OTTAWA - The federal Liberals say it's conservative premiers who are putting Canada at risk in a fight over oil and the environment. Finance Minister Bill Morneau says in a letter to six right-leaning premiers Friday it's "unhelpful to threaten national unity" if their demands to change two bills on the verge of being passed in Parliament aren't met. The premiers of Ontario, Alberta, Saskatchewan, Manitoba, New Brunswick and the Northwest Territories wrote to the prime minister Monday [Read more]
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Cequence Energy Announces Credit Facility Renewal
CALGARY, Alberta, June 14, 2019 (GLOBE NEWSWIRE) -- Cequence Energy Ltd. ("Cequence" or the "Company") (TSX: CQE) is pleased to announce that it has entered into an amended credit facility agreement (the “Credit Facility”) with its lender. The Credit Facility will mature on June 16, 2020 and the borrowing base remains at $7.0 million. Other than outstanding letters of credit totalling approximately $1.6 million, the Company currently has no amounts drawn under the Credit Facility. OVERVIEW OF [Read more]
IEA cuts 2019 estimate for oil demand growth on global economy worries
The outlook for oil demand growth in 2019 has dimmed due to worsening prospects for world trade, the International Energy Agency (IEA) said on Friday, although stimulus packages and developing countries should boost growth going into 2020. The Paris-based IEA, which coordinates the energy policies of industrial nations, revised down its 2019 demand growth estimate by 100,000 barrels to 1.2 million barrels per day (bpd), but said it would climb to 1.4 million bpd for 2020. "The main focus [Read more]
Tankers struck near Strait of Hormuz; US blames Iran
DUBAI, United Arab Emirates - The U.S. blamed Iran for suspected attacks on two oil tankers Thursday near the strategic Strait of Hormuz, denouncing what it called a campaign of "escalating tensions" in a region crucial to global energy supplies. The U.S. Navy rushed to assist the stricken vessels in the Gulf of Oman off the coast of Iran, including one that was set ablaze. The ships' operators offered no immediate explanation on who or what caused the damage against the Norwegian-owned MT [Read more]
Federal carbon tax coming to Alberta in January: environment minister
Ottawa plans to impose the federal carbon tax on Alberta starting Jan. 1 and federal Environment Minister Catherine McKenna says she has written the province about the decision. "We need to move forward to tackle climate change," McKenna said in Ottawa before question period on Thursday. "We see the impacts of climate change through extreme weather, including in Alberta where there are forest fires that are burning earlier than ever before, that are burning stronger, and that (are) having [Read more]
Canadian oil output growth forecast halved to 1.4% annually
Canadian oil production will grow by 1.4% annually until 2035, the Canadian Association of Petroleum Producers (CAPP) forecast on Thursday, halving its forecast from five years ago due to constraints by lack of new pipelines and inefficient regulation. The Calgary-based industry body said output will increase to 5.86 million barrels per day by 2035, a rise of 1.27 million bpd from current levels, representing a 1.4% annual increase. That growth rate is less than half what CAPP projected in [Read more]
Constrained growth outlook means a missed opportunity for Canada’s oil sector: CAPP
CALGARY, June 13, 2019 /CNW/ - Canada's oil sector is missing a significant opportunity to benefit from the global commodity price and finally receive fair market value for Canadian resources, according to the Canadian Association of Petroleum Producers' (CAPP) 2019 Crude Oil Forecast, Markets and Transportation report. The report shows a constrained outlook for Canadian oil production over the forecast period from 2019 to 2035 and, although the country's overall crude oil production is [Read more]
Rally Canada Resources Ltd.: Non-Core Property Divestiture
Rally Canada Resources Ltd. (“Rally”) is in the process of selling certain non-core properties located in Alberta (Range14-24, Township 38-42). Recent net production from all of the assets is over 300 boe/d (~85% oil and liquids); approximately 260 bbl/d of oil behind pipe; and 6 potential infill locations. The assets are a mix of Unit, Operated, and Non-Operated Working Interests, with the majority being operated. Cash offers to acquire the properties will be accepted until 12:00 pm on July [Read more]
CSA Z662 Pipeline Systems Code 2019 Update Course
Calgary - July 16 Edmonton - July 18 Calgary - September 5 Edmonton - September 17 Grande Prairie - October 1 Fort St. John - October 9 Regina - October 10 See our website for full details and registration www.skystone.ca/training or reach out to us at training@skystone.ca! [Read more]
Ulterra Brings Matrix Drill Bit Manufacturing to Canada with the Expansion of their Canadian Manufacturing Facility
Leduc, Alberta, Canada, June 13, 2019 -- Ulterra Drilling Technologies, one of the world’s fastest growing suppliers of PDC drill bits for the oil and gas industry, has expanded their manufacturing facility in Leduc, Alberta, Canada. The addition of this facility is part of Ulterra’s overall strategy to increase manufacturing capabilities by 70% worldwide. The expansion involves the former United Diamond facility outside of Edmonton, where the legendary UD513 steel drill bit was manufactured. [Read more]