CALGARY - Rising oil prices that encouraged more spending by small and intermediate oil and gas companies in Western Canada in the first six months of 2018 are expected to lead drilling budgets to grow even further this fall. Producers say last week's steady march by U.S. benchmark West Texas Intermediate oil prices to higher than US$70 per barrel, a level last seen in early July, will encourage some to open their wallets. "A lot of us spent a fair bit of our capex for the year in the [Read more]
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Despite the current struggles of natural gas producers in Canada, analysts believe the outlook for the sector is improving
Still, questions arise on how the outlook may be improving. Clearly, monetization of NGLs has become an important component of WCSB producers profitability. For liquids rich natural gas producers, are cost advantaged feedstocks enough? While operating conditions in Canada are very favorable compared to US jurisdictions, do combined US local, state and federal investment support create a US counter-advantage? How does US Competition square up vrs Western Canada. How much demand will new [Read more]
Workers and companies left in limbo after Trans Mountain pipeline ruling
Workers and companies who were set to be employed on the Trans Mountain pipeline expansion have been left wondering where they stand as construction on the project begins to shut down. Ryan Bruce, director of government and public relations for the union CLAC, said some of the workers were sent home after the Federal Court of Appeal ruling quashed Ottawa's approval of the pipeline expansion on Thursday. The workers will come back for a meeting with their employers early next week to talk [Read more]
Advantage Announces U.S. Delisting and Deregistration
CALGARY, Aug. 31, 2018 /CNW/ - On August 31, 2018 the board of directors (the "Board") of Advantage Oil & Gas Ltd. ("Advantage" or the "Company") approved the delisting of the Company's common shares (the "Common Shares") from the New York Stock Exchange ("NYSE"). On August 31, 2018, the Company notified the NYSE of its intention to file a Form 25 with the Securities and Exchange Commission (the "SEC") on or about September 10, 2018 to effect the voluntary delisting from the NYSE of the [Read more]
Trans Mountain expansion could be delayed for years by court decision: experts
VANCOUVER - The Federal Court of Appeal's decision to quash Ottawa's approval of the Trans Mountain pipeline expansion is likely to delay the project for years, legal and political observers say. The ruling means the National Energy Board must consider the impacts of increased tanker traffic on the marine environment and the federal government must consult more meaningfully with First Nations. The energy board should first conduct its new review, which will involve receiving written [Read more]
National Energy Board orders halt to all work activity on Trans Mountain pipeline
CALGARY - The National Energy Board has ordered construction on the Trans Mountain pipeline to stop, a day after the Federal Court of Appeal quashed the approval of the project and nullified the NEB certificate. In the absence of a certificate, the economic regulatory agency says it expects Trans Mountain to cease all construction work on the pipeline in a manner that minimizes environmental impact. The NEB will also monitor the project and take any steps necessary to ensure [Read more]
U.S. drillers add oil rigs for the first time in three weeks
U.S. energy companies added oil rigs for the first time in three weeks, energy services firm Baker Hughes reported on Friday, while the rig count inched up this month as drilling steadied over the last three months. Drillers added two oil rigs in the week to Aug. 31, bringing the total count to 862, the General Electric Co unit said in its closely followed report. The oil rig count rose by one in August after gaining three rigs in July and losing one in June. U.S. crude futures were on [Read more]
Danger to oil demand from trade wars may offset price boost from Iran
Oil analysts cut their price forecasts for 2018 for the first time in almost a year in August, given growing concern over the impact on crude demand from escalating trade tensions, although falling supply, particularly from Iran, would likely limit losses, a Reuters poll showed on Friday. A survey of 45 economists and analysts forecast Brent crude to average $72.71 a barrel in 2018, 16 cents lower than the $72.87 projected in the previous month’s poll and above the $71.96 average so far this [Read more]
Now you see it, now you don’t: oil surplus vanishes ahead of Iran deadline
LONDON (Reuters) - An overhang of homeless crude in the Atlantic Basin has halved in recent weeks, suggesting oil traders are bracing for a further supply loss from Iran due to U.S. sanctions and a new rally in prices. Iran’s oil exports are already dropping fast as refiners scurry to find alternatives ahead of a reimposition of U.S. sanctions in early November, which in turn has helped drain a glut of unsold oil. The millions of unsold barrels of crude that had pooled around northwest [Read more]
Canada Weekly Rig Count Down 1 to 228
Western Canada’s fleet of drilling rigs increased to to a total of 228 according to data collected by Baker Hughes for the week of August 31st From one week ago, Alberta rig counts increased from 159 to 160. Saskatchewan's rig count decreased from 49 to 48. Oil drilling went from 153 to 151; natural gas rigs increased from 76 to 77. View a full breakdown of western Canada’s rig activity. [Read more]