As the well count rises in the Clearwater heavy oil play in northern Alberta the long-term potential to increase and then maintain production for decades is becoming more apparent.
March 29, 2023, 6 AM MDT
Saskatchewan's oil well drilling and production continues to grow back to pre-pandemic levels, the government reported in its annual budget tabled this week.
March 24, 2023, 9:37 AM MDT
Oil prices need to rise substantially for North American operators to start exploring, drill lower quality resources and put money in longer cycle projects, the audience at the annual Society of Petroleum Engineers (SPE) Canadian Energy Technology Conference and Exhibition, heard.
March 21, 2023, 8:21 AM MDT
March 21, 2023, 7:29 AM MDT
March 20, 2023, 10:09 AM MDT
March 17, 2023, 11:10 AM MDT
Saskatchewan’s heavy oilfields surrounding Lloydminster and Kindersley continue seeing incremental production growth as operators bring on new thermal wells, drill multilateral development wells, and expand into new areas.
March 16, 2023, 12 AM MDT
Production in the Viking and Shaunavon tight oil plays in western Saskatchewan is down 29 per cent and 27.5 per cent, respectively, from 2018 highs. Neither area has recovered from the pandemic of 2020, but the rate of decline is leveling off.
March 15, 2023, 12 AM MDT
The International Energy Agency (IEA) anticipates that western Canadian takeaway capacity will be sufficient until the Trans Mountain expansion comes online in early 2024.
March 15, 2023, 12 AM MDT
Southeast Saskatchewan operators have shifted activity from unconventional targets in the Bakken/Torquay to the conventional Frobisher Beds as the use of extended reach horizontal drilling and multilateral well design increased well productivity.
March 14, 2023, 12 AM MDT
Saskatchewan’s oilpatch was hit hard by the COVID-19 pandemic and subsequent oil price crash in early 2020, with production declining by almost 70,000 bbls/d by year-end as wells were shut-in and field activity collapsed.
March 13, 2023, 12 AM MDT
Surge Energy Inc. increased adjusted funds flow (AFF) by over 190 per cent, from $100.4 million in 2021 to $293.6 million in 2022.
March 13, 2023, 12 AM MDT
Trans Mountain Corporation says its expansion project is close to 80 per cent complete, with mechanical completion expected to occur at the end of 2023, and the pipeline will be in-service in the first quarter of 2024.
March 10, 2023, 2:12 PM MST
Rubellite Energy Inc. is on track to spend a total of $17 - $20 million in Q1 2023 capital expenditure to drill, complete, equip and tie-in six (6.0 net) multi-lateral development/step-out wells at Figure Lake and the three (2.5 net) multi-lateral exploratory program which has already been completed.
March 10, 2023, 12 AM MST
Headwater Exploration Inc. reported average production of 15,546 boe/d (consisting of 13,536 bbls/d of heavy oil, 11.5 mmcf/d of natural gas and 99 bbls/d of natural gas liquids), an increase of 49 per cent from the fourth quarter of 2021.
March 10, 2023, 12 AM MST
Canadian Natural Resources Limited’s top executive says the company is slowly progressing its Clearwater heavy oil play at Smith and continues to learn as it does so.
March 3, 2023, 12 AM MST
Perpetual Energy Inc.'s board of directors has approved exploration and development capital spending of $25 - $32 million for full year 2023, including $8 to $10 million to be spent in the first quarter to drill two (1.0 net) wells at East Edson and related pipeline infrastructure.
March 3, 2023, 9:31 AM MST
Given the current and prolonged weakness in prices, Canadian Natural Resources Limited could look to reduce activity on its natural gas asset base as 2023 unfolds.
March 2, 2023, 2:42 PM MST
Largely driven by its “strategic investment in our robust natural gas assets,” Canadian Natural Resources Limited achieved record annual production of 1.28 million boe/d in 2022, an increase of four per cent from 2021 levels, says company president Tim McKay.
March 2, 2023, 10:37 AM MST
Tamarack Valley Energy Ltd. reported fourth quarter production volumes of 64,344 boe/d and yearly production volumes of 48,283 boe/d in 2022, representing a 59 per cent and 40 per cent increase respectively compared to the same periods in 2021.
March 2, 2023, 6:09 AM MST
Athabasca Oil Corporation reported production of 35,850 boe/d (93 per cent liquids) in Q4 and 35,262 boe/d (92 per cent liquids) in 2022, exceeding its annual upwardly revised guidance of 34-35,000 boe/d.
March 2, 2023, 12:43 PM MST
Lycos Energy Inc. has added of 1,500 boe/d (100 per cent oil) production and 1.808 million boe of producing reserves in the Lloydminster area .
March 1, 2023, 6:42 AM MST
The spread between West Texas Intermediate (WTI) and Western Canadian Select (WCS) oil prices is expected to narrow as factors that weighed on the differential in late 2022 dissipate and additional pipeline capacity comes online later this year, the Alberta government noted in its budget tabled on Feb. 28.
February 28, 2023, 3:19 PM MST
Bitumen royalties are estimated at $12.6 billion in 2023/24, $6.2 billion less than in 2022/23, due primarily to the lower oil price forecast.
February 28, 2023, 3:20 PM MST
In 2022, Obsidian Energy Ltd. undertook the largest development program in several years.
February 23, 2023, 6:43 AM MST
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