FortisBC has entered into its first term supply agreement to produce liquefied natural gas (LNG) for Top Speed Energy Corp. to export to China. This term supply agreement is an unprecedented development in Canada's LNG export industry and was made possible by the completion of the Tilbury LNG expansion project in Delta, B.C. earlier this year.
CAPP encourages Newfoundland and Labrador residents to vote for energy in provincial election
2100, 350 - 7 Avenue SW
CA, T2P 3N9
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.
"Newfoundlanders and Labradorians need to be well-informed and have a clear picture of how we can make our province better before heading into the election. A vote for energy sends the message that Newfoundland and Labrador can, and should, be supplying energy to the world," said Paul Barnes, CAPP Atlantic Canada and Arctic Director.
In its Energy Platform, CAPP provides clear information about the challenges facing Newfoundland and Labrador's oil and natural gas industry. CAPP hopes to inform the public and political parties about how industry can continue to generate significant benefits for the province and its economy. A vote for energy is a vote for a more prosperous future for Newfoundland and Labrador.
CAPP's recommendations advocate for a strong growth scenario for the oil and natural gas industry in the province, increasing competitiveness in the global energy market, and attracting more investment in Newfoundland and Labrador. The Energy Platform sets goals to advocate for regulatory efficiency and effectiveness federally, continue to expedite project developments, make small field developments more economic, introduce fiscal incentives to encourage exploration, and advocate to eliminate unnecessary federal costs. Furthermore, CAPP encourages political parties to advocate for amendments to Bill C-69 and the exclusion of exploration wells from the future designated project list.
In the upcoming provincial election, it's important all Newfoundlanders and Labradorians vote for energy. CAPP's Energy Platform is to inform all Newfoundlanders and Labradorians of the concerns and vision of the offshore oil and natural gas business in a manner that is non-partisan and is not advertising. The business of energy is the business of every government in Canada regardless of its political persuasion. CAPP does not support or oppose any particular registered party of candidate.
"The Industry has been asking for effective policy changes to make Newfoundland and Labrador more competitive. We want to attract more global investment to the offshore region, but to do so we need greater regulatory certainty along with fiscal and economic policies that allow us to compete," Barnes stated. "A healthy oil and natural gas industry benefits all of Canada, and builds on the backbone of our economy. As Newfoundlanders and Labradorians head to the polls, the message is that a vote for energy is a vote to build a prosperous Newfoundland and Labrador.
"The Newfoundland and Labrador Energy Platform is ambitious and achievable. By increasing our global competitiveness, we can attract investment and create more jobs, grow production, and provide the world with energy it needs."In its February 2019 study examining the results of the socio-economic benefits of Newfoundland and Labrador, Stantec found the oil and natural gas industry was responsible for the following:
- An average 29.7 per cent of the province's gross domestic product between 2010 and 2017;
- 12.9 per cent of all labour income in the province;
- 10.8 per cent of all retail sales; and,
- 24,000 jobs.
- Total industry employment rising to 56,000 across the province, and an additional 22,700 jobs in the rest of Canada;
- Increased labour income to more than $4.6 billion annually;
- Increased consumer spending to $3.5 billion annually; and,
- Increased provincial government benefits through royalty and tax payments to $6.7 billion.
More from Industry News
The Canadian Environmental Assessment Agency (the Agency) must decide whether a federal environmental assessment is required for the proposed Kitimat LNG Expansion Project, located at Bish Cove, near Kitimat, British Columbia.
Canada's Oil Sands Innovation Alliance (COSIA) is pleased to announce the appointment of Wes Jickling as the organization's next Chief Executive, effective August 6, 2019. The appointment aligns with COSIA's updated strategic plan, focused on accelerating environmental performance through collaborative action and innovation, while sharing its story with Canadians and beyond.
Encana Corporation wholly owned subsidiary Newfield Exploration Mid-Continent Inc. has signed an agreement to sell its natural gas assets in Oklahoma's Arkoma Basin to an undisclosed buyer. Total cash consideration to Encana under the transaction is $165 million. The agreement is subject to ordinary closing conditions, regulatory approvals and other adjustments and is expected to close in the third quarter of 2019.
Campaigns that attack Alberta's energy interests will be investigated through a public inquiry launched by the provincial government.
The Canadian Environmental Assessment Agency (the Agency) has commenced a federal environmental assessment for the proposed Central Ridge Exploration Drilling Project, located approximately 375 kilometres east of St. John's, Newfoundland and Labrador, in the Atlantic Ocean.
A few days after signing a foundation agreement with a key customer, Woodfibre LNG has received a major permit needed to move forward with construction on its site near Squamish, B.C.
