ST. JOHN'S, N.L. - Cash-strapped Newfoundland and Labrador has launched a 12-year plan to speed and increase offshore oil and gas development while drawing coveted global investment. The province will review regulations, enhance seismic data and advance cost-saving tie-back technology to extract more from existing sites. Its goal is to double overall production to more than 650,000 barrels a day by 2030. Premier Dwight Ball called it an ambitious but realistic plan as his [Read more]
Headlines
Oilsands tech touted for pipeline capacity boost still years from deployment
CALGARY - Two years after a blue-ribbon panel called on the Alberta government to encourage partial upgrading of bitumen from the oilsands to enhance value and free up more pipeline room for exports, the idea remains years away from commercialization. In its royalty review report in January 2016, the panel led by ATB Financial CEO Dave Mowat pointed out that if heavy, sticky bitumen were partly upgraded, there would be less need to add light petroleum to dilute it so it will flow in a [Read more]
B.C. to appeal NEB ruling on Trans Mountain bylaw
VICTORIA - British Columbia's government is appealing a decision that allows Kinder Morgan Canada to bypass local regulations in constructing its Trans Mountain pipeline expansion. The National Energy Board ruled in December that the company is not required to comply with two sections of the City of Burnaby's bylaws on land and tree clearances. Kinder Morgan had argued the bylaws were unconstitutional because they hindered its ability to go ahead with the federally approved project. The [Read more]
Alberta’s Notley wants action on B.C. pipeline impasse by next week
EDMONTON - Alberta Premier Rachel Notley says she wants progress soon in the impasse between her province and British Columbia over the Trans Mountain pipeline or she will ratchet up the pressure. "We'd like to see some evidence of progress next week or you will hear more from us about other strategies that might be going forward," Notley said Friday. "(In the meantime) we're giving everybody space to have conversations." Notley said she wants B.C. to reverse its decision to ban [Read more]
Draft plan released for contentious lake area with energy, cultural resources
EDMONTON - The Alberta government has released a draft plan for managing a contentious area that holds oilsands resources and is also culturally significant to Indigenous People. The plan for Moose Lake, which is north of Fort McMurray and heavily used by the Fort McKay First Nation, will now go through a period of public consultation. Alvaro Pinto of Fort McKay's sustainability department says the draft agreement offers greater protection to the area but still allows development. He [Read more]
Price rally spells fleeting relief for Canadian oil producers
Canadian heavy crude rallied to a two-month high relative to U.S. crude this week, offering some relief to oil producers in Alberta struggling with thin margins amid plentiful supply. The rally was likely to be short-lived, traders and analysts said, because output continues to grow without a corresponding increase in transportation capacity. Canada's crude typically trades at a discount to U.S. benchmark West Texas Intermediate (WTI) light oil, reflecting transportation costs to U.S. [Read more]
U.S. drillers add oil rigs for fourth consecutive week
U.S. energy companies added oil rigs for a fourth week in a row even though crude pulled back from three-year highs over the past couple of weeks as more drillers boost their 2018 spending plans. Drillers added seven oil rigs in the week to Feb. 16, bringing the total count up to 798, the highest level since April 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That was the first time since June that drillers added rigs for four [Read more]
Canada Weekly Rig Count Down 7 to 318
Western Canada’s fleet of drilling rigs went down by 7 rigs to the current count of 318 actively drilling rigs according to data collected by Baker Hughes for the week of February 16th. From one week ago, Alberta rig counts decreased from 228 to 222, the Saskatchewan rig count increased from 66 to 67. Oil drilling went from 221 to 218; gas rigs went up from 104 to 100. View a full breakdown of western Canada’s rig activity. [Read more]
Razor Energy Corp. Announces Significant Increases in 2017 Year-End Reserves and Net Asset Value
CALGARY, Alberta, Feb. 15, 2018 (GLOBE NEWSWIRE) -- Razor Energy Corp. (“Razor” or the “Company”) (TSXV:RZE) is pleased to provide a summary of its 2017 year-end reserves evaluation. The highlights and reserves summary below sets forth Razor’s gross reserves as at December 31, 2017, as evaluated by Sproule Associates Limited (“Sproule”) in an independent report (the “Sproule Report”). The figures in the following tables have been prepared in accordance with the standards contained in the [Read more]
Enbridge Inc. Reports Fourth Quarter 2017 Results
CALGARY, Feb. 16, 2018 /CNW/ - Enbridge Inc. (Enbridge or the Company) (TSX:ENB) (NYSE:ENB) today reported fourth quarter 2017 financial results and provided a quarterly business update. FOURTH QUARTER AND FULL YEAR HIGHLIGHTS (all financial figures are unaudited and in Canadian dollars unless otherwise noted) Earnings of $207 million or $0.13 per common share for the fourth quarter and earnings of $2,529 million or $1.66 per common share for the full year, both including the impact of [Read more]