ARO is a key aspect of risk management and a disciplined retirement strategy is essential for corporate financial planning. While important, LLR ratios and government calculated liabilities only tell half the story when addressing Abandonment and Reclamation costs. Estimating the retirement obligation liability for an asset package or an entire company is a crucial requirement for A&D deals, but has traditionally been tackled late in the process. XI’s ARO Cost Model makes this an easy part [Read more]
Headlines
OPEC sees higher 2018 oil demand, trims output
OPEC on Tuesday forecast higher demand for its oil in 2018 and pointed to signs of a tighter global market, indicating its production-cutting deal with non-member countries is helping to tackle a supply glut that has weighed on prices. In a monthly report, the Organization of the Petroleum Exporting Countries said the world would need 32.83 million barrels per day (bpd) of OPEC crude next year, up 410,000 bpd from its previous forecast. OPEC said inventories were falling and that an increase [Read more]
U.S. Gulf refiners rumble back to life, piece by piece
HOUSTON, Sept 12 (Reuters) - U.S. refineries are restarting after Hurricane Harvey forced them to shut down two weeks ago, raising the risk of fires and explosions that could prolong fuel supply disruption as plants simultaneously reheat units and reactivate catalysts. Restarts are one of the most dangerous times for refinery workers, so operators keep shutdowns to a minimum. Plants typically shut only a few units for overhaul in spring and fall, with most refinery units remaining in operation [Read more]
British Columbia government raises carbon tax, corporate tax rate
British Columbia's New Democratic government said on Monday it would increase the Western Canadian province's carbon tax rate by C$5 a tonne from April 1, 2018, and also raised the provincial corporate tax rate and taxes on higher earners. Unveiling an update to a February provincial budget drafted by the then right-of-center Liberal government, NDP Finance Minister Carole James forecast a budget surplus of C$246 million ($203.27 million) for the 2017-2018 fiscal year, and surpluses [Read more]
Bayshore Petroleum Corp. Announces Update on Private Placement Financing
CALGARY, Sept. 11, 2017 (GLOBE NEWSWIRE) -- Bayshore Petroleum Corp. (“Bayshore” or the “Company”) (TSX Venture Exchange:BSH) announced previously, on May 2, 2017, and updated on May 31, 2017, that the Company would pursue a non-brokered private placement financing consisting of up to 24 million common shares priced at $0.05 per share for gross proceeds of $1.2 million, less any commissions or finders fees paid. Discussions with interested parties since that time have led to changes in the [Read more]
Gibsons Announces 1.1 Million Barrel Hardisty Terminal Expansion
CALGARY, Alberta, Sept. 11, 2017 (GLOBE NEWSWIRE) -- Gibson Energy Inc. (“Gibsons” or the “Company”), (TSX:GEI), is pleased to announce the construction of 1.1 million barrels of new tankage at its Hardisty Terminal. The two 300,000 barrel tanks and one 500,000 barrel tank are expected to be placed in service in the third quarter of 2019 and will increase the total capacity of the terminal to 10 million barrels. The two 300,000 barrel tanks are underpinned by a long-term, fixed fee contract with [Read more]
NuVista Energy Ltd. Provides Operational Update and Pipestone Well Test Results
CALGARY, ALBERTA--(Marketwired - Sept. 11, 2017) - NuVista Energy Ltd. ("NuVista" or the "Company") (TSX:NVA) is pleased to provide a significant operational update including the startup at Bilbo block of our largest pad drilled to date; powerful IP30 success from Elmworth block high intensity fractured wells (HiFi); the successful and on-time conclusion of the Keyera Simonette gas plant planned turnaround; and the achievement of a compelling well test in our emerging Pipestone block. This test [Read more]
Alberta sets up fund to help communities during coal phase-out transition
EDMONTON - Alberta has set up a new grant program for communities looking to boost business as the province moves away from coal. The Coal Community Transition Fund is open to municipalities and First Nations affected as Alberta phases out coal-fired electricity by 2030 to focus on renewables and natural gas. Economic Development Minister Deron Bilous says the government wants to ensure these communities thrive through the transition. The coal-mining town of Hanna, [Read more]
Soviet-style strangulation of Energy East marks Canada’s latest bullet in the foot
I’ve often felt bad for being amused by the antics of demented government regimes, such as how the Soviet Union officially described the Berlin Wall as the Anti-Fascist Protection Rampart, or how North Korea refers to itself as the Democratic People’s Republic of Korea. To anyone outside the system there is a delightful and almost endearing absurdity in these child-like attempts to disguise the true nature of their actions. But behind the comedy was always the realization that real people were [Read more]
Huge Savings on Oilfield Equipment During Downturn with Inclusive Energy
Save time and money with fast turn arounds. Inclusive energy has a massive inventory that is in stock and ready to go for a fraction of the cost of manufacturing. With the price of steel going up and a short supply of surplus, getting what you need when you need it and at a price that works for you can be tough. All tanks are priced at least 50% below retail value and being able to buy, rent or rent to own with the option of our one of a kind in house financing, gives you unprecedented [Read more]