JEDDAH, Saudi Arabia/ Troy Media/ - With a number of variables in play, oil markets are in for considerable fluctuation throughout 2014. While global shale output is on up, the International Energy Agency (IEA) recently raised its forecasts for global oil consumption amidst the strongest U.S. demand growth in a decade. It is now forecasting global oil demand growth of 1.2m b/d – its highest level over the last few years – this year. The Paris- based IEA believes that the rise in non-OPEC [Read more]
Headlines
A lower Canadian Dollar, but not business as usual
The closer the U.S. gets to energy independence, the worse things will get By Ben Brunnen: CALGARY, AB/ Troy Media/ - Much is being said of the Canadian dollar trading at around a two year low of late and what it means for the Alberta economy. Traditionally, Alberta manufacturers and exporters would benefit because their products will be comparatively cheaper and Canadian oil producers who trade in U.S. dollars but pay Canadian salaries and expenses would also see a benefit. However, [Read more]
Surge announces $109 million SE Saskatchewan light oil acquisition, upward revision to 2014 guidance, $70 million equity financing, and four percent increase in dividend
CALGARY, Jan. 13, 2014 /CNW/ - Surge Energy Inc. ("Surge" or the "Company") announced today that it has entered into an agreement to acquire (the "Acquisition") certain high quality, low decline, operated, light oil producing assets strategically located in the Company's core area of SE Saskatchewan (the "Assets"). The Assets include an estimated annualized 1,250 boepd (97 percent oil) of high netback light crude oil production. The purchase price for the Assets is $109 million, payable in cash [Read more]
Neil Young calls oilsands development “greediest, most destructive, disrespectful” (video)
TORONTO — Singer Neil Young has launched a blistering attack on the Harper government and Alberta’s oilsands, calling the development "the greediest, most destructive, disrespectful demonstration". Young told a news conference on Sunday as far as the governing Conservatives are concerned, “money is number one, integrity isn’t even on the map.” The news conference was to kick off the first of four concerts aimed at raising support for an Alberta First Nations that is fighting development of [Read more]
Renegade Petroleum Ltd. Announces Strategic $109.0 Million Asset Disposition and Confirms January 2014 Dividend
CALGARY, ALBERTA--(Marketwired - Jan. 13, 2014) - Renegade Petroleum Ltd. ("Renegade" or the "Company") (TSX VENTURE:RPL) is pleased to announce that it has entered into an agreement to sell certain oil and gas assets for gross proceeds of $109.0 million and is pleased to confirm its January 2014 dividend. ASSET DISPOSITION The Company has entered into a definitive agreement to sell certain oil and gas assets in southeast Saskatchewan (the "Disposition Assets") effective January [Read more]
Oil falls to near $92 after Friday’s surge
Oil prices fell Monday after a big jump in the previous trading session that was sparked by expectations the Fed might delay stimulus reduction.Benchmark U.S. oil for February delivery was down 36 cents to US$92.36 a barrel at 3: 25 a.m. ET in electronic trading on the New York Mercantile Exchange. The contract surged $1.06 to settle at $92.72 a barrel on Friday.The U.S. added just 74,000 thousand jobs in December, way below market expectations of 196,000 jobs. The unemployment rate fell from [Read more]
The BOE Report now features a comment section
The BOE Report is pleased to announce that it features a comments section below selected stories. Please chime in with your thoughts, but keep comments relevant and respectful. Most recent stories with comment section: Neil Young calls oilsands development “greediest, most destructive, disrespectful” (video) Column: Opposition to pipelines comes down to fundraising Prentice: Keystone XL a "distraction" Column: New Brunswick derailment highlights rail vs pipeline [Read more]
Calgary seismic firm alleges intellectual property rights to data violated
CALGARY - A Calgary-based seismic company claims its business is being undercut by regulatory agencies that have been publicly disclosing data it says it spent hundreds of millions of dollars to collect in Canada's offshore. Geophysical Service Inc. makes — or rather made — its money by mapping the earth's layers beneath the ocean floor using sonogram-like technology, amassing a trove of valuable information that it would sell to oil and gas companies hunting for their next big find. In a [Read more]
Alaska governor unveils new plan for gas pipeline
JUNEAU, Alaska - Gov. Sean Parnell on Friday announced a new way forward on a long-hoped-for natural gas pipeline that includes scrapping the terms of a 2007 law he says no longer works well for the situation.In a major policy speech in Anchorage, Parnell said the state and Canadian pipeline builder TransCanada Corp. have agreed to terminate their involvement under the Alaska Gasline Inducement Act. He made clear, however, that TransCanada would remain a partner in the project, just under new [Read more]
Oil rises as jobs data shows economic weakness
The price of oil jumped more than $1 a barrel Friday as the U.S. economy added fewer jobs than expected, fuelling speculation that the Federal Reserve will reconsider its plans to slow economic stimulus. Benchmark West Texas Intermediate crude for February delivery gained $1.06 to US$92.72 on the New York Mercantile Exchange. The world's largest economy added just 74,000 thousand jobs in December, the Labor Department said, while analysts had forecast the addition of 196,000 jobs. The [Read more]