A Minnesota court ruled on Monday that Enbridge Inc's final environmental impact statement for its Line 3 replacement project is inadequate, raising the possibility the Canadian crude oil pipeline could face further delays. The Line 3 replacement project would ship 760,000 barrels per day of Canadian crude from Alberta to Wisconsin, doubling current capacity and providing much-needed relief from congestion on existing Canadian pipelines. In a written decision posted online, the Minnesota [Read more]
Headlines
Obsidian Energy Announces Extension of Syndicated Credit Facility Redetermination Date
CALGARY, June 3, 2019 /CNW/ - OBSIDIAN ENERGY LTD. (TSX – OBE, NYSE – OBE.BC) ("Obsidian Energy", the "Company", "we", "us" or "our") announces the Company's banking syndicate has extended the syndicated credit facility redetermination date until June 30, 2019 as the Company completes marketing of its previously announced unsecured bond offering and as our partner progresses through its right of first refusal and tag-along provisions in regard to the Peace River Oil Partnership disposition. The [Read more]
John Robson: Harvest of woe
What if the crops fail? It’s not very likely, at least in North America and Europe, given the extraordinary proficiency and resilience of our high-tech agriculture. But apparently they might. At any rate, climate alarmists have been predicting manmade-global-warming-driven crop failure since at least the Canadian government’s 2001 Canada Action Plan pamphlet warning of declining yields on the prairies due to drought. (Indeed, they’ve been predicting widespread famine before they were climate [Read more]
Drakkar Energy Ltd. Seeks Joint Venture Partner
Drakkar Energy Ltd. is looking for a joint venture partner to invest $6 million in a multiwell horizontal drilling program in the Montney formation at Girouxville East. Our land base comprises twenty contiguous sections adjacent to two Montney pools. Drilling depth is 1100 metres with initial production rates exceeding 200 BOPD. Click here for a copy of our teaser and contact information for arranging a technical presentation [Read more]
Sale shows big loss in investment value of China-backed Alberta oil project
CALGARY - A Chinese company's $817-million investment in a northern Alberta heavy oil project nine years ago has collapsed in value to less than $80 million, based on the price its Canadian partner has negotiated for the sale of its majority stake. The fall to less than one-tenth of original value is shocking but consistent with the general record of poor performance from China's Alberta oilpatch investments, said Gordon Houlden, director of the China Institute at the University of Alberta in [Read more]
Burnaby mayor wants more action on pipeline after meeting with Trudeau
BURNABY, B.C. - The mayor of Burnaby, B.C., says he met with Prime Minister Justin Trudeau to discuss his concerns about the risk of a fire at a tank farm in his city, which would be the terminus of an expanded Trans Mountain pipeline. Mike Hurley said he told Trudeau on Saturday that the facility on Burnaby Mountain is within five kilometres of forests and a residential area that would put thousands of lives in danger. "I said, 'If it goes ahead, and I sincerely hope it doesn't, we have [Read more]
Canadian Natural to temporarily shut in oil production due to wildfires
Oil and gas producer Canadian Natural Resources Ltd said on Friday it would temporarily shut-in about 65,000 barrels per day (bbl/d) of crude oil production due to forest fires in Alberta.The company on Thursday completed the evacuation of all 240 personnel at its Pelican Lake and Woodenhouse operations, it said in a statement. (Reporting by Rama Venkat in Bengaluru; Editing by Cynthia Osterman) [Read more]
Canadian Natural Resources Limited Provides an Update on the Impact of Alberta Forest Fires
CALGARY, Alberta, May 31, 2019 (GLOBE NEWSWIRE) -- With the protection and safety of our people and assets as the utmost priority, Canadian Natural Resources Limited (“Canadian Natural”) is closely monitoring the wildfires in the Wabasca and Slave Lake, Alberta areas. In response to the wildfires, Canadian Natural completed on May 30, 2019 the evacuation of all 240 personnel in our Pelican Lake and Woodenhouse operations. Accordingly, Canadian Natural has completed the safe, temporary shut-in [Read more]
Petrus Resources Announces Credit Facility And Operations Update
CALGARY, Alberta, May 31, 2019 (GLOBE NEWSWIRE) -- Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ) announces the completion of the 2019 annual review of its revolving credit facility ("RCF"), and provides an operations update. REVOLVING CREDIT FACILITY The 2019 annual review of the RCF has been completed. The RCF syndicate of lenders have reduced the Company's borrowing base of $110 million to $100 million. The revolving period has been extended to May 31, 2020 and the maturity [Read more]
B.C. sets timelines, funding requirements for orphaned oil and gas wells
VICTORIA BEACH, Man. - British Columbia's Oil and Gas Commission says the province is the first in Western Canada to impose legal timelines for the restoration of oil and gas wells. The commission says the regulation is part of a new liability management plan that ensures all the costs of reclaiming oil and gas sites continues to be paid by industry. Energy Minister Michelle Mungall says the changes address long-standing concerns raised by the public about orphaned wells. The regulation [Read more]