CALGARY - Today, the Canada Energy Regulator (CER) released its long-term energy outlook that explores how new technologies, infrastructure developments and climate policy will impact Canadian energy consumption and production trends over the next 20 years. Canada's Energy Future 2019: Energy Supply and Demand Projections to 2040 shows that while domestic fossil fuel consumption growth slows, crude oil and natural gas production continues to increase. The potential for LNG exports is an [Read more]
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Athena Energy Services Inc. is seeking to purchase good quality used oilfield equipment in Alberta.
Athena Energy Services Inc. - is seeking to purchase good quality used oilfield equipment in Alberta. 60 m3 Flock Tanks Shale Bins – high side and low side 43-46`long Open Top Tanks Pipe Racks – Drilling Rig Cat Walks – Drilling Rig Mobile Cat Walks for Service Rig Davlin Tanks Garbage Bins Line Crossings Shack Walk Ways Light Towers Fuel Tanks – All sizes (5,000 and 10,000 Liters) 1000 bbl production tanks Hydraulic Pump Buildings Incinerators [Read more]
Suncor Energy announces 2020 capital program and production outlook
All financial figures are in Canadian dollars, unless noted otherwise CALGARY - Suncor released its 2020 corporate guidance today which focuses on driving its $2 billion of incremental free funds flow target by 2023, achieving its 2030 sustainability targets, and reflects the company’s recent 800 MW cogeneration investment announcement. The capital program is expected to be between $5.4 and $6.0 billion with flat investment in oil related projects year over year. Upstream production is [Read more]
Heavy discount widens slightly as monthly trading cycle begins
The discount on Canadian heavy crude widened slightly versus U.S. benchmark West Texas Intermediate (WTI) crude on Monday, the start of a new monthly trading cycle. Western Canada Select (WCS) heavy blend crude for January delivery in Hardisty, Alberta, was trading at $20.90 per barrel below WTI, according to NE2 Canada Inc, compared with Friday's settle of $20.75 below in thin trading. The heavy differential remained wide amid large inventories following a Canadian railway strike that [Read more]
U.S. oil output growth slows: just how much is anyone’s guess
U.S. oil producers could expand daily output by 1 million barrels next year, or by as little as 100,000 barrels, with the wide gap creating huge uncertainty as OPEC officials gather this week to weigh production curbs. Shale output has routinely defied naysayers over the past three years as U.S. production has surged to nearly 13 million barrels per day (bpd), making the nation the world's largest crude oil producer and a major exporter with an average of just under 3 million bpd so far this [Read more]
Canada’s premiers discuss demands to new Trudeau govt as oil patch struggles
The premiers of Canada's provincial and territorial governments began meeting on Monday to discuss their demands to Prime Minister Justin Trudeau's new government as frustration simmers in the Western oil patch. The group, known as the Council of the Federation, is gathering for the first time since Trudeau's Liberals failed to win a seat in either Alberta or Saskatchewan, the heart of the country's struggling oil industry, in the October national election. The sense of western alienation [Read more]
Oil rises over 1% on hopes for deeper OPEC cuts, Chinese factory growth
Oil prices rose more than 1% on Monday as signs of rising manufacturing activity in China pointed to increasing fuel demand, and hints that OPEC may deepen output cuts at its meeting this week indicated supply may tighten next year. West Texas Intermediate (WTI) futures rose 91 cents, or 1.7%, to $56.08 a barrel, having risen by more than $1 earlier. Brent crude futures rose 76 cents, or 1.3%, to $61.25 a barrel by 0415 GMT. On Friday, WTI futures settled 5.1% lower while Brent [Read more]
Granite Oil Corp. Provides Preliminary 2020 Plans and Fall Borrowing Base Redetermination
CALGARY- GRANITE OIL CORP. (“Granite” or the “Company”) (TSX:GXO)(OTCQX:GXOCF) is pleased to provide preliminary 2020 plans and announce the fall review of the Company’s borrowing base redetermination of its credit facility has been completed. Granite is planning a capital program in 2020 that continues to prioritize significant debt repayment while growing production and adding producing reserves at highly efficient and economic metrics. Following a successful recompletion test in August 2019, [Read more]
Husky Energy Announces 2020 Capital Spending and Production Guidance
CALGARY- Husky Energy’s capital program for 2020 will be $3.2-$3.4 billion, with average annual Upstream production forecast to be in the range of 295,000-310,000 barrels of oil equivalent per day (boe/day), inclusive of an allowance for curtailment. The capital program is being reduced by $500 million in the 2020-2021 timeframe compared to Husky’s May 2019 Investor Day plan, reflecting $100 million in reductions in 2020 and $400 million in 2021. The oil price assumption for 2020 and 2021 is [Read more]
Leading Independent Proxy Advisor Firm ISS Recommends that Pengrowth Energy Corporation Shareholders Approve the Arrangement with Cona Resources Ltd.
CALGARY, Alberta, Dec. 02, 2019 (GLOBE NEWSWIRE) -- Pengrowth Energy Corporation (“Pengrowth” or the “Company”) (TSX:PGF, OTCQX:PGHEF) today announced that Institutional Shareholder Services Inc. (“ISS”), a leading independent proxy advisory firm, released a report (the "ISS Report") recommending that Pengrowth shareholders vote in favour of the proposed arrangement (the "Arrangement") with Cona Resources Ltd. (the “Purchaser”), a portfolio company of Waterous Energy Fund. The ISS Report states [Read more]