CALGARY, July 29, 2019 /PRNewswire/ - Vermilion Energy Inc. ("Vermilion", "We", "Our", "Us" or the "Company") (TSX, NYSE: VET) is pleased to report operating and condensed financial results for the three and six months ended June 30, 2019. The unaudited financial statements and management discussion and analysis for the three and six months ended June 30, 2019, will be available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com, on EDGAR at [Read more]
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Shield Industries announces new manufacturing facility in Hythe
CALGARY – July 29, 2019 – Shield Industries Ltd (“Shield”) is pleased to announce the commissioning of its new manufacturing facility in Hythe, AB. The new location will be focused on oilfield equipment fabrication such as storage tanks, low pressure vessels, pressure piping and structural steel. This strategically located new facility complements the original Taber location and enhances Shield’s ability to service local Montney and Duvernay focused producers, as well as midstream and service [Read more]
Canada Rig Count up 9 from last week, down 96 from one year ago
Canada's fleet of active drilling rigs increased to 127 from the previous week's count of 118 according to Baker Hughes. Oil drilling totaled 85 rigs, while natural gas drilling totaled 42. Alberta was the only province with an uptick in activity, increasing its total from 63 to 73. Drilling activity has remained very depressed in western Canada as producers continue to face challenges related to continued Alberta production curtailments, record low natural gas prices and generally poor [Read more]
Canada regulator says no federal scrutiny needed for LNG project gas pipeline
TC Energy Corp's proposed Coastal GasLink pipeline to supply the LNG Canada project in northern British Columbia is not subject to federal regulation, Canada's National Energy Board (NEB) said on Friday. The decision means the 670-kilometer-long (416 miles) natural gas pipeline will not have to submit a new application for approval and cuts the risk of extra regulatory scrutiny delaying construction. Once built, Coastal GasLink will run from Dawson Creek in the northeast of the province to [Read more]
Alberta government eases oil production curtailments for September
The government of Canada's main crude-producing province Alberta eased oil production curtailments for September on Friday, setting the new limit at 3.76 million barrels per day (bpd). That is a 25,000 bpd increase on the August production limit. Alberta introduced curtailments effective Jan. 1 2019 to ease congestion on export pipelines that left crude stranded in storage tanks and pushed the discount on Canadian crude versus U.S. barrels to record levels. "Alberta is increasing [Read more]
Indigenous-led group submits preliminary proposal to buy Trans Mountain pipeline
An indigenous-led group has submitted a preliminary proposal to the Canadian government outlining its plans to bid for a majority stake in the Trans Mountain oil pipeline expansion project, a spokeswoman for the group said on Friday. Project Reconciliation has previously said it wants to buy a 51% stake in the existing pipeline and planned expansion project for C$6.9 billion ($5.24 billion). Prime Minister Justin Trudeau's Liberal government bought Trans Mountain last year and approved the [Read more]
Canadian regulators recommend approving new Teck oil sands mine
Canadian energy regulators recommended approval of an oil sands mine proposed by Teck Resources Ltd in northern Alberta, saying economic benefits would outweigh "significant" adverse effects on the environment and indigenous communities. In a decision released late on Thursday, a joint provincial and federal review panel found the 260,000 barrel per day Frontier mining project, to be situated 110 kilometers (68 miles) north of the oil sands hub of Fort McMurray, would be in the public [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 follow through on plans to cut spending on new drilling and completions.Drillers cut three oil rigs in the week to July 26, bringing the total count down to 776, the lowest since February 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That compares with 861 rigs operating during the same week a year ago.For the month, [Read more]
Oil prices nudge up as geopolitical tensions counter sluggish demand
Oil prices edged higher on Friday on worries about Middle East tensions, offset by a flagging global economic growth outlook amid the U.S.-China trade war. U.S. West Texas Intermediate crude was 18 cents higher, or 0.3%, at $56.20 a barrel, after gaining 0.25% overnight. Brent crude futures were up 7 cents, or 0.1%, at $63.46 a barrel by 0457 GMT. They rose 0.3% in the previous session. "Growing challenges in the macroeconomic environment have kept bullish bets in check as risk [Read more]
U.S. natgas futures fall close to 3-year low as output rises
U.S. natural gas futures fell about 1% early Friday, nearing a three-year low, as rising gas output offset forecasts for higher cooling demand as weather heats up through mid August. On its second to last day as the front month, gas futures for August delivery on the New York Mercantile Exchange slid 4.1 cents, or 1.8%, to $2.203 per million British thermal units at 8:39 a.m. EDT (1239 GMT). That was within a few cents of its $2.185 close on June 20, its lowest settle since May [Read more]