GRANDE PRAIRIE, Alta. - Premier Jason Kenney says his government's blueprint to reboot Alberta's distressed economy will be announced Monday in Calgary. "It will be a bold and ambitious plan to make strategic investments to get people working right now when we need it most, but also to invest in the long-term productivity of our economy," Kenney said Friday. He said it will involve the largest ever spending on public infrastructure, including areas such as health care and [Read more]
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Toscana Energy announces first quarter 2020 results
CALGARY, Alberta - Toscana Energy Income Corporation ("Toscana" or the "Corporation") (TSX: TEI) announces financial and operating results for the first quarter ended March 31, 2020. Financial and operating results: This news release summarizes information contained in the Condensed Consolidated Interim Financial Statements (unaudited) and Management’s Discussion and Analysis (“MD&A”) for the three months ended March 31, 2020. This news release should not be considered a substitute for [Read more]
U.S./Canadian oil & gas rig count falls to record low again
U.S. and Canadian energy firms cut the number of oil and natural gas rigs operating to a record low again this week even as higher oil prices prompt some producers to start drilling again. In Canada, the oil and gas rig count fell by four this week to a fresh all-time low of 13, according to Baker Hughes. That was 111 rigs, or 90%, below this time last year. The U.S. oil and gas rig count, an early indicator of future output, fell by one to an all-time low of 265 in the week to June 26, [Read more]
Alberta probe into foreign funding of anti-oil groups extended to October
EDMONTON - Alberta's public inquiry into whether foreign money is bankrolling anti-oil protests in Canada is going into overtime. Energy Minister Sonya Savage says the initial findings from the inquiry's commissioner, Steve Allan, show more work is needed to complete the final report. So, Savage says the government is extending the deadline for the report to Oct. 30 from July 2. Also, an extra $1 million will be added to the existing $2.5-million budget. The cash will be diverted [Read more]
The next water frontier – saline aquifers & mineral rights
“In the near future – and sooner than most anticipate – there will be a significant reallocation of capital.” – Larry Fink, CEO of BlackRock Why should anyone care about oilfield “alternative water sourcing”? As an innovative company, Connate Water Solutions stays at the forefront of frac water management and alternative water sourcing in Alberta, Texas and New Mexico. The replacement alternative water sources are likely to be a combination of saline groundwater, recycled produced water, [Read more]
MPUC rules line 3 replacement project’s environmental impact statement, certificate of need and route permit are valid
CALGARY, AB and DULUTH - Enbridge Inc. (NYSE: ENB) (TSX: ENB) – The Minnesota Public Utilities Commission (MPUC) voted to deny petitions for reconsideration filed on May 21, 2020 in the Line 3 Replacement Project (L3RP) environmental impact statement (EIS), certificate of need (CN) and route permit (RP) dockets. "The MPUC's decision to deny the petitions for reconsideration is yet another important step forward for the Line 3 Replacement Project. This decision properly reflects the [Read more]
Enbridge responds to temporary ruling on line 5 operations
CALGARY, AB and LANSING, MI - Today a Michigan Circuit Court issued a Temporary Restraining Order requiring Enbridge (TSX: ENB) (NYSE: ENB) to shut down Line 5 through the Straits of Mackinac within 24 hours until a hearing on the State's request for preliminary injunction can be held Tuesday, June 30, 2020 and a ruling made on the preliminary injunction. Vern Yu, Executive Vice President and President of Liquids Pipelines said: "Enbridge is disappointed in the court's ruling as we believe [Read more]
Michigan court orders Enbridge to temporarily shut down Line 5 pipeline
Canadian pipeline operator Enbridge Inc has to halt Line 5 operations and disclose information related to the recent damage caused to a part of the oil pipeline, a Michigan circuit court judge ordered on Thursday. The company has been asked to keep the damaged east line of the pipeline shut and also close the currently operating west line within 24 hours of receipt of the court's order Both legs would remain closed pending the outcome of a hearing to be held next Tuesday, according to the [Read more]
Baytex Provides Corporate Update
CALGARY, Alberta- Baytex Energy Corp. ("Baytex")(TSX, NYSE: BTE) provides a corporate update that includes the resumption of previously shut-in crude oil production. “As the global supply and demand picture continues to unfold, crude oil prices have strengthened from their lows in April and we are now starting to benefit from the steps we have taken. We have restarted approximately 80% of the previously announced shut-in volumes, which will have a positive impact on our adjusted funds flow. At [Read more]
Oil slips below $40 on record U.S. inventories, COVID fears
Oil slipped below $40 a barrel on Thursday after a more than 5% fall the previous session, as record-high U.S. crude inventories and a resurgence in coronavirus cases cast doubt on a recovery in fuel demand. U.S. crude stocks rose 1.4 million barrels, the Energy Information Administration said on Wednesday. [EIA/S] This hit crude prices, although other details the EIA reported such as a fall in gasoline stocks as demand rose, lent limited support. “The report was another nail in the bulls’ [Read more]