Oil & Gas 360® spoke with Tim McMillan, president and CEO of Canadian Association of Petroleum Producers about the ongoing wildfires in Alberta, Canada. McMillian said that a number of uncertainties remain with the fire, such whether or not the weather will remain cooler, but that most producers in the area are now bringing production back online. Watch Oil &
Alberta in much better fiscal position than BC, Ontario or Quebec While the price of U.S. crude benchmark WTI hovers above $30 per barrel, the price of Canadian benchmark Western Canadian Select has been nearer the $20 mark in recent weeks. The low prices have hit Canada’s producers hard, but Canadian Minister of Natural Resources Jim Carr remains positive about
With Only One Oil Customer, Canada is “Leaving Billions of Dollars on the Table” Alberta Premier Rachel Notley has called for more pipelines to help transport Canada’s crude oil to international markets. The lack of infrastructure has left the Canadian province selling the majority of its crude oil to the U.S. at a discount, a problem that Notely said must
An Exclusive Interview with Garth Braun, Chairman, President and CEO of Blackbird Blackbird Energy (ticker: BBI, www.blackbirdenergyinc.com) is in the early stages of developing its 75 sections (48,000 acres) of the Montney fairway in Alberta, but results from its 2-20-70-7W6 well indicate there may be plenty of running room ahead. In a company release issued on January 28, 2016, Blackbird
Alberta falls to 38th from 16th in just one year Alberta is becoming a less attractive target for oil and gas investment, according to an annual study conducted by the Fraser Institute. The survey of petroleum executives, which ranks jurisdictions around the world based on how much government policy deters investment in oil and gas, listed Alberta as the 38th
Warsaw-based ORLEN announces two acquisitions ORLEN Upstream, a Warsaw, Poland, based subsidiary of PKN ORLEN SA (ticker: PKN), which trades on the Warsaw Stock Exchange, announced two separate acquisitions today for assets in Canada and Poland. The deals included the purchase of all outstanding shares of FX Energy (ticker: FXEN) for total consideration of US$119 million for assets concentrated in
Higher royalty payments would pressure Alberta oil & gas producers A report from BMO Capital Markets warned that increasing royalty payments in the Canadian province of Alberta could dampen business as it has in the past, but that the current review could potentially be better than those in the past, as the board has a stronger grasp of the outcomes
Manitok Energy Talks 2015-16 Drill Plans, Hedging, Liquidity and 18-Month Outlook Manitok Energy (ticker: MEI) is a conventional operator focused on projects in Alberta, and the company has spent the last several years amassing a considerable land position with output now approaching 6,000 BOEPD. Its footprint now extends 449,000 gross acres (93% working interest), of which 430,000 gross acres (94%
Alberta regulator calls for partial shutdown at CNOOC project The Alberta Energy Regulator (AER) recently announced that it would partially lift a suspension order it issued August 28 against China National Offshore Oil Corp (CNOOC, ticker: CEO) subsidiary Nexen Energy ULC. With the change in the AER’s suspension decision, Nexen will be able to maintain approximately 75% of its Long
Alberta’s royalty review panel has decided not to make changes until after the end of 2016 The Alberta provincial government released a statement last week announcing that it had formed a panel to conduct a review of the oil and gas industry’s royalties. The panel, which will be chaired by ATB Financial President and CEO Dave Mowat, will not make
Orphaned wells are growing, but strong companies are still seeing strong business in Alberta The number of orphaned wells in Alberta has shot up over the last year as many companies struggle with lower commodity prices. Alberta’s Orphan Well Association (OWA) says it currently has a backlog of 704 orphaned wells, up dramatically from 164 last year. The “industry is
Three bills to kick things off The New Democratic Party’s (NDP) Rachel Notley is planning to put three bills before the legislature during its short spring session, set to last just two weeks. The first bill will change laws around political donations from corporations and unions, the second will raise the corporate tax from 10% to 12%, and Notley’s third
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