(Reuters) - The sale of a remote Canadian refinery has been scuttled as two former oil traders running the company locked horns over the value of the plant, according to three people familiar with the discussions. The partners, former traders Neal Shear and Kaushik Amin, sought to sell the 130,000 barrel-per-day refinery in Come By Chance, Newfoundland last year to privately held Canadian refiner Irving Oil, which was seen as the leading bidder. The deal fell apart in recent months and is [Read more]
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OPEC to Canada: Build pipelines or watch investment flow south
CALGARY, Alberta (Reuters) - The president of OPEC urged Canada on Tuesday to invest in infrastructure to move oil and gas, or risk watching investment flow away to the United States. The Canadian government agreed in May to buy the Trans Mountain oil pipeline and a related expansion project from Kinder Morgan Canada (KML.TO) for $4.5 billion, highlighting the lengths deemed necessary to overcome stiff opposition to such projects. Insufficient space in the country’s oil pipelines has [Read more]
U.S. oil output to edge above 12 million bpd late 2019: EIA
NEW YORK (Reuters) - U.S. crude oil production is expected to average more than 12 million barrels per day late next year for the first time ever, the U.S. Energy Information Administration said in a monthly report on Tuesday. U.S. oil production has soared, boosted by improved technology for tapping shale formations. Output rose 5.6 percent last year and is expected to grow 15.4 percent this year. If the forecasts are realized, that will make the United States the world’s largest crude [Read more]
Canada’s Husky Energy has excess oil pipeline capacity to U.S. – CEO
CALGARY (Reuters) - Husky Energy Inc has excess oil pipeline capacity to the United States from Canada and has enough capacity locked in to ship crude until about 2021, Chief Executive Rob Peabody said on Tuesday. The company has about 75,000 bpd committed on the existing Keystone pipeline and also has space on Enbridge Inc’s Mainline crude pipeline system, Peabody said on the sidelines of the TD Securities Calgary Energy Conference. Western Canadian oil producers have struggled to move [Read more]
Oilsands execs see brighter future with approval of Line 3 pipeline project
CALGARY - Executives from the biggest oilsands companies in Canada say concerns about getting their products to market are starting to ease in the wake of the regulatory approval of Enbridge Inc.'s $9-billion Line 3 pipeline replacement project. The project to add about 375,000 barrels per day of export capacity into the United States cleared its last major regulatory hurdle at the end of June when it was conditionally endorsed by Minnesota state officials. Executives from Suncor Energy [Read more]
New Oil and Gas Jobs From BOE Report Jobs
Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location Jul. 10 CLASS 1 FLUID HAULER - (GPF) Trican Well Service Ltd. Grande Prairie Jul. 10 CLASS 1 FLUID HAULER - (FJF) Trican Well Service Ltd. Fort St. John Jul. [Read more]
U.S. will consider requests for waivers from Iran oil sanctions – Pompeo
WASHINGTON, July 10 (Reuters) - The United States will consider requests from some countries to be exempted from sanctions it will put in effect in November to prevent Iran from exporting oil, U.S. Secretary of State Mike Pompeo said on Tuesday. “There will be a handful of countries that come to the United States and ask for relief from that. We’ll consider it,” Pompeo said according to the text of an interview in Abu Dhabi with Sky News Arabia released by the U.S. State Department. He did [Read more]
Rising oil prices may bail out Canada but precipitate a global financial calamity; there’s a reason Trump is screaming at OPEC to crank it up
Suppose you were a sort of financial derelict that spent what you wanted, and ran up huge debt. You had options to reduce the debt burden, such as collect money that was owed you, or sell off some things; but you were having a good time and that stuff seems like a lot of work. Eventually you run out of hiding places and go bankrupt, then claw your way out, then it’s party time again. But old habits die hard, and the cycle repeats. At some point, without resorting to criminality, it’s going to be [Read more]
Little Guy Oilfield Rentals Announces Their Newest Location in Grande Prairie, Alberta
Leduc, AB: Today, Little Guy Oilfield Rentals, the industry leader in matting solutions, announces their newest location in Grande Prairie. This new location allows Little Guy to better service both existing and new clients in the region. The explosion of growth associated with the Montney play requires a matting company capable of meeting the needs of the region. Little Guy is uniquely positioned to supply North Western Alberta and into British Columbia with our proven Wood Access Mats, Rig [Read more]
Heavy crude differential narrows, Syncrude outage lengthens
The Canadian heavy oil differential narrowed against the West Texas Intermediate (WTI) benchmark on Monday, after a full restoration of the Syncrude oil sands site looked to drag into September:* Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, settled at $19 a barrel below the WTI benchmark crude price , according to Shorcan Energy brokers. That compared with Friday's settle of $19.50. * The differential narrowed for the fourth straight session.* [Read more]