DUBAI, United Arab Emirates - The U.S. military released a video Friday it said showed Iran's Revolutionary Guard removing an unexploded limpet mine from one of the oil tankers targeted near the strategic Strait of Hormuz, suggesting Tehran wanted to hide evidence of its alleged involvement. Iran denied any role in Thursday's apparent attacks, which have again roiled the Persian Gulf amid heightened tensions between Tehran and Washington over the unraveling nuclear deal with world [Read more]
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Canada Weekly Rig Count Up 4 to 107
Western Canada’s fleet of drilling rigs went up by 4 to 104 according to data collected by Baker Hughes for the week of June 14th. Oil drilling went from 59 to 69; natural gas rigs went from 44 to 38. View a full breakdown of western Canada’s rig activity. [Read more]
U.S. oil drillers cut rigs for second week in a row
U.S. energy firms reduced the number of oil rigs operating for a second week in a row, with the country's production growth expected to slow as crude prices dropped close to their lowest levels of the year and most drillers cut spending. Drillers cut one oil rig in the week to June 14, bringing the total count down to 788, still 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 863 rigs [Read more]
Premiers’ demands on environment bills an ‘unhelpful’ threat to unity: Morneau
OTTAWA - The federal Liberals say it's conservative premiers who are putting Canada at risk in a fight over oil and the environment. Finance Minister Bill Morneau says in a letter to six right-leaning premiers Friday it's "unhelpful to threaten national unity" if their demands to change two bills on the verge of being passed in Parliament aren't met. The premiers of Ontario, Alberta, Saskatchewan, Manitoba, New Brunswick and the Northwest Territories wrote to the prime minister Monday [Read more]
Cequence Energy Announces Credit Facility Renewal
CALGARY, Alberta, June 14, 2019 (GLOBE NEWSWIRE) -- Cequence Energy Ltd. ("Cequence" or the "Company") (TSX: CQE) is pleased to announce that it has entered into an amended credit facility agreement (the “Credit Facility”) with its lender. The Credit Facility will mature on June 16, 2020 and the borrowing base remains at $7.0 million. Other than outstanding letters of credit totalling approximately $1.6 million, the Company currently has no amounts drawn under the Credit Facility. OVERVIEW OF [Read more]
IEA cuts 2019 estimate for oil demand growth on global economy worries
The outlook for oil demand growth in 2019 has dimmed due to worsening prospects for world trade, the International Energy Agency (IEA) said on Friday, although stimulus packages and developing countries should boost growth going into 2020. The Paris-based IEA, which coordinates the energy policies of industrial nations, revised down its 2019 demand growth estimate by 100,000 barrels to 1.2 million barrels per day (bpd), but said it would climb to 1.4 million bpd for 2020. "The main focus [Read more]
Tankers struck near Strait of Hormuz; US blames Iran
DUBAI, United Arab Emirates - The U.S. blamed Iran for suspected attacks on two oil tankers Thursday near the strategic Strait of Hormuz, denouncing what it called a campaign of "escalating tensions" in a region crucial to global energy supplies. The U.S. Navy rushed to assist the stricken vessels in the Gulf of Oman off the coast of Iran, including one that was set ablaze. The ships' operators offered no immediate explanation on who or what caused the damage against the Norwegian-owned MT [Read more]
Federal carbon tax coming to Alberta in January: environment minister
Ottawa plans to impose the federal carbon tax on Alberta starting Jan. 1 and federal Environment Minister Catherine McKenna says she has written the province about the decision. "We need to move forward to tackle climate change," McKenna said in Ottawa before question period on Thursday. "We see the impacts of climate change through extreme weather, including in Alberta where there are forest fires that are burning earlier than ever before, that are burning stronger, and that (are) having [Read more]
Canadian oil output growth forecast halved to 1.4% annually
Canadian oil production will grow by 1.4% annually until 2035, the Canadian Association of Petroleum Producers (CAPP) forecast on Thursday, halving its forecast from five years ago due to constraints by lack of new pipelines and inefficient regulation. The Calgary-based industry body said output will increase to 5.86 million barrels per day by 2035, a rise of 1.27 million bpd from current levels, representing a 1.4% annual increase. That growth rate is less than half what CAPP projected in [Read more]
Constrained growth outlook means a missed opportunity for Canada’s oil sector: CAPP
CALGARY, June 13, 2019 /CNW/ - Canada's oil sector is missing a significant opportunity to benefit from the global commodity price and finally receive fair market value for Canadian resources, according to the Canadian Association of Petroleum Producers' (CAPP) 2019 Crude Oil Forecast, Markets and Transportation report. The report shows a constrained outlook for Canadian oil production over the forecast period from 2019 to 2035 and, although the country's overall crude oil production is [Read more]