TC Energy Corporation has entered into an agreement to sell its U.S. midstream assets held by its subsidiary, Columbia Midstream Group, to UGI Energy Services, LLC, a subsidiary of UGI Corporation, for approximately US$1.275 billion (Cdn$1.7 billion). The transaction is expected to close in the third quarter of 2019 subject to closing adjustments and customary regulatory approvals.
TAG Oil Ltd. is pleased to report the annual and fourth quarter results for the fiscal year ending March 31, 2019. Notably, the Company was successful in increasing its revenue by 40% to $33.2 million along with a 33% increase in operating netbacks to $40.90 per boe for FY2019.
ValvTechnologies, Inc., a leader in the design and manufacturing of zero-leakage severe service isolation valve solutions, announced that it has met the requirements of American Petroleum Institute (API) 641 through third party witnessed testing.
Shell announced that it has sold its Foothills sour gas assets to Pieridae Energy Limited, an experienced Canadian operator. The assets include three distinct sour gas plants (Waterton, Jumping Pound and Caroline) and the gas fields which feed them. Combined, they produce approximately 29,000 barrels per day of natural gas, natural gas liquids and condensate.
Pacific Oil & Gas Limited wholly-owned subsidiary Woodfibre LNG has signed a binding LNG Sales and Purchase Agreement (SPA) with BP Gas Marketing Limited, a wholly-owned indirect subsidiary of BP Plc, for the delivery of liquefied natural gas (LNG) from PO&G's Woodfibre LNG export facility in Squamish, British Columbia.
Siemens Water Solutions successfully installed and started up a Zimpro wet air oxidation (WAO) system at a global petrochemical company's olefins plant in the Southern U.S.
Water conservation, efficient tailings management and responsible mine reclamation are becoming increasingly important for mines to ensure their license to operate. Spearheaded by the launch of the new Metso VPX filter for tailings dewatering, Metso introduces its comprehensive tailings management concept to enable and support environmentally and economically sustainable mining.
NETZSCH Pumps North America, LLC, experts in solutions designed specifically for difficult pumping applications, announces it is celebrating its 50th anniversary in business. As a mid-sized, family-owned German company, NETZSCH manufactures machinery and instrumentation with worldwide production, sales, and service. The global company began its North America operations as a one-person office 50 years ago, and has since grown to more than 180 employees, with over $75 M in revenue for its three North American business units, Analyzing & Testing; Grinding & Dispersing; and Pumps & Systems. NETZSCH marked the milestone year with a gala celebration, held May 11, 2019 at the historic SunnyBrook Ballroom in Pottstown, PA.
Fluor Corporation announced that Stork, part of Fluor's Diversified Services segment, together with its consortium partners, was awarded a 4-year framework agreement for plant turnaround services by Ecopetrol S.A. for its Barrancabermeja and Cartagena refineries in Colombia. The Colombia-based consortium includes Stork as the international lead partner, Rampint as the local partner in Barrancabermeja and Servimant as the local partner in Cartagena. The agreement also includes two extension options for an additional two years each. Both refineries supply fuel to meet Colombia's national and export product needs. Fluor booked the undisclosed contract value in the second quarter of 2019.
Ritchie Bros. has conducted its third Edmonton, AB auction of the year, selling 7,400+ equipment items and trucks for CA$72+ million (US$54+ million).
LNG Canada and its prime contractor, JGC Fluor BC LNG JV, announced the launch of YOUR PLACE, a province-wide workforce development program aimed at attracting, recruiting, training, supporting and employing women to work in the construction trades on the LNG Canada Project.
Ritchie Bros., the world largest industrial auctioneer, will host one of the largest pipeline construction equipment auctions ever, selling more than 4,700 items over two days at its site in Columbus, OH. Every single item in the auction will be sold without reserve.
As electrical machinery evolves and matures at an exponential pace - alongside increasingly available power grids to supply them - the oil and gas (O&G) landscape is witnessing major change. This is a positive shift as electrification not only meets ever tougher demands for lower global emissions, but also ticks boxes for improving O&G's availability and reliability. What's more, alongside greater productivity for operators, it adds up to greater safety for plant workers and the wider public too.
The Explorers and Producers Association of Canada (EPAC) is disheartened with the federal government's rejection of the proposed Senate amendments to Bill C-69.
Canada's oil sector is missing a significant opportunity to benefit from the global commodity price and finally receive fair market value for Canadian resources, according to the Canadian Association of Petroleum Producers' (CAPP) 2019 Crude Oil Forecast, Markets and Transportation report.
The Petroleum Services Association of Canada (PSAC) is expressing extreme disappointment with the decision by the Trudeau government to not accept the full slate of amendments for Bill C-69 proposed by the Senate following lengthy consultation with Canadians.
