Decision on new Suncor CEO expected ‘very soon’
Suncor Energy Inc. did not announce the name of its new CEO on its fourth-quarter earnings call Wednesday, though interim chief executive Kris Smith said a decision is expected “very soon.”
The Calgary-based oil producer and refiner has been on the hunt for a new CEO ever since former chief executive Mark Little resigned last July, under pressure from an aggressive activist investor and in the wake of a spate of workplace deaths and safety incidents.
Rush Lake and Spruce Lake top producers in Saskatchewan’s heavy oil territory
BlincSoftware’s Canadian Petroleum Registry, found at https://registry.schematic.pro/, recently posted the Top 10 SAGD/Bitumen Wells for Saskatchewan in December, 2022.
The top 10 wells of that type were swept by Cenovus Energy, with their Rush and Spruce Lake SAGD properties.
Alaska carbon plan: Boost state coffers without cutting oil
By Becky Bohrer in Juneau JUNEAU, Alaska (AP) — Oil-dependent Alaska has long sought ways to fatten its coffers and move away from the fiscal whiplash of oil’s boom-and-bust cycles. The newest idea, promoted by Republican Gov. Mike Dunleavy, would...
Poilievre pledges to “turn dollars for dictators into paychecks for our people right here,” using LNG to supply Asia and Europe
Poilievre: “When I’m prime minister, I will repeal C-69, the anti-energy law. I’ll clear the way for our mines, our resources and our natural gas export terminals. We will liquefy natural gas in Canada. We will ship it to Asia to shut down dirty coal fired plants and replace them with clean Canadian gas. And we will ship it to Europe, to displace Vladimir Putin and turn dollars for dictators into paychecks for our people right here in this country. Let’s bring it home.”
During traditional peak of the drilling season, 33 rigs were making hole in Saskatchewan
ESTEVAN – Right around now is historically the annual peak of oilwell drilling activity in Saskatchewan. As of Feb. 14, there were 32 rigs making hole in this province, according to RiggerTalk.com, which publishes data from the Canadian Association of Energy Contractors (CAOEC).
While you were giving flowers to your sweetie, these rigs were turning to the right.
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Suncor’s fourth-quarter profits increase 76 per cent to $2.74 billion
Suncor Energy Inc. says it earned $2.74 billion in the fourth quarter of 2022, a 76 per cent increase from the $1.55 billion it earned in the same three months of 2021.
The Calgary-based company says its increased profit was due to the higher price of crude and refined product realizations as well as higher upstream production, partially offset by increased operating expenses.
Saturn Oil & Gas drilled 57 wells in 2022
Saturn Oil & Gas Inc. announced results from its 2022 capital expenditure program and operational highlights on Feb. 13, most of which was in Saskatchewan.
The 2022 capital program totaled approximately $89.1 million with 80 per cent of expenditures directed to horizontal drilling in Saturn’s two operational areas, the Oxbow Asset in southeast Saskatchewan, and the Viking Asset in west-central Saskatchewan. The balance of capital expenditures was invested in facilities improvements, workover and optimization projects and acquiring land.
TC Energy increases dividend, reports Q4 loss due to rising costs of Coastal GasLink
TC Energy Corp. expects to be able to indicate this summer whether it will complete the Coastal GasLink pipeline by its end-of-year target or not.
The Calgary-based pipeline company, which has been dogged by unexpected construction issues and rising labour costs for the project, said earlier this month that it has raised the estimated cost of the pipeline to $14.5 billion, up from an earlier estimate of $11.2 billion.
Imperial Oil files cleanup plan for tailings leak in Alberta, won’t disclose details
Imperial Oil Ltd. has filed a plan for the interim cleanup of one of the largest oilpatch spills in Alberta history but hasn’t released any details on the plan or the two toxic releases at its Kearl oilsands mine.
“(The plan) was submitted on Friday,” confirmed Imperial spokeswoman Lisa Schmidt in an email Monday.
Ottawa moves to acquire land for Lac-Megantic rail bypass, 10 years after disaster
The federal government is moving to acquire land so that it can build a rail bypass in Lac-Megantic, Que., nearly 10 years after a downtown freight train derailment killed 47 people.
Transport Minister Omar Alghabra announced that he made the difficult decision to expropriate land after the failure of negotiations to purchase property from local landowners.
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Precision Drilling reports $3.5M Q4 profit, revenue up more than 70 per cent
Precision Drilling Corp. saw its fourth-quarter revenue increase by 73 per cent year-over-year, as North American oil and gas drilling activity continues to pick up.
The Calgary-based company, which is Canada’s largest drilling rig contractor, reported a fourth-quarter profit Thursday of $3.5 million, compared with a loss of $27.3 million a year ago.
Photojournalist, news organization file lawsuit against RCMP over 2021 arrest
Canadian photojournalist Amber Bracken and news organization the Narwhal have filed a lawsuit against the RCMP, claiming Bracken was wrongfully arrested and detained for three nights while reporting on a British Columbia pipeline dispute.
