"title": "Indices", (PHOTO: Chelsey Harms, 660 NEWS) EDMONTON (660 NEWS) â The provincial government is doing away with what was supposed to be a short-term measure to deal with a massive drop in oil prices. "scaleFontColor": "#DADDE0", "s": "USOIL", Companies in this story: (TSX:CVE, TSX:IMO, TSX:CNQ, TSX:SU), Market quotes are powered by "plotLineColorFalling": "#FF4A68", Last Updated Oct 23, 2020 at 10:15 am MST. We can fix it. â Mar 9, 2020 }, We provide live feeds designed to help energy professionals, field personnel, business owners, and senior business leaders get the latest energy news and data, energy industry press releases and energy job and event listings. As a result, the global standard oil price has dropped as low as $31.02 a barrel â down from about $60 a barrel at the beginning of the year. "I have been saying for years that we need to diversify our economy, because if we put everything on oil, the OPEC countries can still plummet the price here in Canada," another wrote. The Alberta Energy Regulator says 150,000 litres of crude oil have leaked from a pipeline near Hardisty southeast of Edmonton. WATCH: Alberta Premier Jason Kenney explains why he will not amend the recently announced budget amid plummeting oil prices and economic challenges. We're calling for a $75 barrel of oil: Kopernik's Alissa Corcoran. "showChart": true, Capital spending on oil and gas extraction in Alberta is expected to fall by roughly $7 billion from last year to $16.6 billion in 2020 â a plunge of about 30 per cent, according to ATB Financial. By Kevin Orland and Kait Bolongaro on 8/6/2020. EnergyNow is an online energy news and data media service dedicated to providing essential up to-date information on the Canadian oil & gas industry. Back in October, Alberta's finance minister Travis Toews called diversifying revenues away from oil and gas a long-term "luxury. "largeChartUrl": "http://energynow.ca/data/", "belowLineFillColorFalling": "rgba(255, 74, 104, 0.05)", "belowLineFillColorGrowing": "rgba(60, 188, 152, 0.05)", "With oil prices plummeting and investors shunning oil and gas stocks, Iâm so very grateful the @Alberta_UCP govât doubled down on our oil and gas economy while making big cuts to the post-secondary institutions that could diversify it #whatcouldgowrong #abpoli #ableg #cdnpse," one resident wrote on Twitter today. }, Taking Keystone XL pipeline charge, Canadian Natural raises dividend by 11 per cent. On June 18, oil from Calgary-based Cenovus Energy made its way via the Trans Mountain pipeline [Read more] "d": "CAD/USD" "There are challenges ahead but our energy industry has lowered costs and become efficient over the years," she wrote.Â, "Albertans are resilient and weâll get through this. "s": "INDEX:TTEN", { { The West Texas Intermediate (WTI) price of oil, often a world reference price quoted in the media, averaged US$52.00 a barrel in January 2021, 9.8% lower than it was a year earlier. Posted Oct 23, 2020 8:33 am MST. Suncor, for example, has not been able to maintain full production at its Fort Hills oilsands mine after expanding its capacity to 194,000 barrels per day in 2018 and earlier this year shut down one of its two extraction trains because of low oil prices. "d": "TSX Composite" CALGARY â The schedule of the Alberta Inquiry into foreign funding of Alberta anti-energy campaigns has been extended to October 30, 2020 to hear from funding entities that have been identified in the Inquiryâs research to date, and to accommodate challenges due to COVID-19. The regulator says Calgary-based AlphaBow Energy reported the breach on Wednesday. ", Reluctant revolution Oil-rich Alberta seeks ways to go green. You can unsubscribe anytime or, Organization of Petroleum Exporting Countries, $60 a barrel at the beginning of the year. { Alberta and #ableg needs to finally recognize the serious risks we choose to accept by relying on oil royalties to pay our govt's bills. That's catastrophic for Alberta. * Prices as of Previous Day Close. But we all need to work together to get through what may be a very challenging time. 