Several European countries have spearheaded the global push towards renewable energy. There are several reasons for this drive, care for the environment being the most commonly heard. That factor is no doubt important to the progressive countries of western Europe, but there are other non-trifling reasons as well. Consider this problem for western Europe – would you like to be dependent on Vladimir Putin, or Russia, or anything connected to Russia, for your heat in winter? That is one of the [Read more]
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TransGlobe Energy Corporation Announces Q3 2017 Operations Update
CALGARY, Alberta, Oct. 16, 2017 (GLOBE NEWSWIRE) -- TransGlobe Energy Corporation (“TransGlobe” or the “Company”) (TSX:TGL) (NASDAQ:TGA) announces an operational update. All dollar values are expressed in US dollars unless otherwise stated. Highlights Produced on average ~14.9 MBoepd (~12.2 MBopd Egypt, ~2.6 MBoepd Canada), down from Q2 due to well servicing in Egypt and voluntary shut-in of dry gas in Canada during September. Sold ~793,000 barrels of entitlement crude oil in Egypt [Read more]
New era of oil supply certainty force changes in Canadian producers’ strategies
CALGARY - A shift in global oil markets sentiment is under way, replacing decades of scarcity fears with confidence in surpluses, capping oil prices and forcing changes in the way the industry works, observers say. "We're moving from a mindset where oil was considered a scarce resource to one now where it's more of a plentiful resource," said Steve Reynish, executive vice-president of strategy and corporate development at Suncor Energy Inc. (TSX:SU), speaking at a conference in Calgary [Read more]
Kinder Morgan Canada pipe project hearings end, fate in balance
A Canadian court wrapped up a final hearing on Kinder Morgan Canada Ltd's Trans Mountain crude oil pipeline expansion on Friday, a two-week proceeding that marks a major hurdle for the embattled project. The proposed expansion of the existing Trans Mountain pipeline from Canada's oil-rich Alberta province to the west coast has faced mounting opposition from environmental and aboriginal groups, who have filed for judicial review of project's federal approval. A final decision [Read more]
Alberta lawyer says Trans Mountain approval based on sufficient evidence
VANCOUVER - Ottawa's decision to approve the Trans Mountain pipeline was made on a broad base of evidence, a lawyer for Alberta's attorney general has told the Federal Court of Appeal. Doreen Mueller said the governor in council considered economic, environmental, cultural and Indigenous interests in giving the $7.4-billion project its go-ahead last November. Mueller was allotted 30 minutes to address a panel of three judges Friday but spoke for less than two minutes, saying [Read more]
U.S. oil drillers cut rigs for a second week in a row – Baker Hughes
The U.S. oil rig count fell for a second week in a row, extending a two-month drilling decline, even as crude prices rallied to over $50 per barrel. Drillers cut five oil rigs in the week to Oct. 13, bringing the total count up to 743, the lowest since early June, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. The rig count, an early indicator of future output, is still much higher than a year ago when only 432 rigs were active after [Read more]
Weak Alberta gas prices to hurt producer, provincial revenues
Western Canadian natural gas prices have been stuck at historically weak levels since summer due to prolonged pipeline maintenance, which will hurt producers' quarterly profits and royalties paid to the cash-strapped province of Alberta. In the Alberta market, known as AECO, spot natural gas prices for immediate delivery have turned negative eight times in the last three months, most recently on Oct. 9, meaning producers got nothing for gas sold on those days. Throughout the third quarter [Read more]
RMP Energy Announces Successful Shareholder Votes to Approve Transformational Asset Disposition and Corporate Name Change
CALGARY, Alberta, Oct. 13, 2017 (GLOBE NEWSWIRE) -- RMP Energy Inc. ("RMP" or the "Company") (TSX:RMP) is pleased to announce that the holders of common shares of the Company (the "Shareholders") approved today by an overwhelming majority (over 99 percent) the previously-announced transformational asset disposition (the "Transaction") pursuant to which the Company will dispose of all of its crude oil and natural gas interests in the Waskahigan/Grizzly, Kabob, Gilby and Pine Creek areas of West [Read more]
Canada Weekly Rig Count Up 3 to 212
Western Canada’s fleet of drilling rigs increased by 3 to 212 actively drilling rigs according to data collected by Baker Hughes for the week of October 13th. From one week ago, Alberta rig counts increased from 139 to 144, the Saskatchewan rig count increased by remained at 40. Oil drilling remained at 112; gas rigs went from 97 to 100. View a full breakdown of western Canada’s rig activity. [Read more]
Prices paid in Alberta land sales climb higher than when oil was last at $100
In the October 11 Alberta land sale, each of the three regions Alberta Energy divides the province into received average bonus payments (the amount essentially paid to win a bid) rivaling the average payments received in 2014, when in the first half of that year, WTI averaged roughly $100 per barrel. From July 2014 to January 2015, the price of WTI suffered its sharpest decline (from roughly $105 to $46). Alberta Energy splits the province's land sales (a misnomer as the crown still retains [Read more]