, by 0555 GMT. Brent prices have dropped 3.6% since the close on Monday, while WTI is down 3.7% over the same period, weighed down by a surprise 2.4 [Read more]
Japan to invest $10 bln in global LNG infrastructure projects
Japan and its private sector firms will invest $10 billion on liquefied natural gas (LNG) projects worldwide, the country's industry minister said on Thursday, in a strategy to boost the global LNG market and reinforce the security of energy supply. The move, doubling a commitment by Japan two years ago to bolster energy supply chains, comes as the world's biggest LNG buyer aims to reduce its reliance on energy from the Middle East as growing tensions in the region threaten the [Read more]
Jupiter Announces Credit Facility Extension
CALGARY, Sept. 25, 2019 /CNW/ - Jupiter Resources Ltd. and its affiliates (collectively, "Jupiter" or the "Company") have received an extension to the maturity date, associated with the Company's existing senior secured reserve-based revolving credit facility (the "RBL Facility"), until November 4, 2019. The commitments under the RBL Facility will be limited to a maximum of $275 million for the extension period, during which the Company will continue to negotiate a longer-term credit [Read more]