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Christensen, Renewable diesel/hydrogen project in line for $100M in carbon credits, Tidewater says, Oil Steady With Dollar Rising and Demand Outlook Mixed, Shell Doubled Oil-Trading Profit to $2.6 Billion Last Year, Guest Commentary: A response from Philip Cross to CBC’s story on the Canadian energy sector, Markets expected to take measure of Cenovus-Husky deal as earnings season begins, Touchstone Provides Update on the First Two Wells of 2017 Drilling Program and 2017 Recompletion Program, Northeastern B.C. The province quoted Genscape in noting that there were about 20 million barrels of oil in storage as of Oct. 16, down from nearly 40 million when the curtailment program began. In response to record prices, western Canadian oil companies have begun to cut capital spending and temporarily lay off workers in northern Alberta. Earlier this year, the first shipment of Alberta crude oil, an estimated 450,000 barrels, arrived on the east coast, completing an arduous and lengthy 12,000 km trip from British Columbia, through the Panama Canal before ending in Saint John. { Alberta premier Jason Kenney also took to Twitter to comment on the situation. Albertaâs government will stop setting monthly oil production limits to allow producers to utilize available pipeline capacity and create jobs. Unsubscribe anytime or, Sign up for our free email newsletter so youâre always in the know. What Falling Oil Prices Mean For The Alberta Budget - HuffPost ⦠"d": "DOW JONES Index" High inventory levels are blamed on the inability of the pipeline system to match the province’s growing oil production levels, mainly from new and expanded oilsands projects. "width": "100%", }, Oil has made Alberta one of the wealthiest regions in North America, but the process of extracting petroleum from oil sands releases an unusually ⦠by Kenny Mason and Derek Craddock. } { In a report, RBC analyst Greg Pardy said the end of the program is beneficial for producers including Cenovus, Suncor Energy Inc., Canadian Natural Resources Ltd. and others that have been forced to choke back production at their facilities. That's catastrophic for Alberta. As production grew but pipeline capacity did not, Alberta has been plagued with massive oil price discounts ever since. { Load The province’s allowable production quota was gradually raised from 3.56 million barrels per day in January 2019 to 3.81 million bpd by year-end, a level maintained through the first 11 months of 2020. Pardy said the completion of long-awaited export pipelines including Keystone XL, the Trans Mountain expansion, and Enbridge Line 3 “should enhance the province’s permanent ability to balance production and takeaway capacity, helping to ensure Alberta’s resources are exported at full value.”. "symbols": [ }, }, This affected storage levels, Canadian crude oil prices and other aspects of the market.To }, The company, which announced in early October it will cut as many as 1,930 jobs over 18 months to reduce total staff by 10 to 15 per cent, said it is on track to achieve its $1-billion operating cost reduction target by the end of 2020. Tourmaline delivers earnings of $618.3 million in 2020, adds 826 MMboe of 2P reserves and increases dividend for Q1 2021 March 10, 2021 3:00 PM Headwater Exploration Inc. announces 2020 reserves, fourth quarter and year end 2020 operating and financial ⦠{ The Alberta economy is slowly emerging from one of the worst downturns in its history, caused by the dual impacts of the COVID-19 pandemic and last yearâs collapse in Alberta government files red ink budget with focus on oil and gas The Canadian Press February 28, 2020 EDMONTON â The Alberta budget is counting on oil and gas bouncing back while recognizing itâs time to put more money and effort into areas such as high-tech and tourism. February 23, ⦠"d": "TSX Venture" "s": "OANDA:NATGASUSD", The program has been controversial from the start, with oil producers such as Cenovus Energy Inc. largely in favour of it while oil producers that also own refining operations, such as Imperial Oil Ltd., adamantly opposed. We have a problem. "d": "Brent Crude" https://t.co/IAMCIciWnI. She also sees big investing opportunities in gold and uranium, markets she says are still deeply undervalued. "symbols": [ "s": "TVC:USOIL+NYMEX:WCW1! CNRL is joining other large oil producers in setting ⦠Alberta to stop limits on oil production in December after nearly two years October 24, 2020 The Canadian Press CALGARY â Albertaâs oil curtailment quotas are set to end in December, nearly two years after the previous NDP government introduced them to support oil prices, the UCP government announced Friday. Saskatchewan will have 1,795 wells, down by 200. "OPECâs decision to drive down prices has very serious implications for the Alberta & Canadian economies," he said. "Our energy producers are now more efficient, innovative and resilient than ever. Albertaâs oil-based wealth fund misses a $433 billion opportunity. { Total Oil & Natural Gas Financings More Than Double In 2020. Kopernik Global Investor's director of research, Alissa Corcoran, says her firm anticipates oil will climb to $75 per barrel for the global supply-demand dynamic balances out. Albertans are resilient and weâll get through this. Alberta is freaking out after historic plunge in oil prices. It says the spill has been contained and has not affected wildlife or water bodies. { Heavy Oil Show (LHOS 2022). 