Canada’s fleet of active drilling rigs decreased by 3 since last week according to data from Baker Hughes. Total drilling count was 143 at October 18. 98 rigs were drilling for oil; 45 for natural gas. Drilling activity in Alberta decreased by 2, from 97 to 95. Saskatchewan’s fleet decreased by 2 to 32. View a full breakdown of Western Canada’s rig activity. [Read more]
Headlines
Crescent Point Closes on Sale of Uinta Basin and Non-Core Saskatchewan Assets
CALGARY, Oct. 18, 2019 /CNW/ - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX and NYSE: CPG) is pleased to announce that it has successfully closed the previously announced sale of its Uinta Basin asset and certain non-core conventional assets in southeast Saskatchewan. These accretive dispositions are in-line with the Company's strategy to focus its asset base and strengthen its balance sheet. Crescent Point is a leading North American light oil producer, driven to [Read more]
U.S. drillers add oil rigs for second week in a row
U.S. energy firms this week increased the number of oil rigs operating for a second week in a row for the first time since June even as producers follow through on plans to reduce spending on new drilling this year. Companies added 1 oil rigs in the week to Oct. 18, bringing the total count to 713, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. In the same week a year ago, there were 873 active rigs. The oil rig count, an early [Read more]
Canadian East Coast LNG export plans progress with Pieridae’s Shell deal
Pieridae Energy moved closer to building a liquefied natural gas (LNG) export terminal on Canada's East Coast after taking ownership of fields from Royal Dutch Shell which will feed gas into the plant, the company said. The Goldboro LNG terminal would be the first on Canada's East Coast and compete with the growing number of plants on the U.S. Gulf Coast, hoping its shorter distance to Europe and further west will help sell its LNG by cutting shipping costs. Pieridae said in a statement [Read more]
Oil ticks up as rising crude stocks are offset by products demand
Oil prices rose slightly on Friday as concern over an economic slowdown in China, the world’s biggest oil consumer, was countered by bullish signals from both the Chinese and U.S. refining sectors. U.S. West Texas Intermediate (WTI) crude futures edged up by 58 cents to $54.51. Both contracts were on track for weekly declines of less than 1%. Erasing earlier losses, global benchmark Brent crude oil futures rose 24 cents to $60.15 a barrel. In the third quarter, China’s economic growth [Read more]
Swedish activist Greta Thunberg in Edmonton for climate rally; counter-rally planned
Albertans are planning to hit Edmonton's streets today to support — or protest — Swedish climate campaigner Greta Thunberg's visit. Climate Justice Edmonton has announced that the 16-year-old Stockholm student will join a march from a downtown Edmonton park to a climate rally at the Alberta legislature. A group of oil and gas supporters is planning a counter-rally at the same time. United We Roll, the group that organized a pro-pipeline convoy to Ottawa in February, says its members are [Read more]
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Column: For Alberta, This Election Means Everything
Much commentary around the current federal election has centered on the apparent lack of a focus on policy instead of arguing about who did the most embarrassing thing in their youth (or as a 29 year old school teacher). It makes it seem like this election is about nothing, but nothing is further from the truth for Alberta and for the oil industry. It’s no secret that we face a somewhat hostile environment in terms of public opinion outside our provincial borders these days. Partly this is [Read more]
Canadian Gas Association open response to CBC Article by Kim Brunhuber “Climate Change’s Next Target – Your Gas Range”
Kim Brunhuber’s article is another in a line of comments suggesting the electrification of our energy use would be straightforward. We at the Canadian Gas Association disagree. To put some independent analysis into the discussion we commissioned ICF to examine electrification under various scenarios in Canada. The conclusions of their work make it clear that electrification would be extremely expensive, and of limited benefit for emission reductions versus a more cost-effective approach that [Read more]
Painted Pony Announces Asset Sale
CALGARY, Alberta, Oct. 17, 2019 (GLOBE NEWSWIRE) -- Painted Pony Energy Ltd. ("Painted Pony" or the "Corporation") (TSX: PONY) is pleased to announce that it has entered into a definitive agreement to sell a 75% working interest in 11,280 gross acres (8,460 net acres) in the north east British Columbia Montney for cash consideration of $45 million. The proposed transaction is expected to close on or about October 31, 2019. The proposed transaction is subject to closing conditions. The acreage [Read more]