Eighteen years ago, a bunch of crazed religious activists, most of whom were from Saudi Arabia, hijacked four planes and attacked the US on its home soil. A frightened then enraged US snapped into action, and invaded the country next door. Several of them actually; both Iraq and Afghanistan received a fairly significant pounding from the finest military hardware available on the planet. Saudi Arabia remained a bizarre oasis of calm; there may have been a few unpleasant diplomatic exchanges [Read more]
Headlines
Delphi Energy Corp. Announces Close of Alliance Service Sale and Agreement to Reactivate Alliance Lateral Line
Delphi Energy Corp. (“Delphi” or the “Company”) announces the closing of the sale of a portion of its Alliance Service and the execution of an Interconnection Development Agreement with Alliance Pipeline Limited Partnership to reactivate its lateral line to the company-owned Bigstone West Gas Plant located at 14-28-59-22W5M. CLOSING OF THE SALE OF A PORTION OF EXCESS ALLIANCE FIRM TRANSPORTATION SERVICE As previously announced on June 17, 2019, Delphi has sold and permanently assigned 16 [Read more]
Attacks on Saudi facilities threaten spare oil capacity, price hikes
Saturday's attacks on key Saudi Arabia processing plants will test the world's ability to handle a supply crisis as it faces the temporary loss of more than 5% of global supply from the world's biggest crude exporter. The Iranian-backed Houthis group in Yemen claimed responsibility for attacks that shut two plants at the Abqaiq facility, the heart of the Saudi oil industry, which will cut the kingdom's production by about 5.7 million barrels per day (bpd), more than half of [Read more]
U.S. stands ready to tap emergency oil reserve after Saudi attacks-DOE
The Trump administration is prepared to tap U.S. emergency oil reserves if necessary after drone attacks shut oil output in Saudi Arabia, the world's largest crude exporter, a Department of Energy spokeswoman said. Energy Secretary Rick Perry "stands ready to deploy resources from the Strategic Petroleum Oil Reserves if necessary to offset any disruptions to oil markets as a result of this act of aggression," spokeswoman Shaylyn Hynes said. Yemen's Iran-aligned Houthi group [Read more]
Global spare oil capacity in U.S. hands after Saudi outage
An attack on Saudi oil facilities on Saturday is believed to have disrupted half the country's production capacity, making the United States the only real holder of the global supply cushion via its ability to raise own output or to soften sanctions against other major oil producers.Saudi Arabia has yet to comment on the extent of damage on its oil production but industry sources have said some 5-6 million barrels per day (bpd) or 5-6% of global supply have been affected. Saudi Arabia, the [Read more]
Canada rig count down 13 to 134
Canada’s fleet of active drilling rigs decreased by 13 from last week according to data from Baker Hughes. Total drilling count was 134 at September 13. 93 rigs were drilling for oil; 41 for natural gas. Alberta's drilling decreased by 11 to 86 as Saskatchewan decreased by 2 to 35. View a full breakdown of Western Canada’s rig activity. [Read more]
Column: Alberta’s business tax cut is part of the solution, not the problem
Alberta is dealing with two big problems: we need to get people back to work and we need our provincial government to stop overcharging Albertans by $10 billion a year. There’s plenty of evidence from our own backyard that shows Alberta’s business tax cut will be part of the solution, not the problem. In 2001, the Alberta government began reducing its business tax rate from 15.5 per cent to 10 per cent in 2006. Alberta’s average yearly real GDP growth rate between 2001 and 2014 was higher [Read more]
U.S. oil drillers cut rigs for fourth week in a row -Baker Hughes
U.S. energy firms this week reduced the number of oil rigs operating for a fourth week in a row as producers cut spending, leading to slower growth in crude output. Drillers cut five oil rigs in the week to Sept. 13, bringing the total count down to 733, the lowest since November 2017, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. In the same week a year ago, there were 867 active rigs. More than half the total U.S. oil rigs were [Read more]
Rocky Mountain GTL Inc. Secures A $15 Million Term Loan and Awards Contract for the Construction of Canada’s First Commercial Gas-to-Liquids Plant
Rocky Mountain GTL Inc. (the "Corporation") is pleased to announce that it has secured a $15 Million Term Loan with Roynat Capital (a division of Scotiabank) and awards Midwest Construction Group Inc. as general contractor of the Corporation's Enhanced GTL(R) (EGTL(TM)) plant 60 kilometers east of Calgary, near Carseland, Alberta. Rocky Mountain GTL has licensed the industry leading Direct Fuel Production(TM) technology, from Greyrock Energy Inc. ("Greyrock"), that transforms low value, [Read more]
Gibson Energy Announces $500 Million Medium Term Note Offering
CALGARY, Alberta, Sept. 12, 2019 (GLOBE NEWSWIRE) -- Gibson Energy Inc. (“Gibson” or the “Company”), (TSX: GEI), announced today that it has agreed to issue $500 million senior unsecured medium term notes, Series 1 (the "Notes"). The Notes will have a fixed coupon rate of 3.60% per annum, payable semi-annually, and will mature 10 years from the date of issue. The offering of the Notes is expected to close on or about September 17, 2019, subject to customary closing conditions. Gibson intends [Read more]