HOUSTON, Oct 17 (Reuters) - Even as crude prices hover near four-year highs, U.S. oilfield service firms’ third-quarter results due out in coming days will reflect a shaky recovery, as their customers face drilling constraints and pressure to hold down spending. Oil producers are holding off finishing new wells, and cost pressures from tight labor markets and U.S. tariffs on imported steel are driving up service firms’ costs. Meanwhile, shale producers including Devon Energy Corp and Oasis [Read more]
Headlines
Oil weapon has proved a double-edged sword
LONDON (Reuters) - The oil shocks of 1973/74 and 1979/80 are now mainly remembered for the disruption and hardship they caused in the major oil-consuming countries. But they marked a lasting inflection point in the development of the oil market and almost all the changes were adverse to OPEC in the long run. Following the oil shocks, global oil consumption grew more slowly while non-OPEC production rose more rapidly. Members of the Organization of the Petroleum Exporting Countries [Read more]
MEG Energy’s Board of Directors Unanimously Rejects Husky Energy’s Offer and Recommends MEG Shareholders Not Tender
MEG's stand-alone plan is worth substantially more than the value proposed to be delivered by Husky in the Husky Offer MEG's business is at an exciting inflection point and new CEO, Derek Evans, has plans to accelerate MEG's cash flow generation The Husky Offer was timed opportunistically and substantially undervalues MEG's best-in-class assets and improves Husky's business CALGARY, Oct. 17, 2018 /CNW/ - MEG Energy Corp. (TSX:MEG, "MEG", or the "Company") today announced its Board of [Read more]
Pulse Oil Announces Terms of $11.0 Million Equity Offering to Fund Bigoray EOR Light Oil Project and Mannville Horizontal Drill Program
CALGARY, Alberta, Oct. 16, 2018 (GLOBE NEWSWIRE) -- Pulse Oil Corp. (TSX-V:PUL and PUL.WT) (the “Company” or “Pulse”) is pleased to announce the price and terms of its marketed public offering previously announced on October 15, 2018 (the “Offering”). The Offering will be conducted on an agency basis for the issuance of up to: (i) 14,285,700 units of the Company (“Units”) at a price of $0.21 per Unit; and (ii) 11,363,600 common shares of the Company (“Common Shares”), issued on a “flow-through” [Read more]
Kwispaa LNG reaches major milestone with filing of Project Description with provincial and federal regulators
VANCOUVER, Oct. 17, 2018 /CNW/ - Kwispaa LNG has entered the next phase of project development with the submission of the Project Description to the British Columbia Environmental Assessment Office and Canadian Environmental Assessment Agency. The Project Description provides a comprehensive overview of Kwispaa LNG and represents the culmination of several years of engagement and planning, the results of which have been integrated into ongoing environmental studies and engineering work. Unique [Read more]
Don’t mention the oil price – U.S. legal threat prompts change at OPEC
LONDON/DUBAI (Reuters) - OPEC has urged its members not to mention oil prices when discussing policy in a break from the past, as the oil producing group seeks to avoid the risk of U.S. legal action for manipulating the market, sources close to OPEC said. Proposed U.S. legislation known as “NOPEC”, which could open the group up to anti-trust lawsuits, has long lain dormant, with previous American presidents signaling that they would veto any move to make it law. But U.S. President Donald [Read more]
An Industry Solution for Automation
The oil and gas industry is being challenged to cut costs dramatically and be more productive while continuing to grow more complex. The best way to keep pace with this challenge is to apply fit for purpose technologies to improve current processes. A few of the newest trends in technology - artificial intelligence (AI), robotic process automation, smart contracts and Blockchain - have received much publicity lately for improving productivity in the workplace. While these technologies might [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 Oct. 16 Financial Analyst West Lake Energy Calgary Oct. 16 Field Operator Roska DBO Rocky Mountain House Oct. 15 Labourer Strike Group Crossfield Projects [Read more]
LNG Canada gets greener amid climate worry
At a massive natural gas field in northern British Columbia, Royal Dutch Shell Plc is using new technologies and processes to cut emissions to address public and environmental group concerns that Canada's nascent liquefied natural gas export industry could be a climate time bomb. The Groundbirch project, perched above Canada's richest shale gas deposit some 1,110 kilometers (684 miles) northeast of Vancouver, includes four gas plants and 500 wells dotted over an area the size of New York [Read more]
Little hope seen for oilpatch activity growth as steep price discounts continue
CALGARY - An energy analyst warns the Canadian oil and gas sector is in a holding pattern in which spending and production growth can't occur until new ways to get products to export markets are found. CIBC analyst Jon Morrison says in a report that steep discounts being paid for Canadian heavy and light oil production compared with U.S. benchmarks won't end soon and that means there's no money for producers to increase their drilling budgets. The report bodes poorly for Canada's energy [Read more]