CALGARY, Alberta, Dec. 14, 2017 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) plans to invest between $1.5 billion and $1.7 billion in 2018, with the majority of the budget allocated to sustain base production at the company’s oil sands operations. The remaining capital will primarily support continued construction at the phase G oil sands expansion at Christina Lake, where costs are coming in below original expectations, and a targeted drilling program in the Deep Basin. This [Read more]
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Brent eases as traders become sanguine about pipeline outage: Kemp
LONDON, Dec 14 (Reuters) - Brent futures for delivery in the first months of next year have given up much of their premium since the announcement on Monday that the Forties pipeline system would be shut for emergency repairs. The Forties pipeline system, which carries around 450,000 barrels per day and handles nearly a quarter of North Sea output, is likely to be shut for several weeks, according to owner Ineos. But traders have become much more sanguine about the impact on benchmark North [Read more]
North Sea oil deliveries halted in first force majeure in decades
LONDON (Reuters) - Deliveries of crude oil through the Forties pipeline in the North Sea are under force majeure for the first time in decades and operator INEOS said on Thursday there was no timeline yet for repair work that could last several weeks. The 169-km pipeline, which carries around a quarter of all North Sea crude output and around a third of Britain’s total offshore gas production, has been closed since Monday, following the discovery of a small crack in part of the system onshore [Read more]
Raging River Exploration Inc. Announces Duvernay Light Oil Discovery, Operational Update and Announces 2018 Capital Budget of $335 Million
CALGARY, Alberta, Dec. 13, 2017 (GLOBE NEWSWIRE) -- Raging River Exploration Inc. (“Raging River” or the “Company”) (TSX:RRX) announces that the Company’s board of directors has approved a 2018 capital budget of $335 million. The budgeted capital expenditures are expected to increase annual average production in 2018 to 24,500 boe/d (92% oil) with fourth quarter 2018 production estimated at 26,000 boe/d representing a fourth quarter to fourth quarter production per share growth of greater than [Read more]
Surge Energy Inc. Announces 2018 Guidance
CALGARY, Dec. 13, 2017 /CNW/ - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) announces that its Board of Directors has formally approved Surge's 2018 capital expenditure and production guidance. APPROVED GUIDANCE FOR 2018; CAPITAL EXPENDITURE BREAKDOWN Pursuant to a Press Release dated October 26, 2017, Surge provided preliminary capital expenditure and production guidance for 2018. In 2018 Surge now anticipates spending $98.75 million of total capital, broken down as [Read more]
Enerplus Announces 2018 Budget of $535 to $585 Million
CALGARY, Dec. 13, 2017 /CNW/ - Enerplus Corporation (TSX & NYSE: ERF) today announced its 2018 exploration and development capital budget of $535 to $585 million which is focused on generating sustainable and profitable cash flow growth, while maintaining the Company's significant financial strength. Highlights of the 2018 capital budget and guidance: Projecting approximately 10% total production growth and 20% liquids production growth year-over-year, on a divestment adjusted [Read more]
Anti-pipeline group goes back to work against Keystone XL
Nebraska's main anti-pipeline group is trying to rally opposition to the TransCanada Keystone XL project's recently approved route through the state, tracking down landowners it says were not given a voice in the regulatory process. If it succeeds, Bold Nebraska could throw up new roadblocks to the controversial project to move Canadian oil to U.S. refineries, backed by U.S. President Donald Trump, by pressing regulators to revisit TransCanada's application, or by suing if they [Read more]
U.S. crude stockpiles fall for fourth week on huge Cushing draw: EIA
(Reuters) - U.S. crude oil stockpiles fell for a fourth straight week with the biggest slump in supplies at the Cushing, Oklahoma, hub in eight years, even as crude output hit another weekly record, the Energy Information Administration said on Wednesday. Gasoline inventories, meanwhile, soared far more than expected, even as refining rates slipped. Crude inventories fell 5.1 million barrels in the week to Dec. 8, compared with analysts’ expectations for an decrease of 3.8 million barrels. [Read more]
Hemisphere Energy Provides Production and Operational Updates
TSX-V: HME - VANCOUVER, Dec. 13, 2017 /CNW/ - Hemisphere Energy Corporation (TSX-V: HME) ("Hemisphere" or the "Company") is pleased to announce updates on its corporate production and highlights from its recent fall development program. Production Update Following Hemisphere's fall drilling program in Atlee Buffalo, field-estimated corporate production has averaged approximately 950 boe/d (95% oil) over the last two weeks, representing a 40% increase over the Company's third-quarter [Read more]
TransCanada clashes with pipeline opponents at Nebraska hearing
Opponents of TransCanada Corp's proposed Keystone XL oil pipeline argued on Tuesday that regulators in Nebraska had no authority to approve the line's "alternative" path through the state and that the project should be considered dead. The Nebraska Public Service Commission issued an approval for the line to pass through the state in late November, removing what appeared to be the last big regulatory obstacle for the long-delayed project, which has been backed by President Donald [Read more]