Oil sands producer MEG Energy has written to Canada's energy regulator to oppose pipeline company Enbridge Inc's plan to introduce long-term fixed volume contracts on its Mainline system. MEG's open letter to the National Energy Board regulator, filed on Friday, makes it the largest producer so far to call for Enbridge to scrap its Mainline plan because of how it will affect producers' ability to ship crude to market. The 2.85 million barrel per day Mainline is North America's largest [Read more]
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Bonterra Energy Corp. Reports Fluid Release at Central Alberta Well Site
Bonterra Energy Corp. (www.bonterraenergy.com) (TSX: BNE) ("Bonterra" or the "Company") reports that the Company has identified, responded to, and is addressing, a release of emulsion related to a pipeline that severed following a creek bank collapse due to recent flooding approximately 25 km southwest of Drayton Valley, AB. On the afternoon of August 15, 2019, Bonterra identified a release of emulsion from a pipeline that severed due to the complete collapse of a creek bank following recent [Read more]
Oil up after drone attack on Saudi field, but OPEC report caps gains
Crude oil prices rose on Monday following a weekend attack on a Saudi oil facility by Yemen’s Houthi forces and as traders looked for signs of progress in U.S.-China trade negotiations. Price gains were, however, capped to some degree by an unusually downbeat OPEC report that stoked concerns about growth in oil demand. U.S. West Texas Intermediate (WTI) crude futures were up $1.01, or 1.8%, at $55.88 a barrel. Brent crude, the international benchmark for oil prices, was up 85 cents, [Read more]
Sinopec Canada: Wapiti Montney Land Divestiture
Sinopec Canada (“Sinopec”) is looking to divest of a portion of its prospective Montney acreage in the Wapiti Area of Alberta. Sinopec holds an average 89% working interest in 55,200 acres (86.25 gross sections) of Montney rights in the Wapiti area that it is looking to divest as part of this package. In addition, Sinopec has a working interest in 3 horizontal Montney wells and 2 vertical Montney wells. Sinopec’s lands in the Wapiti area are offset by recent drilling activity by Seven [Read more]
Saturn Oil & Gas Announces Second Half 2019 Drilling Program, Option Grant and Updated Corporate Presentation
Saturn Oil & Gas Inc. (“Saturn” or the “Company”) (TSXV: SOIL) (FSE: SMK) is pleased to confirm the commencement of its second half 2019 drilling program, an option grant and that an updated corporate presentation has been posted to its website. Second Half 2019 Drilling Program The Company is pleased to confirm that it has commenced its second half 2019 drilling program (the “Program”) focused on increasing production and reserves from the Viking light oil play in west-central [Read more]
Pipeline rupture sends 250 barrels of oil into Alberta creek
The Alberta Energy Regulator says a pipeline has spilled approximately 250 barrels of crude oil into a creek. The regulator says on its website that the incident happened Thursday on a Bonterra Energy Corp. line 14 kilometres south of Drayton Valley, Alta. It says the line was shut in and depressurized, and that containment booms were installed. The AER says no impacts to wildlife were reported. Calgary-based Bonterra says in a news release that it began investigating a problem with [Read more]
Husky to resume full production at White Rose field
Husky Energy Inc said on Friday it would resume production from the last two shut-in drill centers at its White Rose field, which was shutdown last year after an oil spill off the Atlantic Coast.The Canadian oil and gas producer said it will now begin an orderly restart process and expects to reach full rates from by early next week.Husky, the operator and majority owner of the White Rose field, said it expects production there to ramp up to about 20,000 barrels per day after the startup. [Read more]
Canada weekly rig count up 2 to 142
Western Canada’s fleet of drilling rigs went up by 2 to 142 according to data collected by Baker Hughes for the week of August 16th. Alberta grew its fleet by 1 to 95, while Saskatchewan increased by 2 to 33. Oil rigs went from 94 to 101, natural gas drilling dropped to 41 from 46. View a full breakdown of Western Canada’s rig activity. [Read more]
A look at the most active plays in Alberta for the first half of 2019
In the top four plays in Alberta, there were 452 wells drilled in total, with 225 gas wells and 224 oil wells. Montney had the most drilling with 172 wells drilled, followed by Cardium at 103, Duvernay at 91, and Viking at 86. Despite gas pricing at very low levels, virtually half the wells drilled in these formations targeted natural gas. Overall, drilling remains very depressed in Alberta as producers continue to face challenges related to continued production curtailments and record [Read more]
Oilsands firms considering diluent recovery units to boost crude-by-rail volumes
CALGARY - Ongoing pipeline project delays and growth in crude-by-rail capacity from Western Canada are leading some oilsands producers to consider spending billions of dollars to build diluent recovery units. Oilsands bitumen is a thick, sticky oil which must be diluted with about half as much light petroleum to flow in a pipeline, but diluent isn't needed for rail transport because the product can be heated for loading and unloading. Eight Capital analyst Phil Skolnick says in a [Read more]