OTTAWA, Oct. 4, 2018 /CNW/ - The Government of Canada is committed to working and consulting with territorial governments, industry, and Indigenous governments and communities in the North on future decisions on offshore oil and gas development. Today, the Honourable Dominic LeBlanc, Minister of Intergovernmental and Northern Affairs and Internal Trade, and the Honourable Amarjeet Sohi, Minister of Natural Resources, announced Canada's next steps on future Arctic offshore oil and gas [Read more]
Headlines
Traders bet on WTI at $100 as Iran sanctions loom
NEW YORK/LONDON (Reuters) - Oil traders have piled into wagers that U.S. crude oil could surge to $100 a barrel by next year, a milestone that until recently many considered unthinkable due to record U.S. production growth and relatively flat global demand. But the imminent return of U.S. sanctions on Iran and bottlenecks keeping U.S. oil from getting to market have fueled a rally that has taken benchmark oil prices to four-year highs. While big producing nations say supply is ample, hedge [Read more]
Bellatrix Announces Repurchase of Grafton Joint Venture Assets
CALGARY, Alberta, Oct. 04, 2018 (GLOBE NEWSWIRE) -- Bellatrix Exploration Ltd. (“Bellatrix” or the “Company”) (TSX, NYSE: BXE) announces that it has entered into an agreement to acquire all the remaining assets earned by Grafton Energy Co I Ltd. (“Grafton”) under the previously announced joint venture arrangement entered into in 2013 (the “Grafton JV”). Upon completion of the transaction, the agreement governing the Grafton JV will be terminated and each party will release the other from all [Read more]
Clogged pipelines cut Canada’s oil price, small producers shift strategy
Small Canadian oil producers are striking complex deals with refineries, diversifying production and seeking marketing help as they try to soften the blow from record price discounts on heavy crude generated by pipeline congestion.Unlike integrated companies Suncor Energy and Imperial Oil that have refineries to process their own oil, reserved pipeline space, storage, and marketing departments, small producers scrape by with less.That reality is spurring companies such as Pengrowth Energy [Read more]
Corporate Sale: Double Knot Energy Ltd.
Western Divestments has been retained by Double Knot Energy Ltd. (DKE) to sell the shares of the company. DKE has 100% working interest in 7,040 acres of land (11 sections) and an override in 6 sections with various P&NG rights in the Lone Pine Creek area of South-Central Alberta. The company owns a 10 to 13% gross overriding royalty on six wells currently producing gas from the Viking Formation. There is a total of 3,840 acres (6 sections) of land associated with the GORR. Income [Read more]
Canadian Natural Resources Limited Announces Establishment of Automatic Securities Purchase Plan
CALGARY, Alberta, Oct. 04, 2018 (GLOBE NEWSWIRE) -- Canadian Natural Resources Limited (“Canadian Natural" or the "Company") announces in connection with its previously announced Normal Course Issuer Bid ("NCIB") to purchase up to 61,424,856 of its common shares (“Shares"), it entered into an Automatic Securities Purchase Plan ("ASPP") with a designated broker. The ASPP is intended to allow for the purchase of Shares under the NCIB when the Company would ordinarily not be permitted to purchase [Read more]
GLJ Petroleum Consultants: October 2018 Price Forecast
The Canadian energy industry continues to persist in the face of opposition and adversity. Although a lower Canadian dollar helps to soften the blow of large differentials on prices received, Canadian oil and natural gas continue to be heavily discounted compared to benchmark American prices. There is some truth though, to the old adage; “that which does not kill us, makes us stronger”. Many producers have been able to reduce operations and development costs through improvements in efficiency [Read more]
In an effort to strike a USMCA deal, how much of its independence did Canada give up?
The new USMCA deal was announced Sunday night and not surprisingly, leaders of both the US and Canada declared it was a win for each of them with Donald Trump declaring it was “a great deal for all three countries”. We are hearing of the gains and losses for the Auto and Dairy Industries, but what we are not hearing is how the deal failed to resolve U.S. tariffs on Canada’s steel and aluminum exports. The steel and aluminum tariffs that Trump imposed on both countries earlier this year remain in [Read more]
Ontario, Saskatchewan premiers to meet in Saskatoon about carbon tax, economy
SASKATOON - Ontario Premier Doug Ford is bringing his anti-carbon tax crusade to Saskatchewan. Ford is to meet with Premier Scott Moe on Thursday to discuss the federal government's carbon tax plan and the economy. "My friends, I am so excited to tell you I'm heading to Saskatchewan to see my friend Premier Scott Moe — he is a champion," Ford said on Twitter Wednesday. "We have a strong united front against the worst tax ever — that is the carbon tax." Ford said Ontario and [Read more]
B.C. files to be intervener in new National Energy Board hearings on pipeline
VICTORIA - The British Columbia government wants to take part in the National Energy Board's reconsideration of the Trans Mountain pipeline expansion. Environment Minister George Heyman said Wednesday the government has registered as an intervener in the next set of hearings after the Federal Court of Appeal tossed out the board's first approval of the project. The court found the board failed to properly consult First Nations on the expansion project and that it didn't consider [Read more]