'Zombie' Oil Wells in Canada Are a Climate Threat - The New York ⦠}, }, comments, Someone just spotted one of the weirdest looking fish washed up in Canada, Bear in Calgary caught eating Halloween pumpkins while residents were sleeping, Vancouver woman shoved out of bus after spitting on a fellow passenger, Air Canada and WestJet bicker over plans to refund airline tickets, Poppy donation boxes in Canada will soon take credit cards, COVID internment camps in Canada don't exist despite what you might have heard, Canada won't be having a snap election this fall, Someone is setting fire to toilet paper at Walmart stores in Canada, Sign up for our free email newsletter. 10 things you need to know as a barrel of Alberta oil is valued at ⦠{ Alberta oil and gas | News, Videos & Articles. In anticipation of the global oil price drop, Alberta Energy Minister Sonya Savage wrote on Twitter Sunday that the government is closely following the situation as well as its impacts on Albertans. "tabs": [ Oil and gas company takes province to court over stalled northern ⦠"symbolActiveColor": "#F2FAFE", According to the Alberta Energy Regulator (AER), the province exited 2020 at 3.8 million bbl/day of production, beating the December 2019 record high by ⦠Alberta produced more crude oil in 2018 than could be shipped for export by rail or pipeline. }, “Maintaining the stability and predictability of Alberta’s resource sector is vital for investor confidence as we navigate the economic conditions brought on by the pandemic, the commodity price crisis and the need for pipelines,” said Energy Minister Sonya Savage. Lauerman: Shellâs Scenarios Tell Alberta Oil And Gas A Story. According to the Sun, the Alberta treasury loses $355 million in revenue for every $1-a-barrel drop in the average price over the entire year. June 25, 2020. The Winter 2020 Alberta Oil & Gas Quarterly is now available. Last year alone, the government paid more than $20 million on behalf of oil and gas companies â a 142 per cent increase over the year before and equivalent to the total tab from 2010 to 2018, according to data from the ⦠"s": "FX_IDC:CADUSD", Overview. Western Canada Select (WCS), the price obtained for many Alberta producers of oil, averaged US$40.04 a barrel in January 2021, 8.7% higher than it was a year earlier. This issue's focus is âMidstream: Inside the growing Alberta sector adding value to oil and gas.â }, Up until the COVID-19 mess Albertaâs oil output was still curtailed to support prices. "title": "Commodities", "d": "CDN Light Sweet" "d": "NYMEX Natural Gas" { The Alberta government has compensated landowners on behalf of delinquent oil and gas companies at a level unprecedented in recent years, The Narwhal has learned. "plotLineColorGrowing": "rgba(61, 133, 198, 1)", February 24, 2021, 6 AM MST. "d": "TSX Energy" "d": "WCS Heavy" ", Following this very closely, along with potential impacts in Alberta. Alberta public pension manager AIMCo reportedly takes big hit to ⦠There are challenges ahead but our energy industry has lowered costs and become efficient over the years. As of Monday morning, prices for West Texas Intermediate crude fell to US$32 a barrel and Brent crude dropped to $36.93.Â. "gridLineColor": "#e9e9ea", The province says production was actually 3.1 million bpd in August and it’s not expected to exceed export capacity before mid-2021. Oil workers in Alberta are falling victim to a growing spread of the pandemic in the Canadian provinceâs remote north, with a Chevron Corp. site among the latest to be struck. Oil has dropped to just over $30/barrel. The curtailments, reset monthly, are no longer necessary because 16 per cent of Alberta’s crude oil production is offline, down from 22 per cent at the start of the COVID-19 pandemic, the government said in a news release. "s": "INDEX:DJI", CALGARY — Alberta’s oil curtailment quotas are set to end in December, nearly two years after the previous NDP government introduced them to support oil prices, the UCP government announced Friday. "d": "CDN Crude