alberta oil news 2020

– Mar 9, 2020 This report by The Canadian Press was first published Oct. 22, 2020. 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. But we all need to work together to get through what may be a very challenging time. { { "s": "TVC:USOIL+NYMEX:ICL1! "width": "100%", "largeChartUrl": "http://energynow.ca/data/", 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. Reluctant revolution Oil-rich Alberta seeks ways to go green. Heavy Oil Show (LHOS 2022). 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. As a result, the global standard oil price has dropped as low as $31.02 a barrel — down from about $60 a barrel at the beginning of the year. } }, The province says production was actually 3.1 million bpd in August and it’s not expected to exceed export capacity before mid-2021. Our energy producers are now more efficient, innovative and resilient than ever. "symbols": [ "d": "DOW JONES Index" Alberta produced more crude oil in 2018 than could be shipped for export by rail or pipeline. "d": "WCS Heavy" 10 things you need to know as a barrel of Alberta oil is valued at … 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. West Texas Intermediate was also trading near $23/bbl, far off the Alberta government’s budget prediction that oil would reach average prices of $58/bbl. 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. In response to record prices, western Canadian oil companies have begun to cut capital spending and temporarily lay off workers in northern Alberta. Alberta's $200 Billion Oil & Gas Clean-Up Bill Will Be Footed By … Up until the COVID-19 mess Alberta’s oil output was still curtailed to support prices. ", 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. "s": "UKOIL", }, { TradingView.com (PHOTO: Chelsey Harms, 660 NEWS) EDMONTON (660 NEWS) – 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. Alberta’s oil-based wealth fund misses a $433 billion opportunity. "belowLineFillColorGrowing": "rgba(60, 188, 152, 0.05)", What Falling Oil Prices Mean For The Alberta Budget - HuffPost … "s": "USOIL", { We're calling for a $75 barrel of oil: Kopernik's Alissa Corcoran. towns see Montney natural gas drilling recovery, Alberta is Coming Back as it Tops B.C. "plotLineColorFalling": "#FF4A68", 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. "d": "TSX Venture" Posted Oct 23, 2020 8:33 am MST. ", "symbols": [ Oil workers in Alberta are falling victim to a growing spread of the pandemic in the Canadian province’s remote north, with a Chevron Corp. site among the latest to be struck. 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. Lawrence is now predicting that Alberta’s oilsands industry is fast dying. Oil has dropped to just over $30/barrel. 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. That's catastrophic for Alberta. “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. "s": "INDEX:DJI", { June 25, 2020. "With oil prices plummeting and investors shunning oil and gas stocks, I’m so very grateful the @Alberta_UCP gov’t 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. This affected storage levels, Canadian crude oil prices and other aspects of the market.To There are challenges ahead but our energy industry has lowered costs and become efficient over the years. }, "d": "CAD/USD" }, Other Selected Commodities "showChart": true, Alberta says oil and gas industry to save money with new pollution … }, On June 18, oil from Calgary-based Cenovus Energy made its way via the Trans Mountain pipeline [Read more] — Progress Canada (@ProgressCanada_) March 8, 2020. "title": "Indices", The Alberta Energy Regulator says 150,000 litres of crude oil have leaked from a pipeline near Hardisty southeast of Edmonton. "s": "OANDA:NATGASUSD", Taking Keystone XL pipeline charge, Canadian Natural raises dividend by 11 per cent. 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. "d": "CDN Crude Index" With no secure and predictable market access, international oil sands investors exited the province. Last year alone, the government paid more than $20 million on behalf of oil and gas companies — a 142 per cent increase over the year before and equivalent to the total tab from 2010 to 2018, according to data from the … 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. "d": "Brent Crude" }, }, 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": "TSX Energy" "d": "TSX Composite" 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. The Winter 2020 Alberta Oil & Gas Quarterly is now available. 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. February 24, 2021, 6 AM MST. Alberta is freaking out after historic plunge in oil prices. EnergyNow is an online energy news and data media service dedicated to providing essential up to-date information on the Canadian oil & gas industry. "height": "700", ", Join the conversation { Oil and gas firms – and Alberta: Mark Milke and Ven Venkatachalam, Canada needs West-East oil pipeline to end dependence on America as global demand grows, Canada Weekly Rig Count Down 25 for Week Ending March 12, 2021, ‘Tell the Truth:’ Alberta’s ‘War Room” (Canadian Energy Centre) says animated kids movie disparages oil industry, WATCH: Cobra Structures – Commercial Buildings, Environmental Spending in Canada, 2021 Edition: Comparisons by Industry & Province, U.S. oil & gas rig count falls for first time since November – Baker Hughes, Hydrogen: An Introduction to the Clean Energy of the Future – Roy O. 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. { "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. By Kevin Orland and Kait Bolongaro on 8/6/2020. "d": "CDN Light Sweet" { "locale": "en", Alberta government files red ink budget with focus on oil and gas The Canadian Press February 28, 2020 EDMONTON – The Alberta budget is counting on oil and gas bouncing back while recognizing it’s time to put more money and effort into areas such as high-tech and tourism. Total Oil & Natural Gas Financings More Than Double In 2020. 