TORONTO, Nov 10 (Reuters) - The Canadian dollar is unlikely to recapture its tight link with the price of oil even as the interest rate outlook settles, given crude trades far removed from levels needed to affect investment in Canada’s energy sector, economists and strategists said. Canada’s so-called “petro-currency” has historically traded in the same direction as oil, one of the country’s major exports. But the correlation between the currency and the commodity has turned negative in [Read more]
Headlines
U.S. drillers add the most oil rigs in a week since June: Baker Hughes
(Reuters) - U.S. energy companies added the most oil drilling rigs in week since June as crude prices traded up to their highest levels since the summer of 2015. Drillers added nine oil rigs in the week to Nov. 10, bringing the total count up to 738, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday. The rig count, an early indicator of future output, is still much higher than a year ago when only 452 rigs were active after energy [Read more]
Bullish oil and tight supply lift Asian spot LNG market
LONDON, Nov 10 (Reuters) - Asian spot liquefied natural gas (LNG) prices rose this week on already tight supply and production outages in Australia and was further buoyed by climbing crude oil prices. Spot prices LNG-AS for December delivery rose to $9.45 per million British thermal units (mmBtu), 30 cents above last week’s levels. Australia’s North West Shelf export facility suffered a partial outage on Friday morning after several production units were taken offline, though at least one [Read more]
Canada Weekly Rig Count Up 11 to 203
Western Canada’s fleet of drilling rigs went up by 11 to the current count of 203 actively drilling rigs according to data collected by Baker Hughes for the week of November 10th. From one week ago, Alberta rig counts increased from 139 to 148, the Saskatchewan rig count increased 23 to 26. Oil drilling declined by 2 to 108; gas rigs went up 4 to 95. View a full breakdown of western Canada’s rig activity. [Read more]
Canadian Natural proposes bitumen-only expansion at its Horizon oilsands mine
CALGARY - Canadian Natural Resources Ltd. (TSX:CNQ) is considering adding a 30,000- to 40,000-barrel-per-day bitumen-only project to its Horizon oilsands mine to take advantage of excess ore production and pipeline capacity. The proposed project could be approved by the company as early as 2019 and would continue a trend in the sector to bolt on brownfield production to avoid the high costs and risks of building new mines from scratch. "Canadian Natural has a near-term [Read more]
Perpetual Energy Inc. Announces Increase to Credit Facility and Provides 2018 Guidance
CALGARY, Nov. 10, 2017 /PRNewswire/ - (TSX:PMT) - Perpetual Energy Inc. ("Perpetual", the "Corporation" or the "Company") is pleased to announce a 62.5% increase to its reserve-based credit facility (the "Credit Facility") and confirm capital spending plans and expected production and adjusted funds flow growth for 2018. Strategic focusing of the Company's asset base, strengthening of the balance sheet, steady execution of the growth-oriented capital program and the Company's market [Read more]
Perpetual Energy Inc. Announces Increase to Credit Facility and Provides 2018 Guidance
CALGARY, Nov. 10, 2017 /CNW/ - (TSX:PMT) - Perpetual Energy Inc. ("Perpetual", the "Corporation" or the "Company") is pleased to announce a 62.5% increase to its reserve-based credit facility (the "Credit Facility") and confirm capital spending plans and expected production and adjusted funds flow growth for 2018. Strategic focusing of the Company's asset base, strengthening of the balance sheet, steady execution of the growth-oriented capital program and the Company's market diversification [Read more]
Obsidian Energy Announces Strong Third Quarter Results and 2018 Budget
CALGARY, Nov. 10, 2017 /PRNewswire/ - OBSIDIAN ENERGY LTD. (TSX/NYSE – OBE) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to announce its financial and operational results for the third quarter ended September 30, 2017 and 2018 Budget. All figures are in Canadian dollars unless otherwise stated. David French, President & CEO commented, "I am quite proud of the Obsidian Energy team in the third quarter, successfully executing our busiest drilling campaign in years and [Read more]
Orphan Well Association spending tops $2 million on care of Lexin assets
CALGARY - The cost of looking after hundreds of wells, pipelines and other oilfield gear left behind by bankrupt Lexin Resources Ltd. has exceeded $2 million and the bills continue to roll in, says Alberta's Orphan Well Association. The association was handed responsibility for nearly 1,100 wells plus associated equipment after the Alberta Energy Regulator took the unusual step last February of shutting down all Lexin operations. The AER accused the Calgary-based oil and gas [Read more]
Granite Oil Corp. Reports Third Quarter 2017 Results and Provides Corporate Update
CALGARY, Alberta, Nov. 09, 2017 (GLOBE NEWSWIRE) -- GRANITE OIL CORP. (“Granite” or the “Company”) (TSX:GXO) (OTCQX:GXOCF) is pleased to announce its unaudited financial and operating results for the three and nine months ended September 30, 2017. Third Quarter 2017 Financial and Operating Highlights Selected financial and operating information is outlined below and should be read with Granite’s unaudited interim consolidated financial statements and related Management’s Discussion and [Read more]