Index" ", Join the conversation Our energy producers are now more efficient, innovative and resilient than ever. "s": "TVC:USOIL+NYMEX:ICL1! It's time for Alberta to abandon the volatile market that is oil and gas and create a sustainable, predictable economy that helps, not hurts, working Albertans. "s": "UKOIL", } "s": "INDEX:CDNC", Despite turmoil and upheaval brought on by negative oil prices last year, Alberta's oil producers regained their footing and ended the year at record-high levels. This report by The Canadian Press was first published Oct. 22, 2020. According to PSAC's newest forecast: In Alberta, 2,155 wells will be drilled in 2020, down 235 from 2019. }, Other Selected Commodities "s": "INDEX:TXCX", to Reclaim Lead in Canadian Growth Survey, SPOT Satellite Devices Reach Major Milestone with 5,000 Rescues Worldwide, WIN a Ticket to the Virtual AEC Automation Expo & Conference, CAODC AGM & Virtual Town Hall with Alberta Premier Jason Kenney, Williston Basin Petroleum Conference 2021, Operational Excellence in Energy, Chemicals, and Resources 2021, Canada Gas & LNG Exhibition and Conference 2021, Global Energy Show Exhibition & Conference (GES 2021), Lloydminster O.T.S. "s": "INDEX:JX", { ] With no secure and predictable market access, international oil sands investors exited the province. ", But we all need to work together to get through what may be a very challenging time. Oil has dropped to just over $30/barrel. Time to bail out Alberta workers, not billionaire oil company CEOs ⦠TradingView.com West Texas Intermediate was also trading near $23/bbl, far off the Alberta governmentâs budget prediction that oil would reach average prices of $58/bbl. Help us to improve EnergyNow, Give us your feedback, Corporate head office job losses a ‘wake-up call’ for Calgary, Energy firms seize on carbon tech, environmental goals to build new businesses, Who spends the most on the environment? In an analysis released Wednesday, the provincial Crown corporation said ⦠An International Shift Towards Voluntary Methane Reductions Has Implications for Canadian Industry. “This purposeful approach serves as an insurance policy, as it will allow Alberta to respond swiftly if there is a risk of storage reaching maximum capacity while enabling industry to produce as the free market intended.”. It's time for Alberta to abandon the volatile market that is oil and gas and create a sustainable, predictable economy that helps, not hurts, working Albertans. Suncor has been opposed to the Alberta oil ⦠} Alberta says oil and gas industry to save money with new pollution ⦠Alberta has been clobbered. ] Alberta's $200 Billion Oil & Gas Clean-Up Bill Will Be Footed By ⦠"height": "700", "d": "WTI Crude" ", OPECâs decision to drive down prices has very serious implications for the Alberta & Canadian economies. February 24, 2021, 8:19 AM MST. But that requires calm leadership and honesty from political leaders on all sides. { The Americas Dec 3rd 2020 edition. Global oil markets fell by more than 30 per cent today, and to say Albertans are concerned would be a severe understatement. Lawrence is now predicting that Albertaâs oilsands industry is fast dying. "locale": "en", Talks between the Organization of Petroleum Exporting Countries and its allies broke down dramatically as of late, ending the cooperation between Saudi Arabia and Russia that has supported oil prices since 2016 and leading to an all-out price war between the two countries, according to the Edmonton Sun. Canadaâs main fossil-fuel producing province mulls hydrogen and geothermal power. A rebound in production could result in widening of the price discount on western Canadian crude versus U.S. benchmarks, Pardy warned, noting that lower oilsands output so far this year has reduced the discount on Western Canadian Select bitumen-blend oil. { â Progress Canada (@ProgressCanada_) March 8, 2020. https://t.co/QK94AZc5Be, But many are frustrated that the situation has gotten to this point after years of unsuccessfully advocating for the province to diversify its economy.Â. Alberta to stop oil curtailment program. towns see Montney natural gas drilling recovery, Alberta is Coming Back as it Tops B.C. A collaboration between the Government of Alberta and JWN, the report highlights the latest oil and gas news and data. The government says it extended what was intended to be a short-term measure because of ongoing delays to pipeline projects that would increase the province’s export capacity. ]
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