Canada ///
Kurt Abraham, World Oil
Another mixed outlook awaits the E&P sector
The days when energy stocks and the price of oil moved in lockstep are now few and far between. Oil may go up but stocks still fall, and in Canada it’s the worst divergence on record.
Kurt Abraham, World Oil
Activity may pick up to near-record levels in the next several years, as the province continues to encourage technical innovation.
Alberta’s oil production curbs finally appear to be draining inventories, at least for now.
A corporate tax rate cut in the oil-rich province of Alberta, boosted Exxon’s second-quarter profit by almost $500 million, according to a statement Friday. Chevron noted a $180 million non-cash tax benefit from the measure in its report.
U.S. refiners want more Canadian oil, and pipeline companies are finding ways to get it to them.
Alberta has relaxed the production limits it imposed on oil producers as it exports more barrels via rail and pipeline.
Halliburton Co. is shifting strategy in its largest region to deal with subdued customer spending by shelving unused frac gear and cutting jobs in North America.
Heavy Canadian crude prices narrowed to the smallest discount against U.S. benchmark futures since April as rail shipments increase.
Chevron Corp. is seeking approval to modify its plans for a liquefied natural gas export facility on Canada’s Pacific Coast to an all-electric design that it says will result in the lowest greenhouse-gas emissions per ton of LNG of any large project in the world.
Cenovus Energy Inc. has announced that on July 10, 2019, the company reached 1 Bbbl of cumulative production from its Foster Creek and Christina Lake oil sands facilities in northern Alberta. Cenovus is the first company to produce 1 Bbbl of oil using steam-assisted gravity drainage (SAGD) technology.
Emily Querubin, World Oil
Talos Energy has completed its appraisal program for the Zama discovery on Block 7, in the offshore portion of Mexico’s prolific Sureste basin.
Devon Energy Corp. has announced that it has completed the sale of its Canadian business to Canadian Natural Resources Limited for $2.8 billion.
Kuwait plans to boost production from Canadian shale deposits by two thirds and increase output of natural gas in Australia as the OPEC member ramps up efforts to find and develop overseas deposits of the fuel.
Building on their decade-long partnership for Eastern Canada seismic/gravity surveys, TGS and PGS have announced a partnership with Bain Geophysical Services to create a new regional study of the crust offshore Newfoundland and Labrador.
TGS and PGS announce the Jeanne d’Arc High Density 3D (HD3D) multi-client project offshore Newfoundland, East Canada.
As the annual meeting of the Newfoundland and Labrador Oil and Gas Industries Association (Noia) proceeded through its first sessions on Tuesday, attendees heard encouraging words about future activity in the province from several operators.
Prime Minister Justin Trudeau’s government decided Tuesday to proceed with the construction of a major crude oil pipeline, saying the project has met strict requirements on safety and consultation with Canadian indigenous groups.
Today in Ottawa, Noia CEO Charlene Johnson addressed the National Press Gallery regarding Bill C-69.
Justin Trudeau is poised to give the green light to a major crude pipeline as he faces rising calls to support Canada’s struggling oil industry.