Canadian heavy crude's discount versus U.S. benchmark West Texas Intermediate (WTI) crude narrowed on Monday, as traders said the impact of new rail restrictions was likely to be limited. Western Canada Select (WCS) heavy blend crude for March delivery in Hardisty, Alberta, settled at $16.75 per barrel below WTI, according to NE2 Canada Inc, slightly narrower than Friday's settle of $18.05 under. Canada said last week it would impose temporary speed limits on trains hauling dangerous goods [Read more]
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Baker Hughes Announces January 2020 Rig Counts
HOUSTON & LONDON - Baker Hughes (NYSE: BKR) announced today that the Baker Hughes international rig count for January 2020 was 1,078, down 26 from the 1,104 counted in December 2019, and up 54 from the 1,024 counted in January 2019. The international offshore rig count for January 2020 was 245, down 12 from the 257 counted in December 2019, and up 3 from the 242 counted in January 2019. The average U.S. rig count for January 2020 was 791, down 13 from the 804 counted in December 2019, and [Read more]
Brookfield a potential suitor for Trans Mountain, analyst says
Brookfield Infrastructure Partners LP could be a potential buyer of the Canadian government-owned Trans Mountain oil pipeline, a Stifel FirstEnergy analyst said, as the project expansion struggles with increasing costs arising from regulatory delays. In 2018, Ottawa bought the 67-year-old pipeline for C$4.5 billion to ensure expansion proceeded, but has faced opposition by environmental and some indigenous groups. Brookfield could be a potential "dark horse", as it recently completed a $20 [Read more]
PrairieSky Announces 2019 Fourth Quarter and Year End Results
CALGARY, Alberta - PrairieSky Royalty Ltd. ("PrairieSky" or the "Company") (TSX: PSK) is pleased to announce its fourth quarter ("Q4 2019") and 2019 year-end operating and financial results for the period ended December 31, 2019. In addition, PrairieSky’s Board of Directors has confirmed the annual dividend of $0.78 per share for the upcoming year. PRESIDENT’S MESSAGE Fourth Quarter 2019 Highlights: Funds from Operations totaled $55.8 million ($0.24 per common share basic and diluted). [Read more]
Canadian aboriginal group: Ottawa may have to delay decision on Teck oilsands mine
Canada may have to delay a decision on whether to approve a massive new oilsands mine because some indigenous people have not been consulted adequately, an influential aboriginal band is suggesting. Prime Minister Justin Trudeau's government must rule by end-February whether Teck Resources Ltd can build its C$20.6 billion ($15.7 billion) Frontier mine in northern Alberta, a project that is opposed by environmentalists and some legislators in the ruling Liberal party. Ottawa has consulted [Read more]
Police arrest 33 protesters opposing gas pipe, Vancouver port closure ends
Police have arrested 33 people on Monday, ending the closure of Vancouver ports in British Columbia province by indigenous protesters opposing the construction of Coastal GasLink pipeline. The arrests resulted from an injunction granted by a British Columbia court on Sunday to restore access to ports in the city. Port Metro Vancouver is one of Canada's biggest ports and police say protesters received several requests and warnings to clear the area prior to the arrests. The C$6.6 billion [Read more]
Ottawa launches consultations on Indigenous ownership of Trans Mountain pipeline
CALGARY - Finance Minister Bill Morneau says the federal government is launching a new set of consultations with Indigenous groups that will determine if and how they might take part in ownership of the Trans Mountain pipeline and its expansion project. Speaking in Calgary, the minister says up to 129 communities will be consulted over the next weeks and months to ensure they have a chance for "meaningful economic participation" in the pipeline. He says the groups will be asked their level [Read more]
Oil prices edge down as traders assess China's oil demand, await OPEC+ cuts
Oil prices edged down on Monday but held recent ranges as traders assessed China's oil demand following the coronavirus outbreak and awaited a decision by major producers to cut output further to balance markets. Oil is off more than 20% from peaks struck in January after a spreading virus hit demand in the world's largest oil importer and fuelled concerns of excess supplies. U.S. West Texas Intermediate fell 58 cents to $49.82 a barrel after striking a low of $49.56. Brent crude [Read more]
Vortex Production Services Is Altronic’s New Canadian Distributor
Vortex Production Services Ltd. is excited to announce that it has signed a Canadian Distributorship Agreement with Altronic LLC effective February 3, 2020. Altronic has long been regarded as a world leading manufacturer of ignition and control systems for industrial engines. These products represent the industry standard for quality and are designed to improve engine performance and enhance reliability. Many components also improve operating efficiency, helping to reduce emissions, which [Read more]
OSY Rentals Seeking Surplus Flare Stacks
Western Canada based OSY Rentals is seeking surplus production equipment to purchase. The company is currently seeking new or used: Flare stacks Vapour tight tanks Knockouts Separators Please contact dallas@osyrentals.com or greg@osyrentals.com OSY Rentals is an oilfield rental and sales company specializing in Vapour Tight Tank Packages, flares, knockouts and separators. Currently expanding our operations, we’re focused on providing the western Canadian oil and gas [Read more]