CALGARY, March 1, 2018 /CNW/ - Bonavista Energy Corporation ("Bonavista") is pleased to report to shareholders its financial and operating results for the three months and year ended December 31, 2017. Bonavista delivered 14% growth in adjusted funds flow, six percent growth in proved plus probable reserves and five percent growth in annual production, all while spending within our adjusted funds flow and reducing our debt. Bonavista's Audited Consolidated Financial Statements and Notes, as well [Read more]
Headlines
Chevron in talks to sell stake in Canada LNG project
Chevron Corp is exploring options including the sale of a minority stake in its Canadian liquefied natural gas (LNG) project as it pushes ahead, three people familiar with the matter told Reuters. Among the parties in talks with Chevron for a possible stake in Kitimat LNG are Petroliam Nasional Bhd, or Petronas, which scrapped its own $36 billion LNG project in British Columbia last year due to challenging market conditions, two of the people said. Reuters spoke over the past week to the [Read more]
IEA says Canadian crude-by-rail shipments to more than double to 390,000 barrels a day
CALGARY - Crude-by-rail shipments could more than double over the next two years from historic highs as a lack of pipeline capacity forces producers to look to alternatives, said the International Energy Agency Monday. The Paris-based IEA forecasts in its latest oil markets report that crude-by-rail exports will grow from 150,000 barrels a day in late 2017 to 250,000 barrels a day this year and then to 390,000 barrels a day in 2019. "Crude by rail exports are likely to enjoy a [Read more]
IEA sees U.S. oil output surge stealing OPEC share in next five years
LONDON (Reuters) - U.S. shale oil output is set to surge over the next five years stealing market share from OPEC producers and moving the country, once the world’s top oil importer, closer to self sufficiency, the International Energy Agency said on Monday. A landmark deal in 2017 between OPEC and rivals including Russia to curb output to reduce global oversupply materially improved the outlook for other producers as prices rose sharply throughout the year, the IEA said in Oil 2018, an [Read more]
Halo goodbye: Elon Musk’s planet-fouling rockets cover his golden aura with soot
Elon Musk has earned his stellar reputation from both an environmental and entrepreneurial perspective. He has done a spectacular job of creating original new businesses, particularly against the wave of supposedly educated opinions that continually label his schemes as hopeless. We forget how impossible it seemed to get the first Tesla car launched; most of the auto industry scoffed at his plan to use lithium ion batteries. His success made a lot of learned industry veterans look like [Read more]
Global oil players flock to Houston as OPEC, U.S shale tensions ease
The oil industry's biggest names gather this week at CERAWeek, the largest energy industry get-together in the Americas, at a time when U.S. shale production is booming, global demand is rising and crude prices are at a sweet spot for both big U.S. producers and OPEC. Last year's decision by the Organization of the Petroleum Exporting Countries to restrain output has drained the global glut that occupied much of the conversation at 2017's gathering.With oil prices up about 15 percent since [Read more]
Column: North American oil independence is worth celebrating
If you’re in the Canadian Petroleum Industry, it’s hard not to get discouraged by recent news. Competitive disadvantages like Carbon taxes and over-regulation are diverting investment to friendlier jurisdictions like Texas. Politicians fail to appreciate the importance of petroleum energy, and apathetically stand aside as protestors pester pipeline projects to death. Infrastructure constraints have hurt the economics of landlocked areas as price differentials blow out due to transportation [Read more]
How do actual state production volumes stack up against EIA weekly and monthly production estimates?
In a previous article I wrote, I reckoned, based on thirty-five years of experience, that the EIA estimates were too optimistic. This thesis was borne out of comments made by IEA boss Fatih Birol. Birol was quoted as saying US oil production grew by 864,000 barrels per day, according to weekly estimates, since October 2017. It was actually only 658,000 barrels per day from November 1, until the first week of February according to the weekly EIA reports. When I heard what Birol said, my [Read more]
Oilfield services directory RiggerTalk.com launches new website
RiggerTalk.com is pleased to announce and is inviting visitors to explore its new website. The new website has been designed to operate faster on its mobile application, provide the ultimate user-friendly experience with improved navigation and functionality throughout, and allow members to easily access detailed oilfield services directory information. New features include hotels being added to the map complementing the oilfield services directory. Riggertalk from 5 Star Media Group [Read more]
Questerre to develop Kakwa North acreage with partner
THIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA TO UNITED STATES NEWSWIRE SERVICES OR UNITED STATES PERSONS CALGARY, Alberta, March 05, 2018 (GLOBE NEWSWIRE) -- Questerre Energy Corporation (“Questerre” or the “Company”) (TSX:QEC) (OSE:QEC) announced today that it has entered into an agreement with an experienced operator to develop its 100% acreage in the Kakwa area. Michael Binnion, President and Chief Executive Officer of Questerre, commented, [Read more]