Oil prices weakened following early gains on Wednesday, but remained underpinned by tightening supply and strong global demand. Tighter fundamentals have lifted both crude futures benchmarks about 13 percent above levels in early December, helped by production curbs by OPEC and Russia, as well as by healthy demand growth. U.S. West Texas Intermediate (WTI) crude futures were at $63.63 a barrel, down 10 cents on the day and down from an earlier high of $63.96. WTI hit $64.89 on Tuesday, [Read more]
Headlines
Kuwait oil minister says so far no plan to exit oil cuts
Kuwait’s oil minister Bakhit al-Rashidi said on Wednesday there is no plan or intention so far to exit from a production-cutting agreement among OPEC and non-OPEC oil producers. “The production-reduction agreement will remain for a long time and there is no thinking right now to exit it,” Rashidi told a news conference in Kuwait City. He said a Jan. 21 committee meeting of some OPEC and non-OPEC ministers in Oman would focus on reviewing adherence to the cuts, adding that compliance in [Read more]
Long-Term Shareholder FrontFour Capital Expresses Concerns Regarding Obsidian Energy Ltd.
GREENWICH, Conn., Jan. 17, 2018 /PRNewswire/ -- FrontFour Capital Group LLC together with its affiliates ("FrontFour") today commented on recent developments related to Obsidian Energy Ltd. ("Obsidian" or the "Company") (TSX/NYSE: OBE). FrontFour and its principals are significant long-term shareholders of Obsidian, collectively beneficially owning over 28 million outstanding shares, representing approximately 5.7% of Obsidian's outstanding capital. As previously disclosed in its Schedule 13D [Read more]
Yangarra Provides Operations Update and 2018 Guidance
CALGARY, Jan. 16, 2018 /CNW/ - Yangarra Resources Ltd. ("Yangarra" or the "Company") (TSX:YGR) provides an operations update, outlines 2018 guidance and provides a hedging program update. Operations Update Production for 2017 averaged approximately 5,750 boe/d which is a 91% increase on a production per share basis when compared to 2016. December 2017 production averaged approximately 7,500 boe/d (62% liquids) with fourth quarter 2017 production estimated at 6,700 boe/d. The Company's [Read more]
New Oil and Gas Jobs From BOE Report Jobs
Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Field Mechanic Lead High Arctic Energy Services Acheson Plant & Field Operator Roska DBO Grande Prairie PRODUCTION OPERATOR, WEST 5 Paramount Resources Ltd. Sundre or Rocky Mountain House Chemical [Read more]
Norway awards record 75 oil exploration licenses
Norway has awarded a record 75 offshore oil exploration licences, to Statoil , Aker BP Shell , Total and ConocoPhillips among others, the energy ministry said on Tuesday. The licenses comprised 45 in the North Sea, 22 in the Norwegian Sea and eight in the Barents Sea and were awarded in a so-called annual predefined areas (APA) licensing round, introduced by Norway in 2003 to encourage exploration and development of discoveries near existing infrastructure. "The number of [Read more]
Delphi Energy Provides Operations Update
CALGARY, Alberta, Jan. 16, 2018 (GLOBE NEWSWIRE) -- Delphi Energy Corp. (“Delphi” or the “Company”) is pleased to provide an operations update. Q4 2017 production up 29% from a year earlierQ4 2017 condensate production up 67% from a year earlier2017 capital program executed within budgetQ4 realized natural gas price estimated to be Cdn$3.53 per mcf compared to AECO pricing of Cdn$1.69 per mcfPositive recent well results on frac innovations First West Bigstone well in six years now drilled [Read more]
Cona Resources Ltd. Announces Debt Reduction and Asset Disposition Program
CALGARY, Jan. 16, 2018 /CNW/ - Cona Resources Ltd. ("Cona" or the "Company") (TSX: CONA) is pleased to announce debt reduction and a certain asset disposition program. Cona's operations are supported by the Company's financial flexibility. Cona's capital structure includes a $325.0 million credit facility and a term loan that matures on July 28, 2020. At December 31, 2017, $188.4 million was drawn on the Company's credit facility and, during the fourth quarter of 2017, Cona [Read more]
Petrochemical Development in Alberta – Developing New Demand for Propane
Two new petrochemical projects for the Alberta Industrial Heartland region will qualify for up to $500 million in royalty credits under Alberta's Petrochemicals Diversification Program announced on Dec 5th 2016. Both projects will convert propane extracted from natural gas into value-added plastic products. What does this initiative mean for Natural Gas producers? With Alberta & BC Natural Gas and NGL supply growth being driven by unconventional plays like the Montney & the Duvernay , [Read more]
Enerplus Announces Fourth Quarter 2017 Production and Provides Expected Impact of U.S. Tax Changes
CALGARY, Jan. 16, 2018 /CNW/ - Enerplus Corporation ("Enerplus" or the "Company") (TSX & NYSE: ERF) today announced that production for the fourth quarter of 2017 was approximately 88,600 BOE per day, above its fourth quarter guidance range of 86,000 to 88,000 BOE per day, and an increase of 12% from the third quarter of 2017. The Company's crude oil and natural gas liquids production averaged approximately 46,750 barrels per day in the fourth quarter, also above its fourth quarter guidance [Read more]