LONDON (Reuters) - Royal Dutch Shell (RDSa.L) could usurp its largest rival Exxon Mobil (XOM.N) as the energy sector’s biggest cash generator after higher oil and gas prices combined with an improved performance lifted its 2017 revenue. Chief Executive Ben van Beurden has made no secret of his desire to challenge the dominance of the world’s largest listed oil company after its $54 billion purchase of BG Group in 2016 catapulted Shell into second place in terms of production. The [Read more]
Headlines
Pipelines, not carbon taxes, bigger factor in energy competitivess: report
OTTAWA - Canada's oil and gas producers are struggling to stay competitive with their U.S. counterparts because of the fight to expand pipeline capacity, says a new report from the C.D. Howe Institute. The analysis by associate director of research Benjamin Dachis is the first in what he says will become an annual comparison of Canada's oil and gas sector with its North American equivalents. The report comes just days before the federal government is expected to unveil how it [Read more]
Blackbird Energy Inc. Provides an Operational Update Including Estimated Monthly Sales Volumes, a Test Result From Its Pipestone/Elmworth Montney Play, Estimated Productive Capacity, and the Pending Tie-In of Non-Operated Wells
CALGARY, Alberta, Feb. 01, 2018 (GLOBE NEWSWIRE) -- (TSX-V:BBI) Blackbird Energy Inc. (“Blackbird” or the “Company”) is pleased to announce its estimated total corporate January sales production, the test results from its 1-20-70-7W6 Upper Montney Development well, an estimate of current behind-pipe productive capacity, details surrounding the pending tie-in of 5 (1.2 net) non-operated wells, and the continued expansion of Blackbird’s acreage. “A key objective for Blackbird has been to [Read more]
Painted Pony Announces Fourth Quarter Production, Operational Update and Executive Departures
CALGARY, Jan. 31, 2018 /CNW/ - Painted Pony Energy Ltd. ("Painted Pony" or the "Corporation") (TSX: PONY) is pleased to announce preliminary 2017 fourth quarter average daily production volumes, an update on first quarter 2018 field operations as well as changes to the executive team. Production Daily production volumes for the fourth quarter of 2017 averaged approximately 315 MMcfe/d (52,500 boe/d), based on preliminary results, and included approximately 9% liquids or approximately 4,500 [Read more]
Obsidian Energy Announces Legacy Asset Disposition
CALGARY, Jan. 31, 2018 /CNW/ - OBSIDIAN ENERGY LTD. (TSX/NYSE – OBE) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to announce that we closed an agreement to dispose of a significant portion of our non-core legacy assets, in exchange for the assumption of abandonment and reclamation liabilities. David French, President & CEO commented, "This transaction is another important step forward for Obsidian Energy. It demonstrates the continued refocusing of the business only [Read more]
Bonavista Energy Corporation Replaces 189% of 2017 Production with the Addition of 49.8 MMboe of Proved Plus Probable Reserves
(TSX:BNP) - CALGARY, Jan. 31, 2018 /CNW/ - Bonavista Energy Corporation ("Bonavista") is pleased to report that our 2017 exploration and development ("E&D") program has resulted in a finding and development ("F&D") cost of $7.60 per barrel of oil equivalent ("boe") on a proved plus probable basis. When combined with our acquisition and divestiture program ("A&D"), finding, development and acquisition ("FD&A") costs were $7.56 per boe on a proved plus probable basis, in each case [Read more]
U.S. crude output passes 10 million bpd for first time since 1970
NEW YORK, Jan 31 (Reuters) - U.S. crude oil production in November surpassed 10 million barrels per day for the first time since 1970, and neared the all-time output record, the Energy Information Administration said in a monthly report on Wednesday. Oil output rose 384,000 barrels per day (bpd) in November from October to 10.038 million bpd, the agency said. The agency also increased its October estimate by 17,000 bpd to 9.654 million bpd, according to the report, known as the 914 production [Read more]
Notley says B.C. will face consequences over plan to ban increased oil shipments
EDMONTON - Alberta Premier Rachel Notley says there will be consequences for British Columbia over the province's latest attempt to hinder expansion of the Kinder Morgan Trans Mountain oil pipeline. Notley held an emergency cabinet meeting Wednesday to discuss what legal and economic levers Alberta can pull in its spat with its neighbour to the west. "The government of Alberta will not — we cannot — let this unconstitutional attack on jobs and working people stand," she said [Read more]
Suncor Energy says driverless trucks will eliminate a net 400 positions
CALGARY - About 400 jobs are expected to disappear at Suncor Energy Inc.'s oilsands mines in northern Alberta as it deploys driverless ore-hauling trucks to replace the ones humans operate now. "We have about 500 roles that will get eliminated through this and we're going to add about 100. So the net change in our workforce is about 400 positions," chief operating officer Mark Little said in an interview Wednesday. The company has been testing the 400-tonne capacity Komatsu [Read more]
OPEC vs. US shale, where do oil prices go?
In a perfect Goldilocks world there would be a perfect price; not too hot ($80 per bbl), not too cold ($40 per bbl) but just right ($60 per bbl). We all know that forecasting price is a fool’s game and most prognostications become obsolete the moment they are written. Why? Because the production of oil and gas does not operate in an unfettered universe where instantaneous production and demand are in sync. Part of the reason for is because of varying project timelines from long lead times [Read more]