The market has become decidedly bearish towards oil prices in the past six weeks as the US EIA has released several consecutive weekly production increases. In case you don’t know the EIA publishes weekly estimates of US oil production in its petroleum inventory report and forward month estimates in its monthly drilling productivity report. For example, the December drilling productivity report will estimate January 2018 production. Based on recent bullish US production growth estimates, the [Read more]
Headlines
Inter Pipeline green-lights $3.5B petrochemical project to produce plastic
CALGARY - Inter Pipeline Ltd. (TSX:IPL) says it has decided to go ahead with a $3.5-billion petrochemical project in an industrial area north of Edmonton. The complex will convert propane into polypropylene, a plastic used in the manufacturing of products such as automobile parts, containers and Canadian bank notes. The province picked Inter Pipeline's project a year ago to receive up to $200 million in royalty credits. Pembina Pipeline (TSX:PPL), also headquartered in Calgary, [Read more]
Razor Energy Corp. Announces Non-Operated Consolidation Acquisition in the Kaybob Area of West Central Alberta and Management Promotion
CALGARY, Alberta, Dec. 18, 2017 (GLOBE NEWSWIRE) -- Razor Energy Corp. (“Razor” or the “Company”) (TSXV:RZE) (www.razor-energy.com) is pleased to announce that it has completed the acquisition of certain non-operated working interest positions to consolidate its existing Kaybob Triassic Units 1 and 2 from an arm’s length private company (the “Kaybob Assets”) for cash consideration of $4.6 million, subject to customary adjustments (the “Acquisition”). The Assets are characterized by low decline, [Read more]
Saturn Oil & Gas Inc. Increases Land Holdings in Flaxcombe Area
SASKATOON, SASKATCHEWAN--(Marketwired - Dec. 18, 2017) - Saturn Oil & Gas Inc. ("Saturn" or the "Company") (TSX VENTURE:SMI)(FRANKFURT:SMK) is pleased to announce that the Company has acquired 2.25 sections of land in the recent Saskatchewan Crown land sale. This brings the Companies total land holding to 12.25 gross sections (8.75 net). The 2.25 sections acquired in the land sale were divided into three separate non-contiguous parcels. The first parcel is one quarter section with rights [Read more]
Granite Oil Corp. Provides Drilling Update and Announces Revised Monthly Dividend
CALGARY, Alberta, Dec. 18, 2017 (GLOBE NEWSWIRE) -- GRANITE OIL CORP. (“Granite” or the “Company”) (TSX:GXO)(OTCQX:GXOCF) is pleased to announce its recent successful drilling results and kick off of the next phase of its drilling program in Pod 2. Operations and Corporate Update Granite has recently drilled and completed its ninth and final horizontal development well of 2017. The Company had not drilled a development well since July, 2017, reflecting the Company’s decision to slow [Read more]
Canada oil producers exhaust options as pipelines, railroads fill
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]
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]