Why US producers are paying attention to Canada's most popular shale play
Executives, analysts, and advisors say that U.S. producers of oil and gas are seeking new drilling territories in Western Canada's Montney Basin, an enormous shale play in a remote area. The basin is already a hub of M&A and may see even more deals in the near future. The United States has become the largest oil producer in the world as a result of extensive drilling on shale deposits over the past 15 years. After a period of rapid expansion, oil producers are less interested in drilling prospects within the Permian oilfield, which extends across Texas and New Mexico. This is because the remaining area with high-production potential has shrunk.
Dallas Fed energy survey shows little change in oil and gas production during Q4
According to a Federal Reserve Bank of Dallas survey, oil and?gas production in Texas, Louisiana, and New Mexico?edged down in the fourth quarter as executives expressed concerns about low oil prices, which are rendering some wells uneconomical, and the ongoing geopolitical uncertainties. The oil and gas industry's production was essentially unchanged over the quarter, while costs rose at a lower rate than in the previous quarter. Oilfield service firms reported a modest decline in a number of indicators, including equipment usage and operating margin.
Canada announces new rules for reducing oil and gas methane emission
Canada has announced rules that have been promised for years to reduce methane emissions in the country's oil & gas sector. The regulations set out a way?for?Canada, the fourth largest oil producer in the world to reduce its greenhouse gas emissions by 75% from 2014 levels by the year 2035. The new rules fulfill the promise made by Mark Carney, Prime Minister of Canada to strengthen Canada's methane regulations. However, they allow for a slightly extended timeframe than that announced in previous drafts under Justin Trudeau's predecessor. Trudeau’s never-implemented regulations called for a reduction of 75% in methane emission by 2030.
Canada's new oil tycoon is shaking up the sector with a bold expansion plan
Canadian banker-turned-oil-tycoon Adam Waterous, an industry outsider who lives in a Rocky Mountain tourist town, not energy hub Calgary, has a plan to cement his company's status as one of ?North America's fastest-growing oil companies. Waterous wants to expand the company more aggressively and more efficiently than its competitors after Strathcona Resources' hostile bid for MEG Energy was unsuccessful. He wants Canada to be the fourth largest oil producer to increase oil and gas production to boost economic growth during a time of tensions between the U.S. What am I doing if I say that a country as a whole should double its oil production?
Documents show that Alberta oil regulators stopped enforcing gas flare limits after government pressure.
Documents seen by have revealed that the regulator responsible for environmental enforcement in Canada’s largest oil-producing province, bowed to pressure from both the provincial government and major oil companies in order to remove a limitation on natural gas flare ups as Canadian oil production increased. Alberta's decision to remove its 20-year old flaring limit, after companies exceeded the limit twice in a row with no objections by the federal government is a good example of Canada's challenges in reconciling environmental commitments and a renewed focus of economic growth.
Chevron explores'strategic West Africa' after Guinea Bissau offshore
Chevron wants to increase its land area in West Africa. This is a strategic part of the world for the U.S. major oil company. A senior executive revealed this on Monday, after striking an agreement to explore oil in two offshore blocks off Guinea-Bissau. The blocks are located in the Mauritania-Senegal-Gambia Bissau and Conakry basin (MSGBC), a geological area in West Africa which has been a focus of the oil and gas industry after recent large discoveries such as GTA and Sangomar. Liz Schwarze is Chevron’s vice president of exploration. She added…
First Solar's robust sales beat expectations in the third quarter
First Solar's shares rose more than 5% on extended trading after it beat third-quarter expectations. This was due to robust demand for the company's products. Solar-generated electricity has been growing at a rapid rate in the U.S. Energy Industry, driven by the strong desire of corporations and government to use cleaner energy sources and fight climate change. The company announced that it would build a new production facility of 3.7 GW in the U.S. Production is expected to begin at the end 2026, and increase through the first half 2027. The company posted a profit for the third-quarter of $455.9 millions, or $4.24 a share.
Equinor abandons offshore electrification due to rising costs
Equinor, citing rising costs, informed the Norwegian government that it had scrapped its plans to reduce greenhouse gas emissions through the connection of several offshore platforms with the onshore grid. Norway's oil and gas industry is the largest contributor to climate change emissions. It accounts for about one quarter of all emissions. Gas turbines that power offshore installations account for 80% of all industry emissions. The key strategy for decarbonisation has been to replace them with renewable energy from the shore. Equinor will no longer pursue the electrification for its Snorre A…
Shell's US executive claims Trump's halting wind projects damages investment, FT reports
Colette Hirstius, president of Shell U.S. in a Financial Times report published Sunday, said that the decision by President Donald Trump's administration to halt offshore wind projects which have been fully approved is "very harmful" to investment. The executive told the paper that energy projects which have been granted the proper permits, should continue. He also warned against the possibility of the U.S. political pendulum swinging back to the oil and gas industry. I think that uncertainty in the regulatory climate is damaging. She told the newspaper that no matter how far the pendulum swings in one direction, it is likely to swing the same way the other way.
