Baker Hughes, a GE company has posted its Weekly Rig Count reports.
BlackPearl gets regulatory approval for Blackrod SAGD project
BlackPearl Resources Inc. is pleased to announce that its 80,000 barrel per day commercial development application at Blackrod, located in the Athabasca Oil Sands, has received regulatory and environmental approval from the Alberta Energy Regulator and the Alberta government.
John Festival, President and CEO of BlackPearl commented that “in addition to extensive delineation drilling and seismic coverage over the application area we have run a successful SAGD pilot at Blackrod during the last four years that validated the SAGD process on our lease. In conjunction with this work we filed a commercial development application and after a long and thorough review of our proposed development we are very pleased with the decision of the regulators and the provincial government. With a successful pilot, which has averaged in excess of 550 barrels of oil per day over the last 16 months with a steam oil ratio of 2.8, and commercial development approval our next steps are to secure funding for the project. We believe the long life, low decline nature of these assets provide a very attractive opportunity. This approval also represents a major step towards our long term strategy to transition to a significant thermal oil producer.”
At December 31, 2015 our independent reserves evaluator assigned 180 million barrels of proved plus probable bitumen reserves to our Blackrod leases and an additional 453 million barrels of contingent resource (risked, best estimate). At 80,000 barrels per day, these reserves and resources represent a production life in excess of 20 years.
More from Industry News
Speaking at the closing of the AIPN 2019 International Petroleum Summit (IPS), Ryan Lance, Chairman and Chief Executive Officer of ConocoPhillips spoke about his company's "hyper focus on returns" highlighting that the "returns the energy industry has generated have been negative over the last 10 to 15 years. Investors are frustrated. We chase the cycle up only, they have to chase the cycle back down on the back side. We recognize it's a mature industry growing at 1 percent per year. There's a lot of companies, some tremendous companies ... that have dramatic growth profiles. But when they put a hundred percent of their cash flow back into the business, don't pay the shareholder a fair amount of money, they're actually destroying value in the long run.
In less than four years, the Quest carbon capture and storage (CCS) facility has captured and safely stored four million tonnes of CO2, ahead of schedule and at a lower cost than anticipated. Four million tonnes of CO2 is equal to the annual emissions from about one million cars. Quest has now stored underground the most CO2 of any onshore CCS facility in the world with dedicated geological storage.
Oil potential remains abundant beyond shale, according to Association of International Petroleum Negotiators
How does the oil and gas industry plan its future in the ever-changing operating environment? The Association of International Petroleum Negotiators (AIPN) International Petroleum Summit, held in Houston, focused on a number of themes which will help companies determine a strategy for the years ahead.
Over the past decade, uncertainty has been constant in Canada's oil and gas industry, brought on in part by unknown investment outlooks, lack of market access, and a complex regulatory process. According to PwC Canada's 2019 Energy Visions report, there are two main factors that could catalyze change for the oil and gas industry: a national energy strategy as well as further technological innovation.
Events like this happen once a year, at most. On June 27 - 28, 2019, the world's largest industrial auctioneer, Ritchie Bros., will sell more than 120 pipelayers and other pipeline construction equipment at its auction site in Columbus, OH. Every single item will be sold without minimum bids or reserve prices.
Crude-oil-to-chemicals technology could boost per-barrel profits for refiners and petrochemical producers: IHS Markit
A revolutionary new chemical process technology, called crude oil-to-chemicals (COTC), could more than double the profitability derived from a barrel of crude oil, according to a new, independent economic assessment from IHS Markit.
Canada's vast gasoline production and transportation infrastructure ensures flexible and reliable supply for Canadians but unique market conditions in each region drive prices at the pump, according to a new report released by the National Energy Board (NEB).
Canbriam Energy Inc. and Pacific Oil and Gas Ltd. have announced the signing of definitive documents for the acquisition by PO&G of all of the issued and outstanding shares of Canbriam for cash consideration. Canbriam's Board of Directors has provided unanimous approval of the Transaction, and all of the officers, directors and significant shareholders of Canbriam representing greater than 90 percent of the outstanding Canbriam shares have entered into support and lock-up agreements in favor of the Transaction.
