May 6, 2013 - May 10, 2013
Operators licensed 755 new wells last month, with permitting up most in British Columbia through the first four months of the year.
Brent crude rose nearly $2 to more than $104 a bbl on Friday after better-than-expected job growth in the United States raised the prospect of stronger demand in the world's top oil consumer.
A Calgary consultant has some advice for oil and gas companies: avoid the herd mentality.
FirstEnergy Capital Corp. has raised its 2013 natural gas price outlook for both AECO and NYMEX, and has done the same for both Brent and West Texas Intermediate oil, Martin King, vice-president of institutional research, said during an outlook breakfast today.
The Alberta government for the first time has deferred the sale of new mineral rights across the entire range of two of the 15 woodland caribou herds on provincial lands until the cabinet has adopted range plans describing how critical habitat will be protected to recover the two populations.
Alberta produced 340 million bbls of raw crude bitumen from mining and 363 million bbls from in situ, totalling 704 million bbls (or 1.9 million bbls per day last year), up 10 per cent over 2011, says the Energy Resources Conservation Board.
Work on the 450,000 bbl per day twinning of the Seaway pipeline from Cushing, Oklahoma, to the United States Gulf Coast operated by joint venture partner Enterprise Products Partners, L.P. is running ahead of schedule and now is expected to be in service the first quarter of 2014, its partner Enbridge Inc. said today.
Alberta's land sale this week generated $41.92 million in bonus bids, while year-to-date revenues continue to trail behind last year's pace.
In situ crude production has grown an average of 11.5 per cent per year since 2002, and last year grew to 157,700 cubic metres per day from 135,400 cubic metres per day in 2011 for a 16.5 per cent increase, higher than the increase of 12.7 per cent from 2010 to 2011, according to the Energy Resources Conservation Board.
Alberta's inventory of petroleum coke from oilsands mines reached 76 million tonnes last year, up four million tonnes from 2011, and growth is expected to continue with the addition of Canadian Natural Resources Limited's Horizon project unless significant alternative uses are found, says the Energy Resources Conservation Board (ERCB).
Driven by horizontal drilling and multi-stage fracturing, the development of existing pools in Alberta last year added established reserves of 332.85 million bbls (52.9 million cubic metres), the largest increase in more than 25 years, according to the Energy Resources Conservation Board's 2012 reserves report.
Canadian natural gas appears to be in a "holding pattern" with minimal drilling activity as current natural gas prices do not cover the full costs of developing most gas prospects, says the National Energy Board in a new report.
There should be room for both oilsands and tight oil in North America, Jackie Forrest, senior director with IHS CERA, told a conference this morning.
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