OTTAWA - Canada's Minister of Natural Resources, the Honourable Seamus O'Regan, today released the following statement regarding the Impact Assessment Agency of Canada's announcement of the coming into force of the Ministerial Exemption Regulation pertaining to Offshore Oil and Gas Exploratory Drilling East of Newfoundland and Labrador: "The Newfoundland and Labrador (NL) offshore petroleum sector drives economic prosperity in the province and right across Canada, sustaining thousands of [Read more]
Headlines
OPEC+ may meet over oil cuts this week if laggards agree to comply
OPEC+ oil producers could still hold a ministerial video conference this week if Iraq and others which have not fully complied with existing oil supply cuts agree to boost their adherence, three OPEC+ sources told Reuters on Thursday. The Organization of the Petroleum Exporting Countries and its allies led by Russia, a group known as OPEC+, are still debating when to hold their ministerial talks to discuss a possible extension of the existing cuts. OPEC+ agreed to reduce supply by 9.7 [Read more]
Saturn Oil & Gas Inc. announces Q1 2020 results
CALGARY, Alberta - Saturn Oil & Gas Inc. (“Saturn” or the “Company”) (TSX.V: SOIL) (FSE: SMK) today announced its financial and operating results for the three month period ended March 31, 2020. The Company’s unaudited interim financial statements and corresponding Management’s Discussion and Analysis (“MD&A”) for the three month period ended March 31, 2020 are available on SEDAR at www.sedar.com and on Saturn’s website at www.saturnoil.com. Copies of the materials can also be obtained [Read more]
Tourmaline declares quarterly dividend and announces election of directors
CALGARY, AB - Tourmaline Oil Corp. (TSX: TOU) ("Tourmaline" or the "Company") is pleased to announce that its Board of Directors has declared a quarterly cash dividend on its common shares of C$0.12 per common share. The dividend will be payable on June 30, 2020 to shareholders of record at the close of business on June 15, 2020. This quarterly cash dividend is designated as an "eligible dividend" for Canadian income tax purposes. Tourmaline also announces that the nominees [Read more]
Enbridge Line 3 oil pipeline replacement faces new delay over water concerns
A Minnesota pollution regulator said on Wednesday it will hold a public hearing this summer on Enbridge Inc's plan to replace its Line 3 oil pipeline, adding a potential three-month delay and pushing the bulk of construction to next year. The Minnesota Pollution Control Agency (MPCA) said the hearing will focus on how Enbridge intends to protect streams and wetlands that the pipeline crosses. Replacing Line 3, a 1960s-era branch of Enbridge's vast Mainline network, would allow the company [Read more]
Heavy discount widens as oil storage levels ease
Canadian heavy crude's discount widened versus the U.S. benchmark West Texas Intermediate (WTI) on Wednesday as Alberta oil storage levels eased and Enbridge Inc's Line 3 pipeline faced added delays. Western Canada Select (WCS) heavy blend crude for July delivery in Hardisty, Alberta, traded at $8.60 per barrel below WTI, according to NE2 Canada Inc, wider than Tuesday's settle of $7.65 under. Light synthetic crude from the oil sands was trading at $2 below WTI after Tuesday's settle of [Read more]
Oil hits three-month high over hopes for output cuts
Oil rose on Wednesday to a near three-month high amid optimism that major producers will extend production cuts as the world recovers from the coronavirus pandemic. U.S. West Texas Intermediate crude (WTI) gained 9 cents, or 0.2%, at $36.92, also the highest since March 6. The contract ended the previous session up 3.9%. Brent crude was down 22 cents, or 0.6%, at $39.30. Both benchmarks have risen sharply in recent weeks from the lows of April, buoyed by a continuing recovery in [Read more]
Third party pipelines and processors have your oil trapped?
If the facility that you’re tied into is shut-in but you have a well that you still want to produce, an OSY tank package could be the most efficient way to bring the well back on. These packages come complete with everything needed downstream of the wellhead(tank, separator, flare, igniter, flow line and flare line) and are typically set up in 4 hours. Please call Greg at (403) 585-5750 for more information. Below is a list of our current inventory: Quantity of [Read more]
Column: Canadian oil entering a New Brunswick Refinery? Yes, via Panama, but we’ll take it, and thank you Irving for leadership
Four years ago, word of a peculiar commodity marketing phenomenon began seeping out into the general consciousness, one that was the equivalent of South Korea borrowing North Korea’s human rights handbook because they couldn’t find theirs. The phenomenon was that Saudi oil was flowing into a New Brunswick refinery as feedstock. The story unfolded while the Energy East pipeline project was still considered a possibility, and the absurdity of Canada not being able to get its own oil from one side [Read more]
XI Technologies: Open Asset Evaluation for June 2020
Each week, XI Technologies scans its unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you’d like to receive our Wednesday Word to the Wise in your inbox, subscribe here. For this month, XI will examine the property sale by TimberRock Energy. On May 6, 2020 and updated May 20, 2020, TimberRock Energy posted a 100% working interest sales/farmout or other negotiated deal on 98,763 acres of land in Grande [Read more]