Fuelled, Canada's leading energy equipment marketplace, announced an agreement with PricewaterhouseCoopers Inc., LIT, in its capacity as the court appointed Receiver of Trident Exploration. This agreement will allow Fuelled to act as the exclusive sales agent for Trident's surplus oil and gas equipment. Fuelled is representing the Receiver on the divestiture of approximately 250 pieces of production equipment located in Western Canada. "We look forward to working closely with the Receiver on this engagement while we continue to deliver an unparalleled customer experience to our online buyers" said Austin Fraser, VP of Fuelled. "Trident's equipment includes gas compression, separation, dehydration, refrigeration, MCC's and other gas processing equipment that we believe there is strong demand for from our customers domestically as well as in the US and Overseas"
The International Gas Union (IGU) released its 2019 Wholesale Gas Price Survey at Flame 2019. The survey is the eleventh to be undertaken in a series that began in 2007. The eleven surveys examine the dramatic changes in wholesale price formation mechanisms during a period of key developments in the global gas market.
Athabasca Oil Corporation has reported strong operational and financial performance in the first quarter of 2019. With its resilient business model, the Company is well positioned to generate free cash flow in 2019 and beyond.
Pfannenberg, a manufacturer of thermal management and signaling technologies, announces a new video highlighting the ease of installation of its line of PATROL signaling devices, including both audible and combined visual-audible signal models. Pfannenberg signaling devices are designed to be installed in less than a minute. Video viewers can see a direct head-to-head comparison with competitive signaling alarms that take considerably more time to install.
TC PipeLines, LP reported net income attributable to controlling interests of $93 million and distributable cash flow of $116 million for the three months ended March 31, 2019.
Baker Hughes, a GE company announced that the Baker Hughes international rig count for April 2019 was 1,062, up 23 from the 1,039 counted in March 2019, and up 84 from the 978 counted in April 2018. The international offshore rig count for April 2019 was 251, up 4 from the 247 counted in March 2019, and up 57 from the 194 counted in April 2018.
From 2016 to 2018, capital investment in Canada's upstream oil and gas industry (essentially, exploration and production) increased 15 percent compared to 41 percent in the U.S. over the same period, finds a new study released by the Fraser Institute, an independent, non-partisan Canadian public policy think-tank.
Schlumberger introduced the IriSphere look-ahead-while-drilling service at the Offshore Technology Conference. The new service provides the industry's first application of electromagnetic (EM) technology for detecting formation features ahead of the drill bit in oil and gas wells.
Last week, Ritchie Bros. sold 12,300+ equipment items and trucks for CA$207+ million (US$154+ million) during its massive five-day auction in Edmonton, AB.
At OTC 2019, Weir Oil & Gas introduced its new SPM EXL Frac Pump - engineered from the ground up to be the most durable, longest-lasting 2500 horsepower pump on the market, the company states. With the highest rod load rating in its class at 238,000 pounds, this pump is designed to withstand today's harshest fracking conditions and ease maintenance for operators' field teams.
TransCanada Corporation announced that shareholders representing approximately 99.55% per cent of votes cast approved a special resolution authorizing the Company to amend its articles to change its name to:
The National Energy Board (NEB) has approved two applications to abandon the NEB-regulated parts of Exxon Mobil's Sable Offshore Energy Project and Encana Corporation's Deep Panuke Project. These projects, both located offshore Nova Scotia, had reached a stage of naturally declining production. The Sable Offshore Energy Project stopped producing natural gas in December, 2018 and Deep Panuke ceased production in May, 2018.
AltaGas Ltd. reported first quarter 2019 financial results and provided an update on its business, including the expansion of its integrated western Canadian midstream service offering to include global energy export capabilities, through its Ridley Island Propane Export Terminal (RIPET).
The Petroleum Services Association of Canada (PSAC), in its Midyear Update to the 2019 Canadian Oilfield Services Activity Forecast, lowered for a second time its Forecast for the number of wells drilled (rig released) in 2019 across Canada to 5,300 wells - a drop of 1,300 or twenty per cent (20%) from the original Forecast of 6,600 in November 2018. PSAC has based its updated Forecast on an average natural gas price of C$1.65/mcf (AECO), crude oil price of US$57.00/barrel (WTI), and a U.S.-Canada exchange rate averaging $0.75.
