Cenovus Energy Inc is seeking a partner to fund C$1.3 billion in costs to build the supporting infrastructure at its Narrows Lake oil sands project in Alberta, people familiar with the matter said on Friday. Cenovus has been seeking to raise billions to support its projects and reduce its debt burden after its pent C$17 billion on acquiring oil sands and natural gas assets from ConocoPhillips last year. Cenovus earlier this month hired Credit Suisse and RBC Capital Markets as advisers on [Read more]
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Canada Weekly Rig Count Down 54 to 219
Western Canada’s fleet of drilling rigs went down 54 rigs to the current count of 219 actively drilling rigs according to data collected by Baker Hughes for the week of March 16th. From one week ago, Alberta rig counts decreased from 187 to 157, the Saskatchewan rig count decreased from 57 to 35. Oil drilling went from 196 to 144; gas rigs went down from 77 to 75. View a full breakdown of western Canada’s rig activity. [Read more]
U.S. drillers add oil rigs for 7th week in eight
U.S. energy companies added oil rigs for the seventh time in the last eight weeks on expectations crude prices in 2018 will top 2017, prompting more drillers to boost spending plans for this year. Drillers added four oil rigs in the week to March 16,bringing the total count to 800, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. The U.S. rig count, an early indicator of future output, is much higher than a year ago when 631 rigs were [Read more]
Enbridge, TransCanada shares recover from steep dive following U.S. tax ruling
CALGARY - Shares in Canadian pipeline companies Enbridge Inc. and TransCanada Corp. are recovering from a steep sell-off Thursday after the U.S. eliminated a tax break for owners of certain interstate pipelines. Both Calgary-based companies hold such pipelines in the United States through master limited partnerships or MLPs. The decision by the U.S. Federal Energy Regulatory Commission came in response to an earlier court ruling that found its long-standing tax policy could [Read more]
Trans Mountain granted injunction against pipeline protesters at two B.C. sites
VANCOUVER - Protesters must be restrained from obstructing the expansion of the Trans Mountain pipeline, says a British Columbia Supreme Court judge who has granted the company an injunction aimed at preventing people from entering within five metres of two work sites. Justice Kenneth Affleck said Thursday he felt it necessary to make a decision on the second day of a hearing instead of issuing a written order involving outraged demonstrators who have blocked vehicles and workers at the [Read more]
Ottawa ‘determined’ to see Trans Mountain pipeline expanded: minister
VANCOUVER - Canada's natural resources minister says Ottawa is determined to see the Trans Mountain pipeline expanded, despite an interprovincial dispute on whether the project should go ahead. Jim Carr said the federal government approved the project because broad consultations determined it was in the national interest and will help facilitate a transition to clean energy. "Our plan is to use this time of transition to Canada's advantage by building the infrastructure to get [Read more]
Enbridge Inc. does not expect a material consolidated financial impact as a result of FERC Revised Policy Statements
CALGARY, March 16, 2018 /CNW/ - Enbridge Inc. (Enbridge or the Company) (TSX:ENB) (NYSE:ENB) today stated that it does not expect a material impact to its previously disclosed financial guidance over the 2018-2020 horizon as a result of the Federal Energy Regulatory Commission (FERC) revised policy statement on interstate pipeline tax allowance recovery in Master Limited Partnerships (MLPs) nor from FERC's Notice of Proposed Rule-Making (NOPR). Spectra Energy Partners LP (SEP) does not [Read more]
Private oil and gas company is in the market for drilling-ready prospects
A private company with existing operation in Alberta is seeking for drilling-ready prospects for its 2018 drilling program. Medium-light oil, relatively shallow, high working interest and large inventory of locations are preferred. Transaction could be done in cash or GOR. Interested party please send email to 2018drilling@gmail.com and the company information will be provided in person. [Read more]
Zargon Oil & Gas Ltd. Provides 2017 Fourth Quarter and Full Year Financial Results
CALGARY, Alberta, March 15, 2018 (GLOBE NEWSWIRE) -- Zargon Oil & Gas Ltd. (“Zargon” or the “Company”) (TSX:ZAR) (TSX:ZAR.DB.A) has released its 2017 fourth quarter and full year financial results. Previously, Zargon provided 2017 year end reserves, production updates and 2018 H1 production/capital guidance in our February 12, 2018 and November 13, 2017 press releases. Highlights from the fourth quarter and year ended Dec. 31, 2017 are provided below: HIGHLIGHTS FROM THE [Read more]
Spartan Energy Corp. Announces 2017 Fourth Quarter and Year End Results and Announces Share Repurchase Program
CALGARY, Alberta, March 15, 2018 (GLOBE NEWSWIRE) -- Spartan Energy Corp.("Spartan" or the "Company") (TSX:SPE) is pleased to report its financial and operating results for the fourth quarter and year ended December 31, 2017. Selected financial and operational information is set out below and should be read in conjunction with Spartan's December 31, 2017 audited annual financial statements and the related management’s discussion and analysis (“MD&A”). The financial statements and MD&A [Read more]