CALGARY - The Canada Energy Regulator says it has approved an application from Chevron Canada for a 40-year licence to export natural gas from the proposed Kitimat LNG project despite environmental opposition. The application filed last spring to the National Energy Board, the CER's predecessor, aimed to double the previously approved export licence duration and nearly double the potential output of the facility to 997 billion cubic feet of natural gas per year. That's the equivalent of [Read more]
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Saskatchewan’s oil lures investors, producers from troubled Alberta
Alberta's congested pipelines and production limits are turning oil companies to neighboring Saskatchewan, driving up prices for drilling rights as the region weathers a deep slump. A survey of senior executives last month by the Fraser Institute said Saskatchewan was Canada's most attractive jurisdiction for upstream oil and gas investment. Saskatchewan produces 11% of Canada's oil, compared with Alberta's 80%, according to the Canada Energy Regulator. Saskatchewan's sale of oil and gas [Read more]
Oil rises as OPEC weighs deeper output cuts
Oil prices rose on Thursday ahead of an OPEC meeting where members are expected to agree on deeper output cuts in an effort to prop up prices and prevent a glut next year. Sources told Reuters that OPEC was seeking to increase production cuts by the group and its allies led by Russia by more than 400,000 barrels per day (bpd) from their current level of 1.2 million bpd. The Organization of the Petroleum Exporting Countries meets on Thursday in Vienna followed by a meeting on Friday with [Read more]
Request for Offers to Purchase
The Bowra Group Inc., in its capacity as Receiver (the “Receiver”) of Collaborative Energy Services Inc., Ascent Oilfield Services Corp., and Denarii Well Services Inc. (collectively “Collaborative Group”), is offering for sale the capital assets of Collaborative Group consisting of: Service rigs; Heavy-duty trucks; Catwalk trailers; Commercial trailers; Doghouse trailers; and, Crane carrier. The Receiver is selling its right title and interest in the shares owned by [Read more]
Kinder Morgan expects earnings to decline in 2020
Pipeline operator Kinder Morgan Inc on Thursday forecast a drop in core earnings next year, as growth from expansion projects would likely be offset by higher spending and lower contract rates on some of its gas and oil pipelines. The company said it expects 2020 adjusted earnings before interest, tax and depreciation (EBITDA) to be $7.6 billion compared with 2019 forecast of $7.8 billion. Kinder Morgan would generate $5.1 billion of distributable cash flow in 2020, which is nearly 3% [Read more]
Paramount Resources: Sale of Non-Core Assets for $55 million
CALGARY - Paramount Resources Ltd. ("Paramount" or the "Company") is pleased to announce that it has closed the sale of certain natural gas weighted properties in West Central Alberta (the "Assets") for cash consideration of approximately $55 million (the "Transaction"). Paramount will retain all of its Duvernay assets in both Willesden Green and the East Shale Basin, as well as its fee title and royalty lands (the "Retained Lands"). The Transaction significantly reduces the complexity of [Read more]
Bonavista Announces Synergistic Asset Acquisition
Calgary, Alberta - Bonavista Energy Corporation (TSX: BNP) ("Bonavista" or the "Company") is pleased to announce the acquisition of certain oil and liquids rich natural gas weighted properties (the "Acquired Assets") located within our West Central Alberta core area (the "Acquisition") which are synergistic to our existing operations, complementary to our development plans and accretive to our debt leverage. The transaction closed on December 4th, 2019 with an effective date of November 1st, [Read more]
Baytex Announces 2020 Budget and Board Chair Appointment
CALGARY, Alberta, Dec. 04, 2019 (GLOBE NEWSWIRE) -- Baytex Energy Corp. (“Baytex”) (TSX, NYSE: BTE) announces that its Board of Directors has approved a 2020 capital budget of $500 to $575 million, which is designed to generate average annual production of 93,000 to 97,000 boe/d. The Board of Directors is also pleased to announce the appointment of Mark Bly as Chairman. Commenting on the budget announcement, Ed LaFehr, President and Chief Executive Officer, said: “We continue to deliver on our [Read more]
Altura Energy Inc. Announces a Funding Arrangement for up to $10.0 Million and Drilling Plans at Entice
CALGARY - Altura Energy Inc. ("Altura" or the "Corporation") (TSXV: ATU) is pleased to announce it has entered into a definitive agreement for an asset sale with a private company ("PrivateCo"). Under the terms of the agreement, PrivateCo will acquire a 12.5% working interest (the "Disposition Assets") in the Corporation's production, wells, lands and facilities for $7.0 million in two transactions. The asset sale provides Altura the funding to advance drilling its oil prospect in the Entice [Read more]
TGS Commences Onshore Seismic Acquisition for Additional Montney Basin 3D Project in Canada
CALGARY, Alberta (4 December 2019) – TGS announced today the commencement of its 2020 South Halfway 3D onshore seismic survey, amplifying its core position in the Inga/Fireweed area of North East British Columbia (B.C.) in Canada. The South Halfway 3D is the second multi-client onshore project this winter season in the NEBC Montney basin for TGS, it is complementing recently announced Midnight 3D. When completed, the South Halfway project adds nearly 100 square kilometers of high-quality 3D [Read more]