Canadian oil producers are running out of options to get crude to market as pipeline and rail capacity fills up, driving prices to four-year lows and increasing the risk of firms having to sell cheaply until at least late 2019. This will drive down the profit margins for the oil sands industry, already struggling to compete with cheaper and abundant supplies from U.S. shale. A number of foreign oil majors have left Canada's oil sands to invest in more profitable U.S. shale plays, selling over [Read more]
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South Korea’s GS Caltex buys rare Canadian crude cargo for Feb
South Korean refiner GS Caltex Corp has bought a rare cargo of Cold Lake crude, the company's first purchase in more than two decades of this Canadian oil grade, a company spokesman said on Monday. The second-largest refiner in South Korea bought 300,000 barrels of the heavy sour crude for delivery in the second half of February, he said. The refiner is trying out a small volume of the oil, which has a quality similar to that of Iraq's Basra Heavy crude, a person familiar with the matter [Read more]
Energy conversations matter, thanks for reading
Given the festive time of year with the holidays fast approaching, it’s a good time to talk for a minute about tuberculosis. Don’t be judgemental; you have your fireplace-on-TV traditions and I have mine. The disease has thankfully been pretty much wiped out of North America decades ago through the wonder of vaccinations. The discovery and propagation of this disease-stopping technique was an incalculable gift to us all, saving heartache that relatively few of have to endure these days, at [Read more]
National Energy Board Hearing for the Sundre Crossover Project Begins on Monday
CALGARY, Dec. 15, 2017 /CNW/ - The National Energy Board (NEB) oral hearings on an application from NOVA Gas Transmission Ltd. (NGTL) to build a natural gas pipeline east of the Town of Sundre will begin on December 18. The hearing will start at 9 a.m. in the NEB's hearing room in Calgary and is expected to run for two days. The public is welcome to attend. NGTL applied to the NEB on March 24 for permission to build and operate the 21-kilometre long Sundre Crossover Project. If approved, the [Read more]
U.S. oil drillers cut rigs for first week in six -Baker Hughes
U.S. energy companies this week cut oil rigs for the first time in six weeks in spite of prices rising close to their highest in over two years and drillers starting to boost spending plans for next year. The oil rig count fell by four to 747 in the week to Dec. 15, 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 still much higher than a year ago when only 510 rigs were [Read more]
Canada Weekly Rig Count Up 8% to 238 led by Saskatchewan oil drilling
Western Canada’s fleet of drilling rigs went up by 19 to the current count of 238 actively drilling rigs according to data collected by Baker Hughes for the week of December 15th. From one week ago, Alberta rig counts increased from 160 to 167, the Saskatchewan rig count increased by 15 to 43. Oil drilling went up 22 to 134; gas rigs went down 3 to 104. View a full breakdown of western Canada’s rig activity. [Read more]
Alberta to expand airborne monitoring of oilsands greenhouse gas emissions
EDMONTON - Alberta has begun monitoring oilsands emissions from the sky. The province's environmental monitoring agency is using airborne sensing equipment to measure the release of greenhouse gases and other chemicals from oilsands mines north of Fort McMurray —a program being expanded to cover all of Alberta's heavy oil and bitumen production. "We're trying to get a better inventory of what's coming off of where," Fred Wrona, the province's chief scientist, told The Canadian [Read more]
Oilsands price discounts expected to rise as output exceeds export pipeline room
CALGARY - Canadian oilsands producers face rising price discounts as growing production "materially exceeds" export pipeline capacity to the United States in the first quarter of 2018, RBC Dominion Securities says in a new research report. The report comes as the price differential between oilsands crude and its U.S. counterpart posted recently widened to more than US$25 because of recent events including reduced volumes on the Keystone pipeline system between Alberta and the U.S. Gulf [Read more]
Kinder Morgan Canada Limited Closes $250 Million Preferred Share Offering
CALGARY, Dec. 15, 2017 /CNW/ - Kinder Morgan Canada Limited (the "Company") (TSX: KML) is pleased to announce that it has completed its previously announced offering of cumulative redeemable minimum rate reset preferred shares, Series 3 (the "Series 3 Preferred Shares") for aggregate gross proceeds of $250 million. The Company issued 10,000,000 Series 3 Preferred Shares, including 2,000,000 Series 3 shares issued as a result of the full exercise of the underwriter's option, through a syndicate [Read more]
Petrus Resources Announces Operations Update and 2018 Outlook
CALGARY, ALBERTA--(Marketwired - Dec. 15, 2017) - Petrus Resources Ltd. ("Petrus" or the "Company") (TSX:PRQ) is pleased to announce an operations update as well as a 2018 outlook. PRODUCTION AND OPERATIONS UPDATE Petrus' 2017 drilling program has been focused exclusively in the Ferrier area targeting liquids rich natural gas in the Cardium formation. Throughout 2017, the Company drilled or participated in 18 gross (13.1 net) wells. This included two Extended Reach Horizontal ("ERH") wells [Read more]