Leucrotta Exploration Inc. is pleased to announce the following update: Leucrotta drilled and completed an Upper Montney horizontal multi-frac well at 8-22-81-14W6 ("8-22") in the Mica area of north east British Columbia. The well was considered a major step-out given it was approximately 7.5 miles from the closest producing horizontal Upper Montney well. This well confirms that a large portion of our land base that has previously been delineated as highly productive in the Lower Montney is also highly productive in the Upper Montney, effectively significantly increasing the size of the potential development of the resource.
A Southwest Research Institute methane leak detection system is taking flight as part of a U.S. Department of Energy (DOE) National Energy Technology Laboratory (NETL) project to develop automated inspections of oil and gas facilities.
The cost of building
and operating oil sands projects has fallen dramatically in recent years and
total oil production is expected to rise by another 1 million barrels per day
(mbd) by 2030. But external factors—such as price uncertainty caused by
pipeline constraints—are contributing to a more moderate pace of production
growth than in years past, a new report by business information provider
Newfoundland and Labrador has an opportunity to become one of the most competitive offshore oil and natural gas jurisdictions in the world, but only if Newfoundlanders and Labradorians vote for energy in the next provincial election, according to the Canadian Association of Petroleum Producers (CAPP). In its Newfoundland and Labrador Energy Platform, Oil and Natural Gas Priorities for a Prosperous Newfoundland and Labrador, CAPP made a series of action-oriented recommendations aimed at increasing industry competitiveness through improvements to regulatory, fiscal, and economic policies, and the timely expedition of projects.
Ritchie Bros. has received bankruptcy court approval to purchase the assets of Welded Construction, L.P. together with Gordon Brothers, the global advisory, restructuring and investment firm. The two companies will work together to sell the Welded Construction assets through multiple selling channels.
Canadian Natural Resources Limited has released a follow up report on the event which occurred at the Scotford Upgrader, in which the Company has a 70% interest, on Monday April 15, 2019 at approximately 8:45am. Shell Canada, as Operator of the Scotford Upgrader, along with Strathcona County Emergency Services responded to a fire in the upgrader expansion area ("North Upgrader") at the Scotford Upgrader, while it was being shut down for planned maintenance. The fire was promptly extinguished, all personnel were accounted for, and there were no reported injuries.
Orbital Gas Systems, a wholly-owned Energy subsidiary of CUI Global, Inc., held a technology showcase and open house for customers and suppliers at its Houston facility Thursday, April 25. The 39,000 square foot facility supports the growth of the upstream, midstream and downstream product lines and services, including gas metering, process control, telemetry, gas sampling, environmental monitoring and BioMethane systems.
Rivian has announced an equity investment of $500 million from Ford Motor Company. In addition to the investment, the companies have agreed to work together to develop an all-new, next-generation battery electric vehicle for Ford's growing EV portfolio using Rivian's skateboard platform.
Husky Energy generated funds from operations of $959 million in the first quarter of 2019, compared to $895 million in the first quarter of 2018. Net earnings were $328 million, compared to $248 million in Q1 2018 and free cash flow was $147 million, compared to $258 million in the first quarter of 2018. Cash flow from operating activities, which includes changes in non-cash working capital, was $545 million, compared to $529 million in Q1 2018.
Vermilion Energy Inc. has released its operating and condensed financial results for the three months ended March 31, 2019. The company announced a 2 percent increase in its production averages over the previous quarter, including a 1 percent boost in its Canadian operations.
Canada's transition to low-emission energy sources is underway but it remains one of the most emission-intensive nations in the world, according to a new report released by the National Energy Board.
Orbital Gas Systems has received orders for its GasPTi-F product from SAMSON AG, its global distribution partner, for use by a large industrial user of natural gas in Spain. The number of units comprising the orders was not disclosed.
Crescent Point Energy Corp. has selected the AFTI WatchDog as a key service provider to support its field automation strategy.
Cenovus Energy Inc. delivered strong operating and financial performance in the first quarter of 2019, generating more than $1 billion of adjusted funds flow, $731 million of free funds flow and cash from operating activities of $436 million. The company's excellent financial results were driven by strong operating performance, a significant narrowing of light-heavy oil price differentials in early 2019 and Cenovus's low-cost structure and continued commitment to capital discipline.