IS - Projects advance, assets hit the market amid volatility - June 2020Although the oil and gas industry is still nowhere near where it was at the beginning of the year, there are signs that companies are starting to take cautious steps forward as pandemic restrictions ease and oil prices begin to recover. Senex Energy announced it completed its $280 million Surat gas project with 30 fewer wells than it originally thought it would need (PG.1). Canada loosened restrictions on exploratory drilling off Newfoundland (PG.1), where Equinor reportedly made a discovery in...
Jun 22, 2020
A&D - People & Companies - June 12, 2020ExxonMobil announced that Steve Greenlee, the president of ExxonMobil Upstream Business Development Co., will retire July 1 after over 38 years of service. The board has appointed Linda DuCharme as his replacement and elected her VP of ExxonMobil. She will retain her current position as president of ExxonMobil Upstream Integrated Solutions Co. BPX Energy CEO David C. Lawler has been appointed chairman and president of BP America Inc, succeeding Susan Dio. ConocoPhillips EVP and...
Jun 12, 2020
IS - Price war over, but reduced demand still haunting O&G - April 2020The international oil and gas industry is getting a respite from the price war (PG.17), but companies are still facing significant pressure from reduced demand brought about by the coronavirus pandemic. Canadian producers have reduced 2020 capex by at least C$6.7 billion ($4.8 billion) compared to 2019 levels (PG.1). Supermajors have continued to pull back as well, with ExxonMobil (PG.13) and BP (PG.5) the last two to announce measures to cut costs. Woodside Petroleum also pushed back the final...
Apr 15, 2020
CS - People & Companies - October 2, 2019Baytex Energy announced that EVP and COO Jason Jaskela and exploration VP Jonathan Grimwood are no longer with the company. The operating business units will now directly report to president and CEO Ed LaFehr. The company also announced that Jennifer Maki joined the board in early September as a member of the audit and human resources and compensation committees.ExxonMobil affiliate Imperial Oil Ltd. has appointed B.W. “Brad” Carson as chairman, president and CEO. He became president on...
Oct 02, 2019
CS - Oil sands output from foreign companies declined in last 4 years - September 2019Oil sands production from non-Canadian companies declined more than 11% over the past four years, according to an analysis of Alberta Energy Regulator output numbers by The Canadian Press. As foreign companies have cashed out of the sector, their oil sands production has dropped from 647,000 bo/d in 2014 to 573,000 bo/d in 2018. During that same period, Canada’s overall oil sands output has increased 46% from 1.98 MMbo/d to 2.90 MMbo/d, but foreign companies’ working-interest share of that...
Sep 11, 2019
CS - People & Companies - June 19, 2019Altura Energy named John
Chambers to its board. He was vice
chairman and president at GMP First
Energy and a member of its executive
committee until his retirement last
November. He was CEO at FirstEnergy
Capital Corp. before the firm was
acquired by GMP Capital Inc. in 2016. He
was granted options to acquire 200,000
common shares of Altura at a strike price
of $0.425 per share. Canadian Spirit Resources elected
Louisa DeCarlo as an independent director.
She is president of Danrich...
Jun 19, 2019
A&D - Tishomingo operator BNK launches strategic review process - April 2019SCOOP pure-play BNK Petroleum launched a strategic review on March 25
that may result in an asset sale, corporate sale or merger, JV, Drillco, refinancing,
recapitalization or other strategic actions. BNK’s sole asset is the Tishomingo project,
covering 17,680 net acres in the Caney shale oil horizon of the southern SCOOP/
Ardmore Basin of Oklahoma.
BNK operates 17 producing
Caney wells and has interests
in five additional wells and further upside potential from 3,100 net acres. There are...
