FortisBC has signed Canada's first long-term supply agreement to produce liquefied natural gas for export to China, the company said in a statement on Tuesday.Under the two-year agreement with China's Top Speed Energy Corp, 53,000 tonnes of LNG will be shipped from the Tilbury facility in British Columbia to China by summer 2021, said Douglas Stout, vice president of market development and external relations for privately-owned FortisBC.The agreement is the first of its kind to secure [Read more]
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Alberta economy doing better than expected in June forecast, TD economists
CALGARY - Economists at TD Bank say they are looking at upgrading their Alberta growth expectations for 2019 as signs point to a more robust than expected recovery from the effects of extreme heavy oil price weakness in late 2018. The bank suggested in a forecast in June that the province's economy would grow by a "paltry" 0.5 per cent this year and a slightly better 2.1 per cent next year. It said the province's mandated oil production curtailments had worked to strengthen heavy [Read more]
Oil steadies as U.S. supply concerns ease but Iran tensions loom
Oil prices steadied on Tuesday as a resumption of production in the Gulf of Mexico after Hurricane Barry and a boom in U.S. supply from shale oil countered tensions in the Middle East. Uncertainty about China’s economic prospects also pressured prices after data on Monday showed that growth in the country slowed to 6.2% from a year earlier, the weakest pace in at least 27 years. West Texas Intermediate crude futures fell by 8 cents to $59.50 a barrel. The U.S. benchmark hit a session high [Read more]
U.S. natgas futures fall on forecasts of less hot weather, rising output
U.S. natural gas futures on Tuesday fell more than 3% to their lowest in over a week on forecasts for less hot weather over the next two weeks than previously forecast and a slow return of production from the Gulf of Mexico after Tropical Storm Barry. Front-month gas futures for August delivery on the New York Mercantile Exchange were down 7.6 cents, or 3.2%, to $2.332 per million British thermal units at 8:23 a.m. EDT (1223 GMT), their lowest since July 5. With the weather expected to [Read more]
Karve Energy Announces Strategic Acquisition of High Ground Energy Inc.
CALGARY, ALBERTA (Jul. 15, 2019) – Karve Energy Inc. (“Karve” or the “Company”) is pleased to announce that it has closed the acquisition of High Ground Energy Inc. (the “Acquisition”) effective July 15, 2019. The Acquisition adds sweet, light oil-weighted Viking assets which are contiguous to Karve’s existing core area at Monitor, including approximately 2,000 boe/d of production (52% liquids). The Acquisition increases Karve’s dominant footprint in the Alberta Viking and enables near term [Read more]
Heavy crude discount shrinks
The differential on Canadian heavy crude narrowed on Monday to trade at the tightest discount since April:* Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, settled at $9.15 per barrel below West Texas Intermediate (WTI) oil, according to Net Energy Exchange. On Friday, WCS for August delivery settled at $10.85 a barrel below WTI crude futures.* One Calgary-based industry source described the sharply narrower differential as "insane" and said the [Read more]
U.S. Gulf of Mexico oil, gas producers begin restarting after Barry
U.S. oil companies on Monday began restoring some of the more than nearly 74% production shut at U.S. Gulf of Mexico platforms ahead of Hurricane Barry, the U.S. offshore drilling regulator said.There was 1.3 million barrels per day (bpd) of oil production off line in the U.S.-regulated areas of the Gulf of Mexico on Monday, about 80,000 barrels less than on Sunday, according to the U.S. Bureau of Safety and Environmental Enforcement (BSEE). Workers also were returning to the more than 280 [Read more]
U.S. shale oil output forecast to hit record 8.55 million bpd in August
U.S. oil output from seven major shale formations is expected to rise by about 49,000 barrels per day (bpd) in August, to a record 8.55 million bpd, the U.S. Energy Information Administration said in its monthly drilling productivity report on Monday.The largest change is forecast in the Permian Basin of Texas and New Mexico, where output is expected to climb by 34,000 bpd, to a fresh peak of about 4.21 million bpd in August. That was however, the smallest increase since production declined in [Read more]
Producers still cautious despite higher Q2 expectations on stronger oil prices
CALGARY - Higher oil prices are expected to boost cash flow for Canadian crude producers as they roll out second-quarter results beginning next week, but analysts say the extra money is unlikely to be added to growth budgets. Canadian oil prices steadied in comparison with U.S. benchmarks in the three months ended June 30 following six months of volatility blamed on the failure of pipeline capacity to match growing oilsands output and Alberta's decision to impose production limits starting in [Read more]
Long Run Exploration Ltd.: Non-Core Property Divestiture
Long Run Exploration Ltd. (“Long Run” or the “Company”) has engaged Sayer Energy Advisors to assist with the sale of its non-core oil and natural gas properties located in the Taber, Oyen, Drumheller, Wimborne, Provost, Three Hills, Killam, Bashaw, Plain Lake, Lindbrook, Bremner, Partridge and Highvale areas of central Alberta, as well as additional minor properties located throughout Alberta (the “Properties”). Total current production net to Long Run from the Properties is approximately 883 [Read more]