OPEC oil output sank to a new five-year low in June as a rise in Saudi supply did not offset losses in Iran and Venezuela due to U.S. sanctions and other outages elsewhere in the group, a Reuters survey found. The 14-member Organization of the Petroleum Exporting Countries pumped 29.60 million barrels per day (bpd) last month, the survey showed, down 170,000 bpd from May’s revised figure and the lowest OPEC total since 2014, the survey showed. The Reuters survey suggests that even though [Read more]
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Hillcrest Provides Update and Announces Closing of Unit Private Placement
VANCOUVER, B.C. - TheNewswire - July 5, 2019 - Hillcrest Petroleum Ltd. (TSXV:HRH) (OTC:HLRTF) (the "Company" or "Hillcrest") - As previously announced the upgraded West Hazel production facilities were commissioned in January, with initial production from two wells commencing concurrently. A third well was brought online in March, followed by the fourth well in early June. Resulting oil sales have delivered positive operating cash flow to the Company for the first time in over two years, with [Read more]
Alberta to hold $2.5-million public inquiry into funding for oil and gas foes
CALGARY - The Alberta government will hold a public inquiry into environmental groups that it says have been bankrolled by foreign benefactors hell-bent on keeping Canada's oil and gas from reaching new markets while letting oil production grow unabated in the Middle East and the United States. "They often say that sunlight is the best disinfectant. This public inquiry will be sunlight on the activities of this campaign," Premier Jason Kenney said Thursday. "It will investigate all of the [Read more]
Ottawa won’t rush into sale of Trans Mountain to Indigenous groups: minister
CALGARY - Canada's natural resources minister says the government is willing to consider bids from Indigenous groups for a stake in the Trans Mountain pipeline. But Amarjeet Sohi also says Ottawa wouldn't jump at the first offer on the table. "We have seen from Indigenous communities that they are interested in having an equity ... in this project," Sohi said Thursday at a business luncheon in Calgary. "It is a very important conversation to have because Indigenous communities should be [Read more]
Heavy and synthetic oil differentials strengthen
Canada's heavy crude differential to U.S. futures narrowed slightly on Thursday:* Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, last traded at $12.60 per barrel below West Texas Intermediate (WTI) oil, according to Net Energy Exchange. On Wednesday, WCS for August delivery settled at $12.95 a barrel below WTI crude futures.* The government of Alberta, Canada's main crude-producing province, has capped oil production for August at 3.74 million [Read more]
Inter Pipeline Completes Kirby North Connection Project
CALGARY, July 4, 2019 /CNW/ - Inter Pipeline Ltd. ("Inter Pipeline") (TSX:IPL) announced today that it successfully placed into service a diluent and bitumen blend pipeline connection to Canadian Natural's Kirby North oil sands project. The connection is underpinned by a long-term take-or-pay agreement that will provide Inter Pipeline with stable cash flow that is not dependent on commodity prices or volume shipped. "We are pleased to provide transportation services to this high-quality oil [Read more]
Oil prices dip on signs of slowing U.S. demand, economic concerns
Oil prices fell on Thursday, weighed down by data showing a smaller-than-expected draw on U.S. crude stockpiles along with worries about the global economy. U.S. West Texas Intermediate (WTI) crude futures were down 23 cents or 0.40% at $57.11 per barrel. WTI closed up 1.9% on Wednesday. Markets appeared largely unmoved by the detention in Gibraltar by British Royal Marines of a supertanker possibly carrying Iranian crude oil bound for Syria, as tensions between Iran and the United [Read more]
Tourmaline Oil Corp. Announces Approval Of Normal Course Issuer Bid
CALGARY, July 4, 2019 /CNW/ - Tourmaline Oil Corp. (TSX – TOU) ("Tourmaline") is pleased to announce that the Toronto Stock Exchange (the "TSX") has accepted the notice of Tourmaline's intention to commence a normal course issuer bid (the "NCIB"). The NCIB allows Tourmaline to purchase up to 13,602,507 common shares (representing 5% of its 272,050,159 outstanding common shares as of June 30, 2019) over a period of twelve months commencing on July 8, 2019. The NCIB will expire no later than [Read more]
Point Loma Resources Announces Operational Update of Wizard Lake Rex Oil Discovery and Issuance of Settlement Units
CALGARY, AB / ACCESSWIRE / July 4, 2019 / Point Loma Resources Ltd. (TSX VENTURE: PLX) (the "Corporation" or "Point Loma") is pleased to announce an update on production and upcoming development drilling of the Corporation's Wizard Lake Rex oil discovery and the issuance of Settlement Units (as defined below). Highlights: The Wizard Lake 16-17-48-27W4 Rex oil discovery well was placed on production June 5, 2019. Oil production for the month of June is estimated at 4,280 bbls over a [Read more]
Universal Geomatics Solutions Corp. becomes an Aboriginal Procurement Champion
As a Business Member of the Canadian Council for Aboriginal Business (CCAB) since 2013, Universal Geomatics Solutions Corp. (UGS) is proud to announce that it has become a CCAB Aboriginal Procurement Champion, supporting both UGS’s and the CCAB’s efforts towards economic reconciliation. “UGS supports Truth and Reconciliation and being a business that supports Indigenous inclusion in all aspects of our business is integral to our success and those we work with. We value our relationships with [Read more]