Apr 03, 2019
PAA boosts '19 capex nearly 70% as turnaround bears fruitPlains All American increased its 2019 capex budget by $450 million to $1.1 billion, with most of the increase going to the Wink to Webster project (W2W), a crude pipeline out of the Permian Basin that got its final investment decision in early February. PAA also reported 4Q18 results that featured new projects in service, a rebound by its supply and logistics segment and progress in deleveraging that marked a dramatic turnaround over a year and a half. W2W will consist of a 1.0 MMbo/d,...
Feb 26, 2019
McDermott JV chosen for LNG export facility in TexasA McDermott International JV
received a contract valued over $1 billion
to build a 16 mtpa LNG export project in
Sabine Pass, Texas. The Golden
Pass LNG JV between Qatar
Petroleum and ExxonMobil
affiliates announced its final investment
decision on the project near the border
with Louisiana in early February.
The JV of McDermott, Japan-based
engineering firm Chiyoda International
and San Antonio-based construction
company Zachry Group will perform
engineering, procurement,...
Feb 19, 2019
Encana seeks to abandon in place Deep Panuke pipelineThe Deep Panuke and Sable Offshore Energy Project pipelines in Nova Scotia should be abandoned in place, project operators told the National Energy Board. The recommendation from EnCana Corp. and ExxonMobil Canada sets up a potential confrontation with the municipality of the District of Guysborough and the Maritime Aboriginal Peoples Council, which want portions of the pipeline removed. The municipality wants the onshore portion of the pipelines removed because leaving them in place would...
Feb 12, 2019
Suncor shifts to maintenance mode as major projects deliverSuncor Energy plans $4.9-5.6 billion in capex for 2019, a wide range that gives it flexibility to adapt to changing market conditions. The midpoint of this capex range is essentially unchanged from 2018. The company is allocating 63% of capex to sustaining and maintenance activities with the remainder focused on low-capital-intensity projects. These include continued implementation of autonomous haul trucks, development of the Syncrude bi-directional pipeline, additional investment in...
Jan 02, 2019
EPIC switch and LNG Canada FID start Q4 with confidenceThe Permian Basin pipeline crunch has weighed heavily on the energy industry in Q3. Energy Transfer Partners, Magellan Midstream Partners, MPLX and Delek US Holdings announced plans for the Permian Gulf Coast crude pipeline last month and both Kinder Morgan and Targa Resources unveiled intentions to build gas takeaway projects earlier in Q3. EPIC Midstream Holdings showed how it would address the shortage of takeaway capacity, revealing that when its NGL pipeline from the Permian to...
Oct 16, 2018
DJR buys Encana’s San Juan Basin assets for $480MMDenver-based DJR Energy is acquiring EnCana’s San Juan Basin assets for $480 million, expanding its position in the area to ~350,000 net acres focused in the oil window of the basin. For Encana, the sale comes as the company focuses on its five-year plan to boost liquids-weighted production from its four core areas: the Permian Basin and Eagle Ford in the US and the Montney and Duvernay in Canada. The deal is expected to close in 4Q18 with an April 1 effective date.Average production in 2017...
Oct 10, 2018
CS - News Briefs - December 11,2019Australia-based Calima Energy Ltd. received approval from the British Columbia Oil and Gas Commission to construct a production facility at its Montney pad location. The facilities will include tankage, electrical generation metering and a control center. The approval is for the existing two liquids-rich wells, but its modular design will allow expansion to accommodate up to 20 wells at the pad site. The company also applied for an egress pipeline to transport production to the Tommy Lakes...
Dec 11, 2019
CS - Eastern Canada Briefs - February 12, 2019Pieridae Energy Ltd. has signed an
updated agreement with the Assembly of
Nova Scotia Mi’kmaq Chiefs that allows
the Mi’kmaq of Nova Scotia to
benefit from the development,
construction and operation of
the Goldboro LNG project. The assembly
said the agreement is an example of how
companies can respect Mi’kmaq rights
and allow its people to participate in the
development of its lands. Drilling activity at ExxonMobil’s
Hebron offshore oil field is ongoing
and production continues to ramp...
Feb 12, 2019