NEW YORK, Aug 20 (Reuters) - The U.S. Department of Energy (DOE) is offering 11 million barrels of oil for sale from the nation’s Strategic Petroleum Reserve (SPR) ahead of sanctions on Iran that are expected to reduce global supplies of crude. The delivery period for the proposed sale of sour crudes will be from Oct. 1 through Nov. 30, according to Monday’s notice. The U.S. government has introduced financial sanctions against Iran which, beginning in November, also target the petroleum [Read more]
Headlines
Keystone XL company moves to condemn South Dakota land
BUFFALO, S.D. - The company planning the Keystone XL oil pipeline is moving to condemn private land in South Dakota. TransCanada Corp. has filed eminent domain petitions in state court against parcels of Harding County land owned by two families, The Rapid City Journal reported . At least one family plans to fight. Resident Jeffrey Jensen said he'll take the matter to court if necessary. "I got nothing to lose. Wouldn't bother me in the least," he said. "They (TransCanada) actually want [Read more]
Petroleum Resources Act in Quebec coming into force
CALGARY, Alberta , Aug. 20, 2018 (GLOBE NEWSWIRE) -- Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today that the Government of Quebec announced its plans to officially implement or put into practice the Petroleum Resources Act (the “Act”). The Act will govern the development of hydrocarbons in the province of Quebec. The Act was passed as law in December 2016 by the Liberal government as a result of the adoption of Bill 106, “An Act to Implement the 2030 [Read more]
Trump administration less concerned about conserving oil
WASHINGTON - Conserving oil is no longer an economic imperative for the U.S., the Trump administration declares in a major new policy statement that threatens to undermine decades of government campaigns for gas-thrifty cars and other conservation programs. The position was outlined in a memo released last month in support of the administration's proposal to relax fuel mileage standards. The government released the memo online this month without fanfare. Growth of natural gas and other [Read more]
Anti-pipeline protesters released days before weeklong jail sentences end
MAPLE RIDGE, B.C. - Several pipeline protesters were released from a British Columbia jail on Sunday, a few days before their weeklong sentences were set to end. Seven protesters in all were sentenced to a week in jail on Aug. 15, after pleading guilty to contempt charges in B.C. Supreme Court. Five who were released on Sunday issued a joint statement, saying they were imprisoned because of their opposition to the Trans Mountain pipeline expansion. In the statement, the [Read more]
PRD Energy Provides Update on Liquidation & Dissolution Process
CALGARY, Alberta, Aug. 17, 2018 (GLOBE NEWSWIRE) -- PRD Energy Inc. ("PRD" or the "Company") is pleased to provide an update on the status of its liquidation and the anticipated timing of its dissolution. PRD is currently discharging all of its obligations and completing all other acts required to liquidate its business. PRD's assets, as at June 30, 2018, were comprised of cash on hand of approximately $796,000 and accounts receivable of approximately $39,280. Included in the accounts [Read more]
Co-owner of Canadian refinery NARL seeks $5.8 million from partner
NEW YORK, Aug 17 (Reuters) - A co-owner of the Come By Chance oil refinery in Canada is suing his partner for about $5.8 million in a New York state court over allegations of unpaid dividends and misused investments, according to court papers filed on Friday. Neal Shear, who bought the struggling 130,000 barrel-per-day Come By Chance refinery in Newfoundland in 2014, accused Kaushik Amin, his partner in the plant, of failing to pay him a $5.45 million shareholder dividend as well as $326,000 [Read more]
Canada Weekly Rig Count Up 3 to 212
Western Canada’s fleet of drilling rigs declined to to a total of 212 according to data collected by Baker Hughes for the week of August 17th. From one week ago, Alberta rig counts increased from 140 to 145. Saskatchewan's rig count remained at 46. Oil drilling went from 140 to 141; natural gas rigs increased from 69 to 71 View a full breakdown of western Canada’s rig activity. [Read more]
U.S. oil drilling rig count holds steady this week
(Reuters) - U.S. energy companies kept the oil rig count unchanged this week amid a steady decline in crude prices, which hit a near two-month low earlier this week. The rig count, an early indicator of future output, held at 869 in the week to Aug. 17, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday. U.S. crude futures were on track to fall for the seventh straight week as global trade disputes fueled concerns about slowing economic [Read more]
Column: The importance and opportunity for Canadian oil
In this article, I will attempt to de-mystify the difference between Canadian Crude and WTI (West Texas Intermediate) as we at Auspice Capital Advisors believe global investors may find a more clear way to gain crude oil exposure with an edge beyond WTI. Historically, this opportunity was only available to wholesale energy traders. As a result, the Canadian Crude market is something that is not well understood. However, given this is the largest foreign supply to the US (greater than Saudi [Read more]