Rock bottom service pricing and improved field productivity will allow the Canadian oil and gas industry to drill 7,550 wells by year-end 2017, an increase of around 90 per cent over 2016, Mark Salkeld, president of the Petroleum Services Association of Canada (PSAC), said in releasing PSAC’s 2018 Canadian Drilling Forecast in Calgary on Oct. 31.
While the downturn in commodity prices has been difficult for the oil and gas industry, it has also brought down crude prices to a level where it can compete with increasingly-affordable energy alternatives entering the market, heard the Petroleum Services Association of Canada (PSAC) industry insights forum.
The Alberta mandated 45 per cent cut in methane emissions from 2014 levels by 2025 is a steep challenge for the oil and gas industry, but a manageable one with ramped up technology development and a new adaptive approach to tech implementation adopted by the Alberta Energy Regulator (AER), say industry leaders.
Montney natural gas producers in northeast British Columbia now have access to the NOVA Gas Transmission Ltd. system and North American markets on TransCanada Corporation’s Towerbirch Pipeline expansion which entered service today.
The Alberta Energy Regulator (AER) which is responsible for ensuring that oil and gas activities comply with the Alberta Wetland Policy will be holding sessions in Calgary and Edmonton on the new authorizations process for wetlands.
TransCanada Corporation launched an open season to solicit binding commitments from interested parties for transportation of crude oil on Marketlink from Cushing, Oklahoma to markets on the U.S. Gulf Coast.
AKITA Drilling Ltd.’s net loss for the three months ended Sept. 30, 2017 was $3.81 million (21 cents per share basic and diluted) on revenue of $14.91 million compared to a net loss of $4.67 million (net loss of 26 cents per share basic and diluted) on revenue of $6.62 million for the corresponding period of 2016.
Tidewater Midstream and Infrastructure Ltd. has sanctioned a 100 mmcf per day sour, deep-cut Montney gas plant with acid gas injection and 20,000 bbls a day of NGL processing capability, as well as an extensive gathering pipeline network in the Pipestone area near Grande Prairie, subject to regulatory approval.
For the period of Oct. 1 to Oct. 21, Blackbird Energy Inc. produced estimated average sales volumes of approximately 1,808 boe per day (52 per cent liquids), a new corporate production record and a 108 per cent increase from third quarter average production of 868 boe per day (49 per cent liquids).
Traverse Energy Ltd. closed the second and final tranche of its previously announced non-brokered private placement of common shares issued on a flow through basis eligible for the renunciation of Canadian exploration expenses within the meaning of the Income Tax Act (Canada) at 46 cents per share.
Bri-Chem Corp. has reached an agreement with CIBC to increase and extend the term of its asset based lending facility and has also reached an agreement to refinance its current subordinate debt loan with a new five year term loan with a Toronto based mid-market term debt lender.
Obsidian Energy Ltd. received notification from the New York Stock Exchange (NYSE) that it has regained compliance with the NYSE's continued listing standard regarding the price of Obsidian Energy's common stock.
American Midstream Partners, LP has signed an agreement to acquire certain assets of Southcross Holdings, LP, and has proposed to merge Southcross Energy Partners, L.P. into a wholly owned subsidiary of AMID in two separate transactions valued at approximately $815 million, including the repayment of net debt.
Union Gas announced a C$622.5 million expansion of natural gas pipeline and compression facilities is now in service, which will support the reliable movement of affordable natural gas to Ontario homes and businesses and markets further east.
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