VANCOUVER - B.C. newspaper mogul David Black says a group of U.S. investors has committed funding for his plan to build a $25-billion oil refinery near the city of Kitimat on the province's northern coast. Speaking in Vancouver, Black says details still have to be worked out, but a memorandum of understanding has been signed and he insists it's "100 per cent." He says he expects to announce more details about the investors in the coming weeks. Black's plan is for a refinery to [Read more]
Headlines
Crude oil inventory rises well above analyst forecasts
U.S. commercial crude oil inventories increased by 3.8 million barrels from the previous week, well above the expected build of ~3.8 million barrels due to higher refinery utilization. Total crude oil stocks of 381.4 million barrels are well above the upper limit of the average range for this time of year. Total commercial petroleum inventories decreased by 2.4 million barrels last week. [table] [attr style="width: 25%"]March 1`[attr style="width: 25%"]February 22`[attr style="width: [Read more]
Talisman Energy to cut capital budget by 25 per cent, work on more asset sales
CALGARY - Talisman Energy Inc. (TSX:TLM) is planning a further $2.3 billion of dispositions or joint ventures over the next 12 to 18 months, including marketing some of its assets in western Canada. The Calgary-based oil and gas company has reduced its capital budget to $3 billion this year, a 25 per cent reduction from 2012. Talisman says the reduced capital budget is mostly as a result of the sale of most of its North Sea operations last year to Chinese oil giant Sinopec for [Read more]
Little reaction in oil market to Chavez death
By Pamela Sampson, THE ASSOCIATED PRESS BANGKOK – Oil markets are taking the death of Venezuelan President Hugo Chavez in stride, with the price of crude little changed Wednesday. Chavez, who died Tuesday after a two-year battle with cancer, oversaw a decline in oil production during his 14 years as the leader of Venezuela, and analysts don’t expect that trend to change immediately. The full impact of his death may not be felt until Venezuela, which sits on the world’s second-largest oil [Read more]
NuVista Energy Ltd. Announces Fourth Quarter and Year End 2012 Results
CALGARY, ALBERTA--(Marketwire - March 6, 2013) - NuVista Energy Ltd. ("NuVista") (NVA.TO) is pleased to announce results for the three and twelve months ended December 31, 2012 and provide an update on its future business plans. 2012 was a pivotal and successful year for NuVista as the business model was transformed in this challenging natural gas price environment. In our year end 2011 press release we indicated we would be carefully evaluating our business to preserve value and ensure a [Read more]
Athabasca Oil Corporation Provides Light Oil Operations Update
CALGARY, March 6, 2013 /CNW/ - Athabasca Oil Corporation (TSX:ATH.TO) is pleased to provide an update of its light oil operations in the Fox Creek area of the Alberta Deep Basin. In December 2012, the Light Oil Division achieved its goal with production rates of greater than 10,000 barrels of oil equivalent per day (boe/d) comprised of approximately 50 percent oil and condensate. Daily oil and gas production ramped up during Q4 2012, as the Company constructed and commissioned its [Read more]
Athabasca Oil Corporation Announces Executive Appointments
CALGARY, March 6, 2013 /CNW/ - Athabasca Oil Corporation (TSX:ATH.TO) announces the following executive appointments to bolster its evolution into development and production activities. In response to rapid growth in Athabasca's Thermal Oil and Light Oil divisions, the Board of Directors is pleased to announce the addition of Brent Heagy, CA, to its executive management team. Effective March 11, 2013, Mr. Heagy joins the Company as the chief financial officer, bringing more than thirty years of [Read more]
Pace Oil & Gas Ltd. Provides Update on Strategic Alternatives and Reports 2012 Reserves and Operating Results
CALGARY, ALBERTA--(Marketwire - March 5, 2013) - Pace Oil & Gas Ltd. (PCE.TO) ("Pace" or the "Company") is pleased to provide an update on the status of its previously announced merger, selected information from Pace's 2012 reserve evaluation and its fourth quarter and 2012 year end operating and financial results. STRATEGIC PROCESS UPDATE On December 20, 2012, Pace entered into an arrangement agreement (the "Arrangement Agreement") with Charger Energy Corp. ("Charger") and AvenEx [Read more]
Environment minister hopes for new oil and gas regulations by mid-year
OTTAWA — Environmental regulations for Canada’s oil-and-gas sector are in their final stages, the environment minister said Tuesday. The regulations would seek to curb the sector’s greenhouse-gas emissions to help Canada meet a 2020 target for a 17 per cent cut in overall emissions from 2005 levels. Rules are already in place for the transportation and coal-fired electricity industries, but estimates suggest they get Canada only halfway to that goal. Environment Minister Peter [Read more]
Gibson Energy raises dividend 5.8 per cent, reverses last year’s net loss
CALGARY - Gibson Energy Inc. raised its quarterly dividend on Tuesday as it reported improved financial results. The company has declared a quarterly dividend of 27.5 cents per share, an increase of 5.8 per cent. It's the third increase since Gibson went public nearly two years ago. "The consistent performance of our diversified, integrated and growing asset base over this time period provides us with confidence that we will be able to continue to generate steady and growing [Read more]