Suncor Energy selling North Sea offshore assets in deal valued at $1.2B
Suncor Energy Inc. has signed a deal to sell its offshore assets in the North Sea to Equinor UK Ltd. in an agreement valued at about $1.2 billion.
Top 10 Saskatchewan oil producers for 2022
Total oil production averaged 453,817 barrels per day (bpd). This is well within the range Saskatchewan oil production has fallen in over the last 20 years, fluctuating between 425,000 and 525,000 bpd, with most of the time around the 450,000 bpd mark. As oil production naturally declines continuously, maintaining an essentially flat production number for two decades is notable.
Saskatchewan Research Council: Going green at Gunnar Mine and mill site
Remediation efforts at the former Gunnar Mine and Mill Site reached a new milestone last spring—with the first stage of revegetation coming to fruition.
Located on the north shore of Lake Athabasca, the long-abandoned uranium mine and mill has undergone a large environmental transformation over the past decade.
Crescent Point announces special dividend, reports Q4 loss
Crescent Point reported a fourth-quarter loss of $498.1 million or 90 cents per share for the quarter ended Dec. 31 compared with a profit of $121.6 million or 21 cents per share in the last three months of 2021.
Brian Zinchuk: Forty billion in oilpatch CAPEX sounds great, until you realize it’s half of what was spent in 2014
Back in the lofty, pre-Justin Trudeau government days of 2014, back when oil was booming, pipelines were planned to east and west coasts, and Alberta and Saskatchewan were swimming in money, around $81 billion was spent in capital expenditures (CAPEX) in the Canadian petroleum industry. In Alberta, alone, the number topped $60 billion. And British Columbia and Saskatchewan got their share, too. Even Manitoba was seeing investment.
On March 1, the Canadian Association of Petroleum Producers (CAPP) forecast CAPEX of $40 billion, which is just about double the disaster year of 2020, but half of 2014. And that’s before #justinflation. What would it be if we had a federal government supportive of the industry, instead of trying to make it disappear?
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With about two weeks to go before breakup, there’s 39 drilling rigs in the field in Saskatchewan
With roughly just two weeks to go until spring breakup, there were 39 active drilling rigs working in Saskatchewan on March 1.
That’s according to RiggerTalk.com, which publishes data from the Canadian Association of Energy Contractors.
CAPP projects $40B in capex this year – almost double 2020, but half of 2014
While $40 billion is an improvement, it’s a far cry from the roughly $80 billion spent in the boom year of 2014. Asked about that, Elizabeth Besson, manager, media and issues for CAPP, Besson told Pipeline Online, “Coming off nearly a decade of historically low commodity prices, it is positive to see a third consecutive year of growth and to reach that milestone of surpassing pre-COVID investment, particularly at a time when the Canadian economy is in need of private investment.”
Enbridge earmarks $3.3 billion for Gulf Coast storage plant, other projects
Ebel said as the energy transition takes hold, renewable energy will continue to grow and Enbridge continues to explore opportunities in new, low-carbon forms of energy such as renewable natural gas.
But he said natural gas and oil will remain critical parts of the energy mix for the foreseeable future. Natural gas, in particular, will be needed as a reliable backup given the intermittent nature of wind and solar power, he said.
Saturn closes half-billion dollar Ridgeback Resources deal in SE Sask and central Alberta
CALGARY, ALBERTA – Saturn Oil & Gas Inc. announced the evening of Feb. 28 that it has successfully completed the previously announced acquisition of Ridgeback Resources Inc. in a half-billion dollar deal. The deal was initially announced on Jan. 20. Ridgeback was...
Cenovus closes deal for complete ownership of Toledo Refinery
CALGARY -- Cenovus Energy Inc. announced on Feb. 28 that it has closed on the transaction to purchase bp’s 50 per cent interest in the bp-Husky Toledo Refinery in Ohio, effective that day. Cenovus already owned 50 per cent of the facility, and now owns 100 per cent...
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Alberta predicting $2.4-billion surplus for petro-powered economy
Alberta is predicting a $2.4-billion budget surplus for its petro-powered economy this year, with plans to take a big bite out of its debt and put up guardrails to prevent eye-popping deficits when oil booms go bust.
Oil well cleanup program listed as ‘key objective’ in Alberta’s pre-election budget
By Bob Weber in Edmonton Alberta Premier Danielle Smith's last budget before an expected spring election gives strong support to a proposed tax break for energy companies to fulfil their legal cleanup duties but doesn't tell voters how much would be spent on it. The...
Baytex signs agreement to buy Ranger Oil in deal valued at $3.4B including debt
Baytex Energy Corp. has signed a deal to buy U.S. company Ranger Oil Corp. in a deal valued at C$3.4 billion, including assumed debt.
Ranger Oil operates in the Eagle Ford shale region in south Texas, an area where Baytex also has assets.
Ken From: Norway: Canada who is the climate hypocrite?