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 … February 24, 2021, 8:19 AM MST. It says the spill has been contained and has not affected wildlife or water bodies. "There are challenges ahead but our energy industry has lowered costs and become efficient over the years," she wrote.Â, "Albertans are resilient and we’ll get through this. "title": "Commodities", 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? 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 — a plunge of about 30 per cent, according to ATB Financial. 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. 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 year’s collapse in { by Kenny Mason and Derek Craddock. Last Updated Oct 23, 2020 at 10:15 am MST. "d": "NYMEX Natural Gas" 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 … 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. CNRL is joining other large oil producers in setting … According to PSAC's newest forecast: In Alberta, 2,155 wells will be drilled in 2020, down 235 from 2019. "gridLineColor": "#e9e9ea", 'Zombie' Oil Wells in Canada Are a Climate Threat - The New York … Global oil markets fell by more than 30 per cent today, and to say Albertans are concerned would be a severe understatement. 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. } This issue's focus is “Midstream: Inside the growing Alberta sector adding value to oil and gas.” 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. Lauerman: Shell’s Scenarios Tell Alberta Oil And Gas A Story. "belowLineFillColorFalling": "rgba(255, 74, 104, 0.05)", The regulator says Calgary-based AlphaBow Energy reported the breach on Wednesday. Alberta oil and gas | News, Videos & Articles. "symbolActiveColor": "#F2FAFE", 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. That's catastrophic for Alberta. Oil has made Alberta one of the wealthiest regions in North America, but the process of extracting petroleum from oil sands releases an unusually … 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. * Prices as of Previous Day Close. "s": "INDEX:CDNC", 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. "s": "INDEX:TXCX", As of Monday morning, prices for West Texas Intermediate crude fell to US$32 a barrel and Brent crude dropped to $36.93.Â. Alberta to stop limits on oil production in December after nearly two years October 24, 2020 The Canadian Press 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. 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. "tabs": [ WATCH: Alberta Premier Jason Kenney explains why he will not amend the recently announced budget amid plummeting oil prices and economic challenges. Alberta public pension manager AIMCo reportedly takes big hit to … February 23, … Alberta premier Jason Kenney also took to Twitter to comment on the situation. CALGARY – 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 Inquiry’s research to date, and to accommodate challenges due to COVID-19. A collaboration between the Government of Alberta and JWN, the report highlights the latest oil and gas news and data. Oil has dropped to just over $30/barrel. { "s": "INDEX:TTEN", Overview. ", OPEC’s decision to drive down prices has very serious implications for the Alberta & Canadian economies. “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.”. An International Shift Towards Voluntary Methane Reductions Has Implications for Canadian Industry. } "OPEC’s 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. As production grew but pipeline capacity did not, Alberta has been plagued with massive oil price discounts ever since. ] 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. "s": "TVC:USOIL+NYMEX:WCW1! Suncor has been opposed to the Alberta oil … { 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. "d": "WTI Crude" We can fix it. Back in October, Alberta's finance minister Travis Toews called diversifying revenues away from oil and gas a long-term "luxury. Saskatchewan will have 1,795 wells, down by 200. Companies in this story: (TSX:CVE, TSX:IMO, TSX:CNQ, TSX:SU), Market quotes are powered by She also sees big investing opportunities in gold and uranium, markets she says are still deeply undervalued. 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. The Americas Dec 3rd 2020 edition. Alberta to stop oil curtailment program. 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.”. "s": "INDEX:JX", { Albertans are resilient and we’ll get through this. "s": "FX_IDC:CADUSD", Alberta has been clobbered. }, Oil and gas company takes province to court over stalled northern … But we all need to work together to get through what may be a very challenging time. { Time to bail out Alberta workers, not billionaire oil company CEOs … You can unsubscribe anytime or, Organization of Petroleum Exporting Countries, $60 a barrel at the beginning of the year. }, Load ] { https://t.co/IAMCIciWnI. 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. Alberta’s government will stop setting monthly oil production limits to allow producers to utilize available pipeline capacity and create jobs. "scaleFontColor": "#DADDE0", }, Unsubscribe anytime or, Sign up for our free email newsletter so you’re always in the know. But that requires calm leadership and honesty from political leaders on all sides. In an analysis released Wednesday, the provincial Crown corporation said … 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. ] Canada’s main fossil-fuel producing province mulls hydrogen and geothermal power.

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