The lawsuit seeks a court declaration that Bracken’s constitutional rights to liberty and freedom of the press were unlawfully breached in November 2021, when police arrested her during an operation to enforce an injunction granted to the company building the Coastal GasLink pipeline.
Quick Dick McDick: Let’s Hunt a Deer
Quick Dick McDick goes hunting in this edition, originally shot in November. Of course, he has an orange QDM toque. Don’t you?
New Enbridge CEO says Canada is missing opportunities as world cries out for energy
The new CEO of pipeline giant Enbridge Inc. says regulatory uncertainty in this country has resulted in a “lost decade” for Canadian liquefied natural gas production.
Greg Ebel, who took the reins from outgoing Enbridge CEO Al Monaco last month, made the comments in an interview following the release of the company’s fourth-quarter financial results.
Cameco and Energoatom agree on commercial terms to supply Ukraine’s full natural uranium needs through 2035
SASKATOON, KYIV – It turns out when you invade your neighbour and shell its nuclear plants, they probably won’t want to buy uranium fuel from you anymore. And as such, Ukraine is turning to Canada, and Saskatchewan’s Cameco, to supply all of Ukraine’s uranium needs for the next 12 years.
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Full steam ahead: New major oil sands project to proceed as producers build for the future
For the first time in five years, a new major oil sands project has been given the green light to go ahead.
Vancouver, B.C.-based International Petroleum Corporation (IPC) is going ahead with the C$1.1 billion development, called Blackrod, because of the vast resources and energy security it provides, says CEO Mike Nicholson.
Jim Warren: How social media madness and sloppy journalism misrepresent climate science
It is disturbing to learn objective reality had such a minimal impact on the Twitter debate or the journalists writing inaccurate stories. It was a case of homophily and confirmation bias on steroids. People simply chose sides based on their usual positions regardless of actual facts and evidence. It was wearing the team colours that really counted.
‘Government boondoggle’: Opposition mounting for plan to clean up Alberta oil wells
Alberta’s United Conservative Party government is facing growing criticism for a plan to give oil companies a royalty credit for cleaning up their old wells.
An Independent legislature member and former member of the UCP caucus has called the plan a “government boondoggle.”
TC Energy says combination of factors caused Keystone pipeline leak
TC Energy Corp. has pegged the cost of cleanup and remediation of December’s oil spill from its Keystone pipeline at an estimated US$480 million.
The Keystone pipeline system suffered the worst oil spill in its history on Dec. 7, 2022 when oil leaked into a creek in Washington County, Kansas.
Scotiabank says royalty credits for well cleanup would damage industry’s reputation
Scotiabank is warning that the Alberta government’s plan to give oil companies a royalty credit for cleaning up their old wells could damage the reputation of Canada’s oil and gas industry.
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Lloydminster area brings in most money in February Crown land sale
REGINA – The Government of Saskatchewan’s Crown petroleum and natural gas public offering held on Tuesday, February 7, has raised $3,100,291 in revenue for Saskatchewan. The Lloydminster area was the focus of the dollars this time around, if not the number of leases.
Brian Zinchuk: SaskPower may have no choice but to use SNC-Lavalin for SMRs
It turns out Saskatchewan, and SaskPower, might be in a bit of a pickle when it comes to who will build our planned small modular reactors (SMRs). SNC-Lavalin, the company SaskPower over eight years later is still in litigation with regarding the Boundary Dam project, may be our only choice to actually build it.
SNC-Lavalin among the contractors listed for Ontario’s small modular reactor project, and SaskPower is following OPG’s lead
When it comes to small modular reactors (SMRs), Saskatchewan is currently planning on building the highest number in Canada, but it definitely is not taking the lead. That is being done by Ontario Power Generation, which is building the first General Electric Hitachi BWRX-300 reactor at its Darlington Nuclear Generating Facility.
One of the contractors for OPG’s project is SNC-Lavalin, which was blacklisted in 2016 by SaskPower. SNC-Lavalin and SaskPower are still before the courts over the Boundary Dam Unit 3 project, which went online in 2014.
UK energy giant BP’s profits double to $27.7 billion
LONDON (AP) — British energy firm BP reported record annual earnings Tuesday, fueling demands that the U.K. government boost taxes for companies benefiting from the high price of oil and natural gas after Russia’s invasion of Ukraine.
London-based BP said underlying replacement cost profit, which excludes one-time items and fluctuations in the value of inventories, jumped to $27.7 billion in 2022 from $12.8 billion a year earlier. That beat the $26.8 billion BP earned in 2008, when tensions in Iran and Nigeria pushed world oil prices to a record of more than $147 a barrel.
Nominations open for 2024 Saskatchewan Oil & Gas show awards
Who has made a difference, or perhaps dedicated their lives, to the oil and gas industry in Saskatchewan. You’ve got some time to ponder that, and perhaps nominate them for 2024 Saskatchewan Oil and Gas Show awards.