Norway is seemingly a paradox: they want to be at the forefront of international efforts to address climate change, yet the country aims to cash in on oil and gas for years to come. Norway’s centre-left government has said its lucrative oil and gas sector will be...
Alberta expecting another gusher in budget ahead of provincial election
Alberta is scheduled to introduce its budget Tuesday — the last before a spring provincial election — with political observers wondering what the province will do with all its billions of extra petrodollars.
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Jim Warren: EU sanctions have not derailed Russian oil exports
Putin’s Russia may indeed be incompetent at managing a large modern military. But when it comes to evading international rules around things like laundering the proceeds of crime and large scale corruption, Russians are world leaders.
That’s why news reports in January claiming a new set of EU sanctions on Russian oil exports was actually working seemed hard to believe.
Lithium in SK, Part 13B: Hub City announces highest lithium concentration to date, by a significant margin
REGINA – Last fall, Hub City Lithium drilled its first test well just west of the Viewfield crater, south of Stoughton. And on Feb. 21, ROK Resources, the operator and 25 per cent owner of Hub City, announced brine lithium concentrations that are the highest, by a substantial margin, publicly released to date in Saskatchewan. The balance of Hub City is owned by EMP Metals Corp.
This well, confirmed by third-party testing, showed lithium concentrations in the Duperow formation of up to 259 mg/L (milligrams per litre). ROK noted in a release that “According to public records, these test Results are the highest lithium concentrations ever recorded in a brine in Canada.”
Ukraine war shook up markets, but much stays the same for Canadian oil and gas
CALGARY — When Russian tanks and troops rolled into Ukraine one year ago, it was no shock that crude prices spiked above US$100 per barrel for the first time since 2014.
With Russia controlling 10 per cent of the world’s crude oil supply, many observers in the early days of the conflict predicted the war and Western sanctions against Russia could disrupt energy markets for years to come.
German energy boss warns: Don’t let guard down on gas supply
BONN, Germany (AP) — The temperature outside Klaus Mueller’s office almost resembles spring, exactly the kind of mild weather that helped Germany get through the winter without Russian natural gas.
But Germany’s chief utility regulator is not ready to sound the all clear on an energy crisis spawned by the war in Ukraine, even with natural gas reserves abundant and prices well down from their peak.
Too much could go wrong — especially if consumers and companies grow weary of the conservation habits they learned during a winter fraught with fear of rolling blackouts and rationing, Mueller, head of the Federal Network Agency, said in an interview Wednesday with The Associated Press.
Record oil profits ‘enough to make you ball up your fists,’ says N.L. minister
After handing oil companies more than $280 million in cash during the COVID-19 pandemic, Newfoundland and Labrador’s energy minister says it’s tough to watch those same companies rake in record-shattering profits.
Andrew Parsons took on the energy portfolio in August 2020, about a month before crashing global oil prices prompted Husky Energy — which has since merged with Cenovus — to announce it was considering abandoning its oilfield off the province’s east coast. On Thursday, Cenovus reported 2022 revenue of $11.4-billion — nearly double its revenue for 2021.
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Alberta wind generation falls to 0.3% capacity at supper on Thursday, battery output 0.09% over 30 days
The chant for this weekend’s Telemiracle telethon in Saskatchewan is “Where are we going? Higher!” But when it came to wind power production in Alberta on Feb. 23, then answer to “Where are we going?” was “Lower!”
As the afternoon led into the supper hour, wind power generation had collapsed across the entire province, floating between 11 and 20 megawatts throughout the 5 o’clock hour. This occurred just as the sun was setting over the Rockies, as solar power production had dropped to 34 megawatts out of a nameplate capacity of 1,165 megawatts. As always it happens every night, it would drop to zero.
Judge grants motion by state of Michigan to appeal key decision in Line 5 dispute
By James McCarten in Washington The U.S. judge presiding over Michigan's bid to shut down the Line 5 pipeline has given her blessing to the state to appeal one of her key findings, breathing new life into a strategy that hinges on getting the dispute heard by a...
Ahead of energy talks, Quebec premier says open to paying N.L. more for electricity
By Sarah Smellie in St. John's Quebec Premier François Legault says he is ready to make "adjustments" to the Churchill Falls energy agreement between his province and Newfoundland and Labrador ahead of the official end to the contract in 2041. Speaking to reporters...
Patchwork Podcast: Lex Ewen of Edge Liability Risk Management
The New Lloydminster Nissan’s Patchwork Podcast’s Kurt Price and Tracy Klotz get together with Lex Ewen from Edge Liability Risk Management. Reclamation and just transition are on the agenda.
Ahead of Quebec premier’s visit, provincial panel recommends new Churchill Falls deal
ST. JOHNS - As Newfoundland and Labrador Premier Andrew Furey prepares for energy talks this week with Quebec Premier François Legault, an expert panel is recommending the two strike a new Churchill Falls hydroelectric energy deal. The existing agreement between the...