MOSCOW/LONDON (Reuters) - As OPEC’s efforts to balance the oil market bear fruit, U.S. producers are reaping the benefits - and flooding Europe with a record amount of crude. Russia paired with the Organization of the Petroleum Exporting Countries last year in cutting oil output jointly by 1.8 million barrels per day (bpd), a deal they say has largely rebalanced the market and one that has helped elevate benchmark Brent prices LCOc1 close to four-year highs. Now, the relatively high prices [Read more]
Headlines
Climate change lawsuits: Apple’s famous totalitarian 1984 commercial is now our life, and shut-in pipelines are the only hammer
A recent fad in the US has certain jurisdictions suing oil producing companies for the effects of climate change. The latest is a group of counties in Colorado, who, according to this piece on the Union of Concerned Scientists website, have decided to hold two companies responsible for their weather-related woes because they produce, process and sell gasoline in their communities. When reading about such events, a basic human instinct kicks in, much like when we see a baby kitten in distress. [Read more]
Strategic Oil & Gas Ltd. Announces New President & CEO
CALGARY, Alberta, April 23, 2018 (GLOBE NEWSWIRE) -- Strategic Oil & Gas Ltd. (“Strategic” or the “Company”) (TSXV:SOG) is pleased to announce that Tony Berthelet will be joining the Company as President and Chief Executive Officer and will join the Board of Directors effective May 21, 2018. Mr. Berthelet most recently served as Vice-President, Development and Operations with an intermediate publicly-traded oil and gas company in Calgary. During his tenure Mr. Berthelet successfully led a [Read more]
MEG Energy Announces Bill McCaffrey, Co-founder, Director, President & CEO is Retiring
CALGARY, April 23, 2018 /CNW/ - MEG Energy Corp. (TSX:MEG) ("MEG" or the "Company") reports that after 19 years, Bill McCaffrey will be retiring from his role as President & Chief Executive Officer as well as from the Board of Directors following the company's Annual General Meeting on May 31, 2018. Harvey Doerr, a member of MEG's Board of Directors, will act as interim CEO during the search process for a permanent replacement. Bill has agreed to act as an advisor to the [Read more]
Federal environment minister defends BP Canada’s plans to drill in N.S.
HALIFAX - Federal Environment and Climate Change Minister Catherine McKenna is defending BP Canada's plans to drill an exploration well roughly 330 kilometres off the coast of Halifax. On Saturday, the Canada-Nova Scotia Offshore Petroleum Board granted the oil and gas company permission to start drilling. McKenna touched on the issue briefly on Sunday during a press conference for the federal government's new public consultation platform on plastics and waste. She said BP's project has [Read more]
Facing shipping constraints, Canada moving oil one truckload at a time
At an Alberta oil loading terminal, a convoy of big rigs are gearing up to haul Canadian crude oil hundreds of miles through bone dry fields across the U.S. border into Montana, where the oil will be transferred to pipelines and rail cars headed south and west. Trucks loaded with crude are an increasingly common sight at the border. Production has risen in the world's fifth largest producer but full pipelines and a rail car shortage have made it difficult for drillers to ship oil out of [Read more]
BP Canada given the go-ahead to start drilling off the Nova Scotia coast
HALIFAX - Nova Scotia's offshore petroleum regulator has granted BP Canada Energy Group approval to begin drilling a well off the province's coast. The Aspy D-11 exploration well is the first in BP Canada's Scotian Basin Exploration Project, which could see up to seven exploration wells drilled off the southeast coast of Nova Scotia over a three year period. The oil and gas company submitted an application to the Canada-Nova Scotia Offshore Petroleum Board in September 2017 to drill a [Read more]
Canada Weekly Rig Count Continues Spring Breakup Decline Down 9 to 93
Western Canada’s fleet of drilling rigs went down 9, amidst spring breakup, to a current count of 93 according to data collected by Baker Hughes for the week of April 20th. From one week ago, Alberta rig counts decreased from 85 to 76, Saskatchewan's rig count remained at 3. Oil drilling went from 48 to 41; gas rigs went from 41 to 38. View a full breakdown of western Canada’s rig activity. [Read more]
Institutional shareholder adviser calls for change at Crescent Point Energy
CALGARY - An international proxy advisory firm is joining a call for change at Crescent Point Energy Corp. by endorsing two of four director nominees put forward by a dissident shareholder. Institutional Shareholder Services Inc. says in a report that investors should vote for Dallas Howe and Herbert Pinder, nominated by Cation Capital Inc., instead of Crescent Point nominees Rene Amirault and Mike Jackson at the company's annual meeting May 4. ISS also says shareholders should withhold [Read more]
Crescent Point Reinforces Its Current Plan for Change
CALGARY, Alberta, April 20, 2018 (GLOBE NEWSWIRE) -- Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX:CPG) and (NYSE:CPG) reaffirms its strategic plan and successes prior to its Annual General Meeting (“AGM”) on May 4, 2018. The Company recommends that shareholders vote for its director nominees and other items for consideration on the WHITE proxy or Voting Instruction Form. Crescent Point has made, and continues to make, strategic decisions that are focused on creating [Read more]