CALGARY, Jan. 31, 2018 /CNW/ - OBSIDIAN ENERGY LTD. (TSX/NYSE – OBE) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to announce that we closed an agreement to dispose of a significant portion of our non-core legacy assets, in exchange for the assumption of abandonment and reclamation liabilities. David French, President & CEO commented, "This transaction is another important step forward for Obsidian Energy. It demonstrates the continued refocusing of the business only [Read more]
Headlines
Bonavista Energy Corporation Replaces 189% of 2017 Production with the Addition of 49.8 MMboe of Proved Plus Probable Reserves
(TSX:BNP) - CALGARY, Jan. 31, 2018 /CNW/ - Bonavista Energy Corporation ("Bonavista") is pleased to report that our 2017 exploration and development ("E&D") program has resulted in a finding and development ("F&D") cost of $7.60 per barrel of oil equivalent ("boe") on a proved plus probable basis. When combined with our acquisition and divestiture program ("A&D"), finding, development and acquisition ("FD&A") costs were $7.56 per boe on a proved plus probable basis, in each case [Read more]
U.S. crude output passes 10 million bpd for first time since 1970
NEW YORK, Jan 31 (Reuters) - U.S. crude oil production in November surpassed 10 million barrels per day for the first time since 1970, and neared the all-time output record, the Energy Information Administration said in a monthly report on Wednesday. Oil output rose 384,000 barrels per day (bpd) in November from October to 10.038 million bpd, the agency said. The agency also increased its October estimate by 17,000 bpd to 9.654 million bpd, according to the report, known as the 914 production [Read more]
Notley says B.C. will face consequences over plan to ban increased oil shipments
EDMONTON - Alberta Premier Rachel Notley says there will be consequences for British Columbia over the province's latest attempt to hinder expansion of the Kinder Morgan Trans Mountain oil pipeline. Notley held an emergency cabinet meeting Wednesday to discuss what legal and economic levers Alberta can pull in its spat with its neighbour to the west. "The government of Alberta will not — we cannot — let this unconstitutional attack on jobs and working people stand," she said [Read more]
Suncor Energy says driverless trucks will eliminate a net 400 positions
CALGARY - About 400 jobs are expected to disappear at Suncor Energy Inc.'s oilsands mines in northern Alberta as it deploys driverless ore-hauling trucks to replace the ones humans operate now. "We have about 500 roles that will get eliminated through this and we're going to add about 100. So the net change in our workforce is about 400 positions," chief operating officer Mark Little said in an interview Wednesday. The company has been testing the 400-tonne capacity Komatsu [Read more]
OPEC vs. US shale, where do oil prices go?
In a perfect Goldilocks world there would be a perfect price; not too hot ($80 per bbl), not too cold ($40 per bbl) but just right ($60 per bbl). We all know that forecasting price is a fool’s game and most prognostications become obsolete the moment they are written. Why? Because the production of oil and gas does not operate in an unfettered universe where instantaneous production and demand are in sync. Part of the reason for is because of varying project timelines from long lead times [Read more]
Calgary Seminar: US tax reform is here – is now the time to give up your US citizenship?
Complimentary seminar presented by: Alexander Marino JD, LLM (US TAX) On Dec. 22, 2017, President Trump signed into law the biggest US tax reform bill in 31 years, changing the lives of Americans at home and abroad. Many US residents will see an immediate benefit on their 2018 tax return, but for US expats and green card holders living in Canada, things may have changed for the worse. The question of whether now is the right time to renounce your US citizenship is never more prescient. If [Read more]
Oil could struggle to top $70 as U.S. output offsets OPEC cuts
(Reuters) - Oil prices are unlikely to advance much higher than $70 a barrel in 2018, with the market caught between the opposing forces of OPEC-led production cuts and surging U.S. output, a Reuters poll showed on Wednesday. The survey of 34 economists and analysts forecast that Brent crude will average $62.37 a barrel in 2018, up from the $59.88 forecast in the previous monthly poll. “Steady demand growth, a clear commitment to supply restraint by key OPEC producer Saudi Arabia and [Read more]
Fastest Access to Energy Resources – in Any Soil Condition.
Access to Energy Resources Is Never Easy. Energy sites are often located in remote and difficult to access locations with undeveloped roads, poor soil conditions and limited road building resources—and in environments with extreme temperatures and weather conditions. For over 35 years, energy companies have relied on Presto’s GEOWEB® 3D soil confinement system for building access roads and pads year round to their oil & gas, wind and mining sites—even in some of the toughest site and [Read more]
Canadian drillers moving rigs south to chase better prospects in Texas oilfields
CALGARY - A growing number of Canadian drilling rigs are being moved south of the border to take advantage of brighter prospects for oil and gas in the United States — and observers say it's unlikely they will ever return home. A week ago, Calgary-based Akita Drilling Ltd. announced it would enter the U.S. market by moving a rig from Western Canada into the prolific Permian Basin in West Texas. It said it is looking at moving more rigs south. Meanwhile, Calgary-based Trinidad [Read more]