There’s a famous remark attributed to Albert Einstein that while he didn’t know what weapons would be used in World War III, World War IV would be fought with sticks and stones. And indeed when 2001 Nobel Economics Laureate Joseph Stiglitz declared that “The climate emergency is our third world war” my immediate thought was that indeed if taken seriously the climate alarmists’ remedies would leave those who survived back in the Stone Age. It’s a pretty big “if”. With just 12 years until we [Read more]
Headlines
Canadian oil pipeline congestion sets up lucrative storage play
Upheavals in the Canadian crude market are providing unique opportunities for firms with sizeable long-term leases on Alberta storage tanks, a cluster that sources say includes Mercuria Energy Group and oil major BP Plc's trading arm.Canada holds the world's third-largest crude reserves, but years of delay in building new pipelines has led to oil production outpacing takeaway capacity. A glut of crude has thus been created, increasing demand for storage tanks in the oil sands [Read more]
Canadian Natural Resources Limited Provides an Update on Pelican Lake and Woodenhouse Operations
CALGARY, Alberta, June 08, 2019 (GLOBE NEWSWIRE) -- Canadian Natural Resources Limited (“Canadian Natural” or the “Company”) provides an update on its Pelican Lake and Woodenhouse operations. The Company has now been able to gain access to its wells and facilities in these areas, following the previously announced evacuation due to local wildfires. The Company continues to monitor the wildfire situation with local officials and is restarting operations today, ramping production back up in a safe [Read more]
Kenney: higher risk tolerance, ability to act quickly key for energy ‘war room’
CALGARY - Alberta's premier says staff in the province's so-called energy "war room" will be able to quickly take on industry foes without government bureaucracy holding them back. The office — to be based in Calgary with a $30 million budget — is meant to take on critics of Alberta's oil and gas industry in real time. Kenney and Energy Minister Sonya Savage were meeting with industry players on Friday to get advice on how the war room should work. He says he hopes to [Read more]
Journey Energy Inc. Announces Update to its Annual Credit Facility Review
CALGARY, June 7, 2019 /CNW/ - Journey Energy Inc. (JOY – TSX) ("Journey" or the "Company") announces today that the annual borrowing base redetermination of its credit facilities has been finalized. The amended credit facilities have been reduced from the current amount of $100 million to $90 million. The new facility is comprised of a $75 million syndicated revolving term credit facility and a $15 million working capital facility. The reduction in the facility was the result of several factors [Read more]
Canada Weekly Rig Count Up 18 to 103
Western Canada’s fleet of drilling rigs went up by 18 to 103 according to data collected by Baker Hughes for the week of June 7th. From last Friday, Alberta rig counts went from 56 to 63. Saskatchewan's rig count increased from 17 to 25. Oil drilling went from 44 to 59; natural gas rigs went from 41 to 44. View a full breakdown of western Canada’s rig activity. [Read more]
U.S. oil rig count falls to lowest since Feb 2018
U.S. energy firms this week cut the oil rig count to the lowest since February 2018 as drillers follow through on plans to reduce spending with crude prices collapsing to a four-month low. Drillers cut 11 oil rigs in the week to June 7 in the biggest weekly decline since April, bringing the total count down to 789, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That compares with 862 rigs operating during the same week a year [Read more]
Senate passes major project assessment bill with heavy amendments
The Canadian Senate has approved legislation aimed at changing the way major projects such as oil pipelines are assessed, with more than 180 amendments that were welcomed by the government of Canada's main crude-producing province Alberta.After the vote late on Thursday Bill C-69 will now go back to the House of Commons where Justin Trudeau's Liberal government must decide which amendments it will accept.The federal government introduced the bill to fulfil a 2015 election pledge to [Read more]
Baker Hughes Announces May 2019 Rig Counts
The Baker Hughes International Rig Count now includes active drilling rigs in Ukraine HOUSTON & LONDON--(BUSINESS WIRE)--Baker Hughes, a GE company (NYSE:BHGE) announced today that the Baker Hughes international rig count for May 2019 was 1,126, up 64 from the 1,062 counted in April 2019, and up 159 from the 967 counted in May 2018. The international offshore rig count for May 2019 was 240, down 11 from the 251 counted in April 2019, and up 42 from the 198 counted in May 2018. The [Read more]
Senators reject chance to immediately kill tanker ban but bill not safe yet
OTTAWA - The Senate passed up a chance Thursday to kill the Trudeau government's bill to ban oil tanker traffic in the environmentally sensitive waters off northern British Columbia. Senators voted 53-38 to reject a committee report that recommended that Bill C-48 be scrapped; one senator abstained. But that's not a guarantee the bill will survive. A number of Independent senators are opposed to C-48 but nevertheless voted against the Conservative-written report of the Senate's [Read more]