I was recently forwarded a link by a kind reader to a story about how “cleaning up Alberta’s oil patch could cost $260 billion.” Like many who do not have $260 billion, the article caught my eye. The startling number, as many of you now know, comes from a presentation made by an Alberta Energy Regulator executive last February to a “private audience.” It appears to have been some sort of rogue presentation, because the number exceeds the AER’s estimate by $200 billion. That is, [Read more]
Headlines
New Trans Mountain pipeline review doomed to fail: Vancouver mayor-elect
Vancouver's incoming mayor says a revamped National Energy Board review of the Trans Mountain pipeline expansion is likely doomed to fail and will land the federal government back in a courtroom. The energy board is reviewing the project's impacts on the marine environment and Kennedy Stewart says it's too rushed, including a week-long window for Indigenous groups and others to apply to participate. "I do think the revamped NEB process we're going through probably is going to fail again. I [Read more]
Marksmen Announces First Closing Of Private Placement
CALGARY, Alberta, Nov. 02, 2018 (GLOBE NEWSWIRE) -- Marksmen Energy Inc. (“Marksmen” or the “Company”) announces that it has completed the first closing of its previously announced non-brokered private placement. The Company issued 2,393,335 units (the “Units”) of Marksmen at a price of $0.12 per Unit for aggregate gross proceeds of $287,200 (the “Offering”). Each Unit is comprised of one (1) common share (“Common Share”) and one-half of one (1/2) share purchase warrant (“Warrant”) of Marksmen. [Read more]
Jim Ellis resigns as AER president and Chief Executive Officer
The Alberta Energy Regulator (AER) announced today that Jim Ellis, president and Chief Executive Officer, will resign from the organization, effective January 31, 2019. Mr. Ellis joined the AER in 2013 as the first CEO for the newly-formed regulator. Mr. Ellis worked with the Government of Alberta and the AER Board of Directors to build the new regulator, merging the regulatory functions of the former Energy Resources Conservation Board with those of former Environment and Sustainable [Read more]
Heavy crude discount narrows slightly after output cuts
The Canadian heavy oil differential narrowed slightly against the West Texas Intermediate (WTI) benchmark on Friday, following production cuts, but remained within range of historically wide levels as output surpasses transport capacity: * Western Canada Select (WCS) heavy blend crude for December delivery in Hardisty, Alberta, was trading Friday afternoon at $44.20 a barrel below WTI crude futures , compared with Thursday's settle of $45, according to Shorcan Energy brokers. * Light [Read more]
U.S. oil drillers cut rigs for first week in four
The U.S. oil drilling rig count declined this week for the first time in four weeks, although the rig count held close to its highest in over three years as production surges to record highs and some companies forecast even higher output this year. Drillers cut one oil rig in the week to Nov. 2, bringing the total count down to 874, 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, [Read more]
Canada Weekly Rig Count Down 2 to 198
Western Canada’s fleet of drilling rigs increased to a total of 200 according to data collected by Baker Hughes for the week of Novmeber 2nd. From one week ago, Alberta rig counts went down 2 to 139. Saskatchewan's rig count decreased from 38 to 37. Oil drilling went from 124 to 121; natural gas rigs increased from 76 to 77. View a full breakdown of western Canada’s rig activity. [Read more]
Chevron Canada Limited Announces Execution of Additional Midstream Services for Development of the Duvernay Play
CALGARY, Nov. 2, 2018 /CNW/ - Chevron Canada Limited today announced it has executed agreements with Pembina Pipeline Corporation for additional midstream services in support of Chevron's initial development program on its Duvernay leaseholdings in west-central Alberta. These agreements will increase the gross midstream capacity for Chevron's Duvernay development to 200 million cubic feet per day of natural gas, 10,000 barrels per day of propane-plus liquids and 50,000 barrels per day of [Read more]
GuildOne Wins Prestigious ASTech Award for Outstanding Achievement in Tech
Calgary-based advanced data solutions and business intelligence provider recognized for innovative application of blockchain and machine intelligence in Alberta energy sector CALGARY, Alberta, Nov. 02, 2018 (GLOBE NEWSWIRE) -- GuildOne Inc. (GuildOne) is proud to announce that it has been selected as the 2018 winner of the ASTech award for Outstanding Achievement in Information and Communications Technology. “This award is a true honour,” said James Graham, GuildOne CEO and President. “It is [Read more]
New Brunswick’s next premier is a fiscal hawk and former Irving Oil executive
The man poised to become New Brunswick's next premier has a well-earned reputation as a tight-fisted fiscal manager whose resume includes 33 years as a senior executive working for one of Canada's richest families: the Irving clan. Progressive Conservative Leader Blaine Higgs, a 64-year-old engineer and former finance minister, was hired by Irving Oil a week after he graduated from the University of New Brunswick. He was eventually promoted to director of distribution, overseeing oil [Read more]