A production problem at one of Canada's largest oil sands facilities drove front-month U.S. crude futures to their steepest premium above second-month futures since 2014 on Monday. Canada is the world's fourth-largest oil producer and could lose as much as 10 percent of its supply in July after a power outage last week shut the Syncrude facility in Alberta, which can produce up to 360,000 barrels per day. The outage will tighten Canadian supplies and reduce the crude flow to Cushing, [Read more]
Headlines
Oil producer deal may be short of what’s needed: U.S. energy secretary
WASHINGTON (Reuters) - U.S. Energy Secretary Rick Perry said on Monday a deal between global oil producers to boost crude output reached last week may not be enough to relieve global oil markets that are stressed by supply constraints. The Organization of the Petroleum Exporting Countries and non-OPEC countries reached an agreement on Saturday to moderately boost production after consuming countries including the United States had urged them to produce more. Saudi Arabia said the agreement [Read more]
Amherst Energy Inc. Provides Operations Update
CALGARY, Alberta, June 25, 2018 (GLOBE NEWSWIRE) -- Amherst Energy Inc. (Amherst) is a new private Calgary based oil and gas exploration company. Amherst Energy Inc. commenced operations in February of 2017 with a business plan of acquiring acreage on low-risk oil prospects with large Total Petroleum Initially-In-Place and multiple drilling locations. A principal objective was to acquire a substantial acreage inventory during a period of very low industry activity. To date, Amherst has [Read more]
Point Loma Resources Announces Agreement to Acquire Private Oil and Gas Company
Calgary, Alberta (FSCwire) - Point Loma Resources Ltd. (TSX VENTURE: PLX) (the “Corporation” or “Point Loma”) is pleased to announce that it has entered into a definitive agreement to acquire a private oil and gas company (the “Acquisition”). The purchase price of the Acquisition is $1,557,600.00 and will be paid in the form of 5,192,000 common shares of the Corporation. Highlights Point Loma has entered into an agreement to acquire a private oil and gas company with assets focused in [Read more]
Ritchie Bros. Auctioneers to conduct unreserved auction for industrial property north of Grande Prairie
GRANDE PRAIRIE – Ritchie Bros. Auctioneers will be conducting an unreserved auction for Ground Level Land Corp. who has 2 parcels of industrial real estate up for sale. These 2 parcels of land are situated in the Peregrine Business Park just west of Clairmont, AB and north of Grande Prairie. Parcel 1 – Lot 5 Blk 2 Plan 1821362 – 3.6± Acres – Industrial Property Title in progress, Highway Industrial (RM-4) zoning, power, natural gas, phone, 116 St/Rge Rd 63 Frontage, taxes [Read more]
Carr says he expected in April Canada was going to have to buy the pipeline
OTTAWA - Natural Resources Minister Jim Carr says he knew almost the moment he heard Kinder Morgan was pressing the pause button on the Trans Mountain pipeline expansion on April 8 that the federal government was likely going to have to buy the whole thing. Although the final decision to purchase took more than seven weeks of secret negotiations with the company — many of which even Carr was not in on as they were handled by Finance Minister Bill Morneau and a very small team of finance [Read more]
NEB approves variance application from Trans Mountain to alter project plans
Company now cleared to begin construction at its Burnaby Terminal CALGARY, June 22, 2018 /CNW/ - The National Energy Board (NEB) has approved a variance application from Trans Mountain ULC to change its expansion plans for the company's Burnaby Terminal. The decision, released today, says that the changes will significantly improve safety at the terminal, which is the Trans Mountain Pipeline System end point. As part of the Trans Mountain Expansion Project, the company will build 14 new oil [Read more]
Syncrude Canada crude production offline through July -spokesman
Production at Syncrude Canada’s oil sands facility near Fort McMurray, Alberta is offline at least through July, after a power outage this week, a spokesman said on Friday. Syncrude, a joint venture majority owned by Suncor Energy Inc (SU.TO), with minority stakes held by Imperial Oil Ltd (IMO.TO) and others, has shut down the site’s upgrader, spokesman Will Gibson said. The site can produce up to 360,000 barrels per day, upgrading thick bitumen to light oil. With that production [Read more]
Canada Weekly Rig Count Up 21 to 160
Western Canada’s fleet of drilling rigs went up from 139 to 160 according to data collected by Baker Hughes for the week of June 22nd From one week ago, Alberta rig counts increased from 91 to 103. Saskatchewan's rig count increased from 30 to 39. Oil drilling went from 103 to 87; gas rigs increased from 52 to 57. View a full breakdown of western Canada’s rig activity. [Read more]
U.S. oil drillers cut rigs for 1st time in 12 weeks
(Reuters) - U.S. energy companies this week cut one oil rig, the first reduction in 12 weeks, after drillers started to slow down the rate of additions this month as pipeline constraints put a damper on future production. The total oil rig count dipped to 862 in the week to June 22, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday. That put the rig count on track for its smallest monthly gain since declining by two rigs in March with [Read more]