Husky Oil to proceed with West White Rose project off Newfoundland

The Newfoundland and Labrador government was exultant Monday as Husky Energy announced it will finally proceed with the multimillion-dollar West White Rose project, with first oil five years away. The company said it will use a fixed wellhead platform tied to the SeaRose floating production, storage and offloading vessel, known as an FPSO. First oil […]

OPEC underpins oil markets into 2018

If success is measured in averting a looming supply glut & bolstering OPEC budget deficits, then the 9 month extension of production cuts is a triumph of pragmatism. But the firmer oil price we expect can only embolden the US tight oil industry.

Yedlin: Supercluster initiative brings opportunity for economic diversification

The Trudeau government’s announced “supercluster” initiative presents tremendous opportunity for Alberta in three important areas — energy, agriculture and health care. The $950-million program will focus on growing innovation and employment in key sectors of the Canadian economy, with bids awarded to as many as five centres across the country. Alberta already has a competitive advantage in energy, agriculture […]

Pipemakers in Regina vote to give union executive power to call strike

Hundreds of unionized workers at Evraz North America’s steel plant in Regina have voted overwhelmingly in favour of strike action to back contract demands. The vote by members of United Steelworkers Local 5890 took place Thursday at a special meeting to discuss the company’s contract proposals. The union’s website says more than 99 per cent […]

Restructured Penn West proposes name change to Obsidian Energy

Penn West Petroleum Ltd. wants to change its name to Obsidian Energy Ltd. after surviving an accounting scandal, debt crisis and commodity price crash over the past three years. David French, who took over as CEO of the Calgary oil and gas company in October, says shareholders will be asked to approve the change because […]

U.S. rig count up in 19th straight weekly increase

Drillers dispatched another seven oil and gas rigs to U.S. fields over the past week, Baker Hughes said Friday, marking the rig count’s 19th consecutive weekly increase. That increase brought the nation’s active rig count up to 908, up from a record low of 404 this time last year. Five of the rigs added this …

Fire at Anadarko oil tank site kills worker, injures three others

A fire at an oil tank battery owned by Anadarko Petroleum Corp. killed one worker and injured three others in Colorado on Thursday afternoon, authorities and the company confirmed. Contracted workers were doing maintenance work at an oil tank facility near Mead, Colorado, when an oil tank battery ignited, the Woodlands-based Anadarko said. Local authorities …

Saudi Arabia’s Motiva plans for billions in Texas growth

Saudi Arabia’s Motiva Enterprises said it plans to spend billions of dollars more to expand its Port Arthur Refinery — already North America’s largest — and grow more in the petrochemical and refining sectors. Motiva, which finalized its divorce from Royal Dutch Shell in the beginning of May, said it plans to spend close to …

Market Currents: OPEC – The Hangover

No sooner had the dust settled after the conclusion of the latest OPEC meeting (with oil traders selling the market like hot cakes), we got Saudi oil minister Khalid Al-Falih saying that exports to the US were dropping measurably. While this has caused a good degree of excitement in the market, we here at the good …

Petrobras, Shell fire up pre-salt oil field off Brazil

A first-of-its-kind vessel owned by Petrobras and Shell has begun pumping oil off Brazil in one of the world’s most lucrative deep-water basins. Shell said Friday the companies fired up their first cloned offshore vessel assembled with standard parts and equipment in the pre-salt Santos Basin, a prolific region where some wells produce three times …

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