CALGARY - For most Canadians, Drumheller conjures up images of dinosaur bones and ancient fossils, but entrepreneur Sean Clark's expedition in the southern Alberta town is focused on a very current obsession: Bitcoin. The CEO of Hut 8 Mining Corp. recently set up his company in the self-proclaimed 'dinosaur capital of the world' because its cheap electricity rates give him the biggest margins for his Bitcoin mining business. The cryptocurrency boom is pushing Canadian companies [Read more]
Headlines
Husky Energy to Resume SeaRose Operations
CALGARY, Alberta, Jan. 26, 2018 (GLOBE NEWSWIRE) -- The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) today announced it has lifted the notice to suspend operations for the SeaRose floating production, storage and offloading (FPSO) vessel and associated facilities. The January 17, 2018 C-NLOPB notice to suspend operations resulted from an incident in March 2017 where Husky Energy (TSX:HSE) departed from its agreed Ice Management Plan by not disconnecting the vessel and [Read more]
U.S. drillers add most oil rigs in a week since March -Baker Hughes
U.S. energy companies added 12 oil rigs this week, the biggest weekly increase since March, as crude prices hovered near their highest levels since 2014, prompting drillers to return to the well pad. Drillers boosted the rig count to 759 in the week to Jan. 26, the highest level since September, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. The U.S. rig count, an early indicator of future output, is much higher than a year ago [Read more]
Canada Weekly Rig Count Up 13 to 338
Western Canada’s fleet of drilling rigs went up by 13 rigs to the current count of 338 actively drilling rigs according to data collected by Baker Hughes for the week of January 26th. From one week ago, Alberta rig counts increased from 223 to 232, the Saskatchewan rig count increased from 64 to 69. Oil drilling went from 208 to 220; gas rigs went up from 117 to 118. View a full breakdown of western Canada’s rig activity. [Read more]
CP Rail seeks ‘skin in the game’ from shippers to increase bitumen transport
CALGARY - Crude-by-rail shippers are being asked to sign multi-year, take-or-pay contracts that guarantee minimum volumes before Canadian Pacific Railway will assign locomotives and crews to help move a backlog of oilsands crude out of Western Canada. The railway wants its customers to have significant "skin in the game" before it commits to the costs involved in scaling up its oil-shipping capacity, chief financial officer Nadeem Velani told a CIBC World Markets conference webcast from [Read more]
Shell buying spree cranks up race for clean energy
LONDON, Jan 26 (Reuters) - Royal Dutch Shell has spent over $400 million on a range of acquisitions in recent weeks, from solar power to electric car charging points, cranking up its drive to expand beyond its oil and gas business and reduce its carbon footprint. The scale of the buying spree pales in comparison to the Anglo-Dutch company’s $25 billion annual spending budget. But its first forays into the solar and retail power sectors for many years shows a growing urgency to develop cleaner [Read more]
Blackstone Industrial Services Acquires Nuovo Parts Inc.
Calgary, AB - Blackstone Industrial Services (Blackstone), a leading Canadian critical rotating equipment services company, has closed its acquisition of Nuovo Parts Inc., a key North American distributor and Authorized Service & Sales Channel of Baker Hughes, a GE company (BHGE). Nuovo Parts has been an industry-leading distributor and supplier of GE and Nuovo Pignone S.p.A. spare parts for more than two decades. Since its founding in 1996, Nuovo Parts has worked to support all [Read more]
NEB approves repairs to Enbridge pipeline linking Norman Wells, NWT
CALGARY - The National Energy Board says it has approved repair work on an Enbridge Inc. pipeline that is the only outside link for oil production in Norman Wells, NWT. Enbridge had shut down Line 21, also known as the Norman Wells pipeline, in November 2016 over concerns of slop instability near a crossing of the Mackenzie River. The closure of the pipeline led Imperial Oil to shut down production at the aging Norman Wells operation. About a month before the pipeline was shut [Read more]
Keystone XL pipeline route change is not major issue – TransCanada CEO
TransCanada Corp does not see a route change for the proposed Keystone XL oil pipeline to Nebraska as a major issue, and the company is confident that a key regulatory approval will stand, Chief Executive Russ Girling said on Thursday. Analyzing the November approval by Nebraska Public Service Commission was an important factor in TransCanada's deliberations on a final investment decision on whether to build the $8 billion pipeline from Hardisty, Alberta to Steele City, Nebraska, Girling [Read more]
Corporate Divestiture: Wolf Coulee Resources Inc.
Sayer Energy Advisors has been engaged to assist Wolf Coulee Resources Inc. (“Wolf Coulee” or the “Company”) with the sale of the shares of the Company. The Company has long life reserves, less than 50 shareholders and no bank debt. The offering presents an opportunity to acquire a focused company with operated, high working interest, concentrated assets located in a focused area which is comprised of Retlaw, Badger, Hector and Little Bow (the “Retlaw Focus Area”). Total production at the end [Read more]