The Government of Canada is committed to protecting the health, safety, and environment of Canadians. The Government enforces laws that protect Canada's air, water, and natural environment, and we take this responsibility very seriously.
It is now clear the federal government is ignoring the Senate and the will of Canadians, damaging the country's economic future by not accepting the package of amendments the Senate proposed to Bill C-69, the Impact Assessment Act, according to the Canadian Association of Petroleum Producers (CAPP).
A landmark gift from Pembina Pipeline Corporation is ensuring working landscapes across the Canadian Prairies also work for conservation. Its $1-million investment in Ducks Unlimited Canada's (DUC) Revolving Land Conservation Program will protect approximately 2,000 acres (809 hectares) of important wetland habitat. At the same time, communities across Alberta and Saskatchewan will benefit from a host of environmental benefits. The joint announcement was made and celebrated by Pembina and DUC at a ceremony held at one of DUC's conservation project sites located east of Camrose.
CIRCOR Industrial Valves, a leader in designing and manufacturing flow control technology, features its commitment to ONE CIRCOR, ONE Solution, an initiative to provide the right solution for each customer by effectively drawing on the technical capabilities of CIRCOR's trusted brands, like Leslie Controls, Spence, RTK, Nicholson, and more. With a broad range of products to match to requirements and the technical expertise to design optimized systems for specific customer applications, CIRCOR engineers and provides integrated critical steam solutions for process industry, oil and gas, district energy and power systems.
Newly released estimates from satellite data show global gas flaring increased by 3 percent in 2018 to 145 billion cubic meters (bcm), which is equivalent to the total annual gas consumption of Central and South America.
Pulse Oil Corp. is pleased to announce the key findings of Pulse's enhanced oil recovery ("EOR") study.
Encana Corporation has provided an update on its share buyback program and disclosed its intention to execute a substantial issuer bid (SIB) to fulfill its previously announced 2019 share buyback. In addition, the Company signed an agreement to exit China, strengthened its production outlook for the second quarter of 2019 and reiterated its original capital investment plan.
Canadian oil sands production is set to enter a period of slower annual production growth compared to previous years. Nevertheless, total production is expected to reach nearly four million barrels per day (mbd) by 2030 - nearly one million more than today, according to a new 10-year production forecast by business information provider IHS Markit.
Canada's next federal government has an opportunity to help define a strategic, long-term vision for the growth of Canada's oil and natural gas sector, one that promotes jobs and a healthy economy for all Canadians, while being part of the solution to meet growing global energy demand with responsibly developed energy, according to the Canadian Association of Petroleum Producers (CAPP).
Parliamentarians need to support Bill C-69, as it was amended by the Senate Standing Committee on Energy, the Environment and Natural Resources, according to the leaders of the Canadian Manufacturers and Exporters (CME), Canadian Association of Oilwell Drilling Contractors (CAODC), and the Canadian Association of Petroleum Producers (CAPP).
nVent Electric plc has introduced a new standardized design for its nVent RAYCHEM Mineral Insulated (MI) heating units; industry-leading equipment designed to provide superior freeze protection and process temperature maintenance for high-power, high-exposure industrial heat-tracing applications. The new heating units ensure greater operational reliability and corrosion resistance in harsh environments.
Canadian Natural Resources Limited has entered into an agreement, subject to regulatory approval, to acquire substantially all of the assets of Devon Canada Corporation , for a cash purchase price of C$3.775 billion (subject to closing adjustments), with an effective date of January 1, 2019 and a targeted closing date of June 27, 2019.
AltaGas Ltd. has celebrated the grand opening of its Ridley Island Propane Export Terminal (RIPET), located in Prince Rupert, British Columbia - the first marine export facility for propane in Canada. The facility began introducing propane feedstock in mid-April, and the first shipment departed the terminal on May 23, 2019 bound for Asia.
Capital spending shifts and increased free cash flow generation included in Husky five-year plan update
With a focus on generating increased free cash flow, the updated Husky Energy five-year plan shows reduced capital spending to achieve an annual average of $3.15 billion for 2019 - 2023 versus the previously planned 2018 - 2022 annual average of $3.5 billion. Total capital spending over the 2019 - 2023 five-year period is reduced by about $1.7 billion, with total free cash flow before dividends expected to reach $8.7 billion at a flat $60 US WTI planning price.
The Canadian Environmental Assessment Agency (the Agency) must decide whether a federal environmental assessment is required for the proposed Tilt Cove Exploration Drilling Project, located 300 kilometres southeast of St. John's, Newfoundland and Labrador.
PetroShale announces financial and operating results for first quarter 2019 and provides operational update
PetroShale Inc. has announced its results for the first quarter of 2019, including a production rate averaging 5,036 boe/d, up by 52 percent from 2018, and increased revenue from year to year.