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.
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Royal Helium secures credit from Business Development Bank and Canadian Western Bank to build Alberta helium facility
Royal Helium Ltd. announced on Feb. 6 that binding commitment letters have been received and signed with the Business Development Bank of Canada (BDC) and Canadian Western Bank (CWB) acting pari passu for a non-revolving credit facility in the amount of CAD $15 million.
Whitecap closes three deals, two of which were in Saskatchewan
Whitecap Resources Inc. announced on Feb. 6 that it has closed all three previously announced dispositions of certain non-strategic assets for aggregate consideration of $419 million, including $394 million of cash, prior to closing adjustments, and producing assets that consolidate the working interest in one of its core assets.
Lithium in SK: Part 13: Coming into lithium with revenue already flowing from oil
REGINA – In this second part of the interview with ROK Resources president and CEO Cam Taylor on Jan. 26, where he explained some of the corporate aspects, including having cash flow already, NI 43-101, PEA, direct lithium extraction and drilling plans.
“We are a go” – DEEP’s geothermal power project near Estevan is going ahead this year
SASKATOON – After several years of drilling, testing, delineating and redesigning, DEEP Earth Energy Production Corp. is going ahead with construction of its first geothermal power project. It’s a project that promises emissions-free baseload power generation, using...
Caprice Resources wins Weyburn OTS Bonspiel
Here are some photos of the event. [fwduvp preset_id="brian"...
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Europe bans Russian diesel, other oil products over Ukraine
FRANKFURT, Germany (AP) — Europe imposed a ban Sunday on Russian diesel fuel and other refined oil products, slashing energy dependency on Moscow and seeking to further crimp the Kremlin’s fossil fuel earnings as punishment for invading Ukraine.
The ban comes along with a price cap agreed by the Group of Seven allied democracies. The goal is allowing Russian diesel to keep flowing to countries like China and India and avoiding a sudden price rise that would hurt consumers worldwide, while reducing the profits funding Moscow’s budget and war.
Lithium in SK, Part 12: Hub City Lithium shows promising results northeast of Weyburn
REGINA – About 11 kilometres east of Weyburn on Highway 13, and about 4 kilometres north, Hub City Lithium has been testing for lithium. And the results announced on Jan. 26 are among the highest announced in Saskatchewan to date.
Hub City Lithium of Regina has sampled two wells there last year. And on Jan. 26, the company announced its test results of its second well. The company has also drilled a well in the Viewfield areas, whose results have not yet been disclosed.
Podcast: Dr. Jordan Peterson talks energy and climate change with former BP chief scientist Dr. Steven Koonin
In a podcast entitled Unsettled: Climate and Science, clinical psychologist and one of Canada’s leading intellectuals, Dr. Jordan Peterson, spoke with Dr. Steven Koonin. The podcast starts off talking about many of the realities of the “energy transition,” and gets better from there.
SaskPower provides a lot more detail for possible small modular reactor locations, with Rafferty and Lake Diefenbaker showing most promise
REGINA – SaskPower put out a blog post on Feb. 2 that provided a lot more clarity about where the Crown utility might build its first two nuclear reactors. This is the first refinement released to the public since SaskPower announced last year its first initial areas of focus, in the Elbow and Estevan areas.
G-7, Europe reach deal for price cap on Russian diesel
U.S. Treasury Secretary Janet Yellen said Friday that industrialized countries in the Group of Seven are imposing a price cap on refined Russian oil products such as diesel and kerosene, as part of a coalition that includes Australia and a tentative agreement from the European Union.
The cap follows similar price limits put on Russian oil exports, with the goal of reducing the financial resources Russian President Vladimir Putin has to wage the nearly year-long war in Ukraine.