Canadian oil prices surged to a four-month high on Monday, a day after Alberta said it would mandate temporary production cuts that some producers had requested after pipeline bottlenecks forced their oil to be sold at severe discounts. Alberta Premier Rachel Notley said Sunday the government will force producers to cut output by 8.7 percent, or 325,000 barrels per day (bpd), until excess crude in storage is reduced. Canada is one of the world's largest oil producers, supplying more than 4 [Read more]
Headlines
Maximize existing pipelines’ efficiency to help with oil glut: Sohi
OTTAWA - Natural Resources Minister Amarjeet Sohi is asking the National Energy Board to make sure Canada's oil pipelines are being used as efficiently as possible. The market price for Alberta oil is rebounding today, a day after Premier Rachel Notley announced plans to cut production by almost nine per cent in January to deal with a glut of oil that can't be moved to buyers, but the discount Canadian producers have to stomach compared to the price their U.S. counterparts get is still north [Read more]
Inter Pipeline Announces Capital Expenditure Program for 2019
CALGARY, Dec. 3, 2018 /CNW/ - Inter Pipeline Ltd. ("Inter Pipeline") (TSX: IPL) announced today a $1.46 billion capital expenditure program for 2019. Approximately $1.34 billion, or 92 percent, of total capital expenditures will be for organic growth initiatives with the remaining invested in sustaining capital projects. "Our 2019 capital program will largely be focused on construction activities related to the $3.5 billion Heartland Petrochemical Complex," stated Christian Bayle, [Read more]
Point Loma Resources Announces the Casing of Rex Oil Well and Operational Update
CALGARY, AB / ACCESSWIRE / December 3, 2018 / Point Loma Resources Ltd. (TSX-V: PLX) (the "Corporation" or "Point Loma") is pleased to announce the casing of the Corporation's recently captured Rex oil opportunity. In addition, the Corporation is providing updated operational information. Highlights Rex oil horizontal was cased on December 2, 2018. The well is expected to be completed and evaluated prior to year-end. Completion plans for the well include approximately 28 frac [Read more]
Qatar will pull out of OPEC amid tension with Saudi Arabia
DUBAI, United Arab Emirates - The tiny, energy-rich Arab nation of Qatar announced on Monday it will withdraw from OPEC in January, mixing its aspirations to increase production outside of the cartel's constraints with the politics of slighting the Saudi-dominated group amid the kingdom's boycott of Doha. The surprise announcement from Qatar's minister of state for energy affairs, Saad Sherida al-Kaabi, again throws into question the role of the cartel after needing non-members to push [Read more]
Suncor Energy provides update following Government of Alberta’s decision to cut oil production
CALGARY, Alberta, Dec. 03, 2018 (GLOBE NEWSWIRE) -- Suncor today confirms it is assessing the impact of the Government of Alberta’s announcement to curtail oil production during 2019. Suncor believes the market is the most effective means to balance supply and demand and normalize differentials. Less economic production was being curtailed and differentials were narrowing as a result of market forces. The anticipated regulations will require oil producers to reduce their production [Read more]
These Invert Tanks Were Abandoned During Manufacturing; Who else could use these?
Stop renting and start saving. Complete set of invert/horizontal tanks – one master, two slaves – that were abandoned during manufacturing, ready to be painted and finished to your specifications. Quick points: Built in 2016 – Never used Bare steel – can be finished with your company colours and logo Comes with full documentation, drawings and warranty Features: Skidded 85m3/530 BBL double walled invert storage tanks Master tank has dual chamber (Base Oil / [Read more]
Alberta orders 8.7 per cent oil production cut to help deal with low prices
EDMONTON - Alberta Premier Rachel Notley is ordering a mandatory cut in oil production to deal with a price crisis that she says is costing Canada an estimated $80 million a day. Notley says as of January there will be an 8.7 per cent reduction ordered in oil production. Output of raw crude oil and bitumen will be reduced by 325,000 barrels per day. That figure is expected to shrink as a glut of oil in storage is reduced. The mandated cut ends on Dec. 31, 2019 and will be [Read more]
New N.B. premier hopes to bring Energy East pipeline back from the dead
FREDERICTON - New Brunswick's new premier is trying to revive the Energy East pipeline — even though the original proponent says the project is dead. TransCanada Corporation abandoned the $15.7-billion project more than a year ago, after the National Energy Board modified the environmental assessment process. But Premier Blaine Higgs, along with some other premiers and federal politicians, are again pushing the proposed pipeline as a way to get more western crude to refineries in [Read more]
“Don’t hate us Bono, look what we did!’ Trudeau’s inner circle wants the UN’s respect far more than yours
Oh, Canada. A wildly blessed nation, with resources most countries can only dream about, and we have been thoroughly outwitted and outplayed by global economic forces and unelected rulers. How did we get here? How can our resources be landlocked when we have, by far, the most coastline of any nation? Regarding a lack of market access, the problem did develop a while ago, when historically anomalous commodity prices drove extremely rapid development. The price of oil shot up faster than anyone [Read more]