Western Canada’s fleet of drilling rigs went down by 28 to the current count of 210 actively drilling rigs according to data collected by Baker Hughes for the week of December 22nd. From one week ago, Alberta rig counts decreased from 167 to 162, the Saskatchewan rig count decreased by 42 to 29. Oil drilling went down by 14 to 120; gas rigs went down 14 to 90. View a full breakdown of western Canada’s rig activity. [Read more]
Headlines
CN says project to ship oil pellets has potential to unlock offshore markets
MONTREAL - Canadian National Railway is testing the commercial viability of shipping dry pellets of heavy crude by rail, a process it says lessens environmental risk and could unlock offshore markets for the country's energy producers. Earlier this year CN (TSX:CNR) unveiled the technology, called CanaPux, which turns bitumen into a semi-solid for transportation by mixing and coating it with polymer. The railway says CanaPux meets rigorous strength requirements for bulk [Read more]
‘There’s more than oil and gas:’ Wind blowing workers in new direction
LETHBRIDGE, Alta. - The winds of change are pushing Mark Kokas in a new career direction. Nearly two years after being laid off as an electrician in Alberta's flailing oil and gas sector, the 42-year-old is training to become a wind turbine technician. "It is tough to find work right now. It's not like it was before," said Kokas in a class at Lethbridge College, one of two institutions in Western Canada that offers training and the only one with a one-year certificate program. [Read more]
Tidewater Midstream and Infrastructure Ltd. Announces Closing of Deep Basin and Montney Acquisition, Provides Update on BRC Expansion and Reaffirms Exit 2017 Annualized Run-Rate Adjusted EBITDA Guidance
CALGARY, Alberta, Dec. 21, 2017 (GLOBE NEWSWIRE) -- Closing of Deep Basin and Montney Acquisition Tidewater Midstream and Infrastructure Ltd. (“Tidewater” or the “Corporation”) (TSX:TWM) is pleased to announce that it has completed its previously announced acquisition of certain assets in the Deep Basin and Montney region for net cash consideration of $34 million. Together with Tidewater’s previously announced acquisition of a pipeline in the Wapiti region, Tidewater’s key pieces of [Read more]
Harvest Operations Corp. Confirms Decision to Start Its Blackgold Oil Sands Project
CALGARY, Alberta, Dec. 21, 2017 (GLOBE NEWSWIRE) -- Harvest Operations Corp. (“Harvest” or the “Company”) announced today its decision to re-sanction and complete the construction and commissioning of its 10,000 bbl/d BlackGold SAGD oil sands project near Conklin, Alberta. Harvest had previously suspended work in early 2015 dues to the drastic fall in oil prices. Major work at site has already commenced and will progress through the winter with the aim of commissioning wells and commencing steam [Read more]
Cequence Energy Announces Asset Sales and Operation Update
CALGARY, Dec. 21, 2017 /CNW/ - Cequence Energy Ltd. (the "Company" or "Cequence") (TSX:CQE) is pleased to announce that it has completed two asset dispositions for total proceeds of $4.3 million. The dispositions include the sale of a non-core property located in B.C. which is producing approximately 100 boe/d and the sale of 25 sections of Lower Montney rights in the Simonette area. As part of Simonette transaction, the acquirer has agreed to drill and complete a Lower Montney horizontal [Read more]
Surge in U.S. shale hedging to boost drilling in 2018
NEW YORK (Reuters) - WhMore than 144 million barrels were added to hedges, after global oil markets LCOc1 rallied by as much as $13 in the quarter. Higher prices help producers lock in profits for future sales. That should guarantee that total production exceeds 10 million bpd in 2018, which would be an all-time record for U.S. drilling. Traders say growth next year will likely exceed government forecasts, heralding a record year that could pressure prices in the near term. For oil [Read more]
Agreement gives Poseidon investors hope of recovery from failed oilfield firm
CALGARY - Investors in failed oilfield services firm Poseidon Concepts Corp. are being offered hope of some compensation under a proposed settlement reached by the law firm leading a class action lawsuit. Toronto law firm Siskinds LLP says up to $36.5 million would be contributed from insurance policies to be distributed to shareholders, as well as other claimants including lenders, under the agreement with directors, officers and other related entities unveiled Thursday. "The [Read more]
UK’s Forties North Sea oil pipeline due to restart in early Jan
LONDON (Reuters) - Britain’s Forties oil and gas pipeline, one of the biggest in the North Sea, should be repaired around Christmas, its operator Ineos said on Thursday, the earlier end of a timeframe the company gave to carry out the work. The announcement pushed oil prices lower. Forties plays an important role in the global market as it is the biggest of the five North Sea crudes underpinning Brent, a benchmark for oil trading in Europe, the Middle East, Africa and Asia. The system, [Read more]
Ikkuma Resources Corp. Announces Final Closing of the Previously Announced Foothills Acquisition
CALGARY, Dec. 21, 2017 /CNW/ - Ikkuma Resources Corp. (TSXV: IKM) ("Ikkuma") is pleased to announce the final closing of its previously announced acquisition of certain assets located in the Alberta Foothills as well as in the British Columbia Deep Basin (the "Foothills Acquisition") for cash consideration of $29.7 million, subject to customary adjustments. The Foothills Acquisition has an effective date of July 1, 2017. Throughout the next several months, Ikkuma will focus on asset [Read more]