Global oil consumption is falling at the fastest rate for almost five years as manufacturing activity and trade flows slip around the world and vehicle production tumbles. Demand in the top 18 consuming countries, each using more than 1 million barrels per day (bpd), fell by almost 0.2% in the three months between March and May compared with the same period a year earlier. Oil use is falling at the fastest rate since the third quarter of 2014, according to national government data [Read more]
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New Oil and Gas Jobs From BOE Report Jobs
Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location Aug. 20 Junior Field Operator Roska DBO Fox Creek Aug. 20 JOURNEYMAN HEAVY DUTY MECHANIC - (GPC) Trican Well Service Ltd. Grande Prairie Aug. 20 JOURNEYMAN [Read more]
Alberta extends oil curtailments by 1 year, through 2020
The government of Canada’s main oil-producing province, Alberta, said on Tuesday it was extending mandatory curtailments on crude production by an extra year through 2020, because of uncertainty about when expanded pipelines may come online. Alberta’s previous New Democratic Party government imposed production limits in January to drain a glut of oil in storage that built up due to congested pipelines. The curtailments have dramatically reduced a painful discount on Canadian heavy crude, but [Read more]
U.S. natgas futures hold steady on outlook for near-normal weather
U.S. natural gas futures were little changed on Tuesday amid forecasts for near-normal temperatures going into the home stretch of summer. Front-month gas futures for September delivery on the New York Mercantile Exchange (NYMEX) remained unchanged at $2.210 per million British thermal units as of 10:24 a.m. EDT (1424 GMT). Forecasts indicate a turn to more normal temperatures, said Thomas Saal, senior vice president of energy at INTL FCStone. "The market is waiting for this week's [Read more]
U.S. removed almost 2.7 mln barrels of Iranian oil from market
The United States has removed nearly 2.7 million barrels of Iranian oil from global markets as a result of Washington's decision to reimpose sanctions on all purchases of Iran's crude, U.S. Secretary of State Mike Pompeo said on Tuesday. In an interview with MSNBC, Pompeo said the U.S. government was confident it could continue with its strategy. The United States reimposed sanctions on Iran in November after pulling out of a 2015 nuclear accord between Tehran and six world powers. In May, [Read more]
Oil edges lower, but hopes on easing trade tensions cap losses
Oil prices edged lower on Tuesday on persisting concerns over demand, but optimism U.S.-China trade tensions will ease and hopes major economies will take stimulus measures to ward off a potential economic slowdown capped losses. Brent crude was down 19 cents to $59.55 a barrel by 1134 GMT while U.S. crude was down 27 cents at $55.94 a barrel. Both contracts traded in positive territory earlier in the session. The United States said it would extend a reprieve that permits China’s [Read more]
geoLOGIC Acquires TOP Analysis, Thermal Oilsands’ Provider of Critical Information & Competitive Intelligence
CALGARY, August 20, 2019 – geoLOGIC systems ltd. (geoLOGIC) today announced that it has purchased TOP Analysis ltd. (TOP Analysis), a provider of Canadian thermal oilsands critical information & competitive intelligence through an easy to use SaaS platform available to all disciplines. Founded in 2013, TOP Analysis has fundamentally changed the way in which companies make decisions in the thermal oilsands industry. With hundreds of users across organizations of all sizes and market [Read more]
Connacher Announces Q2 2019 Results
CALGARY, Aug. 19, 2019 /CNW/ - Connacher Oil and Gas Limited ("Connacher" or the "Company") announces its financial and operating results for the three and six months ended June 30, 2019 ("Q2 2019") (all amounts are in Canadian dollars unless otherwise noted). Q2 2019 Highlights Financial Q2 2019 and YTD 2019 revenue, net of royalties, increased 12% to $60.8 million (Q2 2018 - $54.2 million) and 30% to $114.3 million (YTD 2018 - $88.0 million), respectively, primarily due to higher [Read more]
Exxon says production shut at Hibernia oil platform after power outage
Production is shut down at the 220,000-barrel-per-day Hibernia oil platform off the coast of eastern Canada, Hibernia's largest shareholder ExxonMobil Corp said on Monday, after a temporary power cut led to oil and water leaking into the ocean. Exxon estimated around 14 barrels of oil leaked. It is the second spill in a month from the platform, and comes just days after Hibernia resumed production following the mid-July leak. The platform has been producing oil since 1997 and sits roughly [Read more]
Saudi Aramco asks banks to pitch for roles in planned IPO-sources
Saudi Aramco has formally asked major banks to submit proposals for potential roles in its planned initial public offering, two sources with direct knowledge of the matter said. Aramco's planned IPO, which could potentially raise $100 billion, is the centrepiece of Saudi Arabia's economic transformation drive to attract foreign investment and diversify away from oil. Request for proposals were sent to banks few days day ago, they said. Aramco declined to comment. The formal IPO [Read more]