The three major western oil and natural gas producing provinces have all tabled budgets for fiscal 2017/2018, and collectively, they are projecting a 55 per cent increase in oil and natural gas royalties.
While the Alberta government’s Climate Leadership Plan (CLP) will eventually lead to significant changes for the province’s electricity market, for power generators and consumers, as coal-power is phased out and more renewables are introduced, a power system expert says slow economic growth and overcapacity means there’s no need to panic.
Adopting either of several technology configurations could delay “by several decades” the point at which oilsands production will be stalled by the Alberta government’s emissions cap of 100 megatonnes a year.
Suncor Energy Inc. said that a preliminary investigation indicates that the cause of an incident, in which a fire broke out at Syncrude Canada’s Mildred Lake Upgrader, was a loss of containment on a line near one of the naphtha hydrotreating units.
As the service and supply sector repositions to the new normal of midrange oil prices forecast to continue through 2017 — a reprieve from the trough in oil prices experienced over the previous two years — it is essential to remember the lessons learned through the most challenging period the industry has faced in a generation, according to Grant Thornton LLP.
Birchcliff Energy Ltd. announced that Seymour Schulich has acquired an additional 2.5 million common shares of Birchcliff, and that the company has signed agreements for the firm service transportation of 175,000 gigajoules per day of natural gas.
Now a pure-play, Montney focused company, Chinook Energy Inc. recently completed, equipped and tied in three (2.63 net) horizontal Montney wells at Birley/Umbach in northeast British Columbia for $3.7 million per well — 30 per cent less than the average $5.3 million per-well cost of the previous six (five net) wells.
MATRRIX Energy Technologies Inc. intends to investigate entering into the land-based contract drilling business to complement its business of supplying horizontal and directional drilling technologies for the oil and gas industry in North America.
Weatherford and Schlumberger will create OneStim, a joint venture to deliver completions products and services for the development of unconventional resource plays in the United States and Canada land markets.
An independent reserves evaluation of Blackbird Energy Inc.’s Montney acreage at Pipestone/Elmworth has estimated total proved plus probable gross reserves of 59.17 million bbls of oil equivalent (46 per cent natural gas liquids), says the company.
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