Government, Industry Mark First Anniversary Of Alberta’s New Royalty Framework With Cautious Optimism
What a difference a year has made.
What a difference a year has made.
The Petroleum Services Association of Canada (PSAC) has bumped up its 2017 Canadian drilling activity forecast, now estimating industry will drill (rig release) 5,150 wells this year, up 23 per cent or 975 wells from its original estimate made in early November 2016.
Cenovus Energy Inc. is introducing a new, simplified version of its oilsands projects’ well-pad design that is expected to have overall cost savings per well of between 35 and 50 per cent while maintaining safety, compliance and production.
Western Canada’s Montney producers have long found that lengthier horizontal wells mean more production and greater efficiency, a trend that is continuing, according to two producers that outlined 2017 drilling plans recently.
Rising natural gas prices could encourage power generators to lower their use of natural gas-fired capacity, according to the Energy Information Administration (EIA). Despite the additions to capacity in 2017, the STEO forecast share of total U.S. generation supplied by natural gas falls from 34 per cent in 2016 to 32 per cent in 2017. In contrast, coal’s share of generation is projected to rise from 30 per cent to 32 per cent.
Solomon and GPMi are pleased to announce a new, unique, annual service supporting Western Canada natural gas and NGL businesses.
The recent wave of new LNG projects coming to market has caused supply to significantly overshoot demand, and low prices, triggered by the fall in benchmark oil pricing, puts the future of new projects under considerable uncertainty.
Imperial Oil Limited expects capital spending of about $1 billion this year, down from $1.16 billion in 2016.
Enerplus Corporation’s 2017 capital budget is $450 million, up from around $215 million the previous year, and is focused on generating strong returns on capital, maintaining the company's balance sheet strength, and delivering profitable growth.
An agreement today was announced on environmental monitoring of the proposed Pacific NorthWest LNG project.
The onshore oil and gas industry is facing new and difficult challenges.
TransGlobe Energy Corporation’s company production for January 2017 averaged roughly 16,817 boe per day (14,013 Egypt, 2,804 Canada).
Strategic Oil & Gas Ltd. has closed its previously announced brokered private placement offering led by Paradigm Capital Inc., pursuant to which an aggregate of 47.92 million common shares of the company including 6.25 million common shares issued upon the exercise of the agent's over-allotment option, were sold at a price of 12 cents per common share, raising aggregate gross proceeds of approximately $5.75 million.
International Frontier Resources Corporation has entered into an engagement letter with PI Financial Corp. to act as agent on a “commercially reasonable efforts” basis to sell, on a private placement basis, up to 16 million common shares at a price of 28 cents for proceeds of up to $4.48 million.
Jim Carr, Canada's minister of natural resources, is travelling to Mexico from Jan. 31 to Feb.3, 2017, to “reaffirm Canada and Mexico's strong North American partnership” and identify areas for further co-operation, including sustainable mineral resource development, energy security and clean energy.
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