May 25 (Reuters) - U.S. energy companies added the most oil rigs in both a week and a month since February as drillers continued to return to the well pad with crude prices at their highest since late 2014. The total oil rig count rose by 15 to 859 in the week to May 25, the highest level since March 2015, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday. For the month, the rig count rose by 34, its second increase in row, after rising [Read more]
Headlines
Morneau to give speech in Calgary ahead of Kinder Morgan deadline
CALGARY - Finance Minister Bill Morneau is headed west next week with plans to give a speech to a Calgary business audience a day ahead of a deadline set by Kinder Morgan for its controversial Trans Mountain pipeline expansion project. The Calgary Chamber of Commerce, which announced the event set for May 30, says the speech will focus on securing Canada's economic future. Kinder Morgan suspended all non-essential construction on the Trans Mountain project in April, citing obstruction by [Read more]
OPEC, Russia prepared to raise oil output under U.S. pressure
ST PETERSBURG/DUBAI (Reuters) - Saudi Arabia and Russia are discussing raising OPEC and non-OPEC oil production by some 1 million barrels a day, sources said, while OPEC’s chief said a complaint from U.S. President Donald Trump over high prices had triggered the idea of upping output. Riyadh and Moscow are prepared to ease output cuts to calm consumer worries about supply adequacy, their energy ministers said on Friday, with Saudi Arabia’s Khalid al-Falih adding that any easing would be [Read more]
Connacher Commences Phase II of Sale and Investment Solicitation Process
CALGARY, May 24, 2018 /CNW/ - Connacher Oil and Gas Limited ("Connacher" or the "Company") announces that it will be proceeding to Phase II of its new sale and investment solicitation process for the Company's business and assets (the "SISP") being conducted in conjunction with Connacher's proceedings under the Companies' Creditors Arrangement Act ("CCAA") with the assistance of its financial advisor, Houlihan Lokey Capital, Inc. ("Houlihan"). In accordance with the terms of the SISP, [Read more]
Keyera Acquires U.S. Liquids Terminal Business
CALGARY, May 24, 2018 /CNW/ - Keyera Corp. (TSX:KEY) ("Keyera") today announced that its wholly owned subsidiary, Keyera Energy Inc., has entered into an agreement to acquire a logistics and liquids blending terminal located near Tulsa, Oklahoma. The terminal receives, blends and delivers diluent, the majority of which is transported by pipeline from the Mont Belvieu area to the Chicago area and ultimately into the Alberta market. The terminal also has exclusive access to a nearby rail-to-truck [Read more]
Vancouver, Squamish pipeline challenges dismissed by court in B.C.
VICTORIA - The City of Vancouver and Squamish Nation have lost legal challenges aimed at quashing an environmental assessment certificate issued by the British Columbia government for the Trans Mountain pipeline expansion. The B.C. Supreme Court issued separate written judgments today in the cases. The previous B.C. Liberal government issued the certificate in January 2017, about two months after the federal government gave the project the green light. The city argued the province [Read more]
Keystone XL: Disputed pipeline backed by Trump is focus of court hearing
BILLINGS, Mont. - Trump administration attorneys were due in a Montana courtroom Thursday to defend the disputed Keystone XL oil sands pipeline against environmental groups and Native American groups that want to derail the project. The 1,179-mile (1,800-kilometre) line proposed by TransCanada Corporation was rejected in 2015 by former President Barack Obama because of its potential to exacerbate climate change. President Donald Trump revived the project soon after taking office last year, [Read more]
Canada’s pipeline infrastructure designed to meet the needs of the past, not the future: CIBC Report
Enhanced capacity is crucial to foreign investment and country's competitiveness TORONTO, May 24, 2018 /CNW/ - Additional pipeline capacity for Canadian oil coming online over the next few years won't be enough to solve significant bottleneck pressures with mounting associated costs for the industry and the country, finds a new report from CIBC Capital Markets. "The current pipeline infrastructure in Canada is designed to meet the needs of the past, less so the present, and clearly not the [Read more]
Strategic Oil & Gas Ltd. Announces First Quarter 2018 Financial and Operating Results
CALGARY, Alberta, May 24, 2018 (GLOBE NEWSWIRE) -- Strategic Oil & Gas Ltd. (“Strategic” or the “Company”) (TSXV:SOG) is pleased to report financial and operating results for the three months ended March 31, 2018. Detailed results and additional information are presented in Strategic's interim condensed consolidated financial statements and related Management's Discussion and Analysis ("MD&A") which will be available through the Company's website at www.sogoil.com and on SEDAR at [Read more]
National Energy Board Recommends Approval of $1.4 Billion North Montney Mainline Project Variance
CALGARY, Alberta, May 24, 2018 (GLOBE NEWSWIRE) -- TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) announced today that the National Energy Board (NEB) has recommended the federal government approve a variance to the previously issued North Montney Mainline Project certificate, which would allow construction to start on the proposed $1.4 billion natural gas project in northeast British Columbia. The project is being advanced by TransCanada’s wholly-owned subsidiary, NOVA Gas [Read more]