Imperial Oil Canada plans to reduce its workforce by 20% by the end of 2027
Imperial Oil Canada announced on Monday that it will reduce its workforce by 20% by the year 2027. This is part of a major reorganization designed to cut costs through centralizing and consolidating operations in specific locations. Imperial Oil, which is owned by the top U.S. oil company Exxon Mobil and had approximately 5,100 employees at the end of 2024 according to a filing with regulatory authorities, has been undergoing a major restructuring. Global crude oil prices have fallen this year as a result of increased production from the OPEC+ oil producer group and uncertainty over trade policies. ConocoPhillips, SLB and other U.S.
Ukrainian drones strike Russian oil refinery and petrochemical complex
Ukraine announced on Thursday that drones it had used in Russia struck an oil refinery and a major oil-processing and petrochemical facility. This was part of a campaign intensifying to disrupt the oil and gas industry in Moscow. In recent weeks, Ukraine has intensified drone attacks against Russian energy infrastructure, targeting the key facilities in an effort to reduce Moscow’s export revenues, and to stir up domestic unrest. Russia, which targets Ukraine's infrastructure for energy regularly, calls these attacks "acts terrorism". As a result, there are gasoline shortages in some parts of Russia.
Sentinel Midstream’s deepwater oil export project is granted an air permit by the EPA
On Monday, the U.S. Environmental regulator announced that it had granted an air permit to Sentinel Midstream for its proposed deepwater oil project off Texas' coast. According to a press release, the Environmental Protection Agency has issued a permit under the Clean Air Act that permits the use of auxiliary vessels to control volatile organic compounds at the proposed Texas GulfLink deepwater terminal. U.S. president Donald Trump wants to see projects approved faster, especially those that boost the U.S. oil and gas industry. This permit will bring Sentinel closer to making a final investment.
Sources say that Canada could drop its oil emission cap as part of a new climate plan
Three sources familiar with the discussions said that the Canadian government was in talks with Alberta and energy companies about removing a federal cap for emissions in the oil and gas industry if both the province and the industry reduced their carbon footprints in other ways. Sources who weren't authorized to publicly discuss the discussions said that the government of Prime Minister Mark Carney has discussed the removal of the cap with the oil companies, and Canada's leading oil producing province, if they made other environmental concessions. Canada's emission cap has yet to be implemented by legislation.
Sources say that Canada could drop its oil emission cap as part of a new climate plan
Three sources familiar with the discussions said that the Canadian government was in talks with Alberta and energy companies about removing a federal cap on the emissions of the oil and gas industry if they reduced their carbon footprints in other ways. Three sources who weren't authorized to publicly discuss the talks said that the government of Prime Minister Mark Carney has discussed the removal of the cap with the oil companies and Canada’s top oil producing province if both parties make other concessions on the environment. The legislation to implement Canada's emission cap is still pending.
Sources say that Canada could drop its oil emission cap as part a new climate plan
Three sources familiar with the discussions said that the Canadian government was in talks with Alberta and energy companies about removing a federal cap on the emissions of the oil and gas industry if they reduced their carbon footprints in other ways. Three sources who weren't authorized to publicly discuss the talks said that the government of Prime Minister Mark Carney has discussed removing a federal cap on emissions from Canada's oil and gas sector with energy companies and Alberta if the industry and province reduce their carbon footprint in other ways. The Canadian emissions cap is not yet implemented by legislation.
Equinor's auction prospects are boosted by BP's large Brazil oil and gas discovery
The announcement by BP on Monday that it had made its largest oil and gas find in 25 years off the coast of Brazil in Santos Basin bodes well both for Equinor and for their nearby interests. It also shows a strong appetite to auction oil blocks in October in this region. Brazil became one of the largest oil producers in the world after discoveries were made nearly 20 years ago. The region is characterized by vast deepwater reservoirs under a layer of salt beneath the ocean's surface. If BP's Bumerangue Block proves to be viable, it would be a…
UN urges Australia and Turkey to resolve host dispute for COP31
On Monday, the UN climate chief urged Australia to settle its long-running dispute with Turkey over hosting next year's COP31 Summit. He called the delay unhelpful. Both Australia and Turkey have submitted bids for the highly-publicized conference in 2022, but neither has conceded to the other since. Simon Stiell said that the deadlock undermined preparations. He is the executive secretary of UN Framework Convention on Climate Change which oversees COP Summits. He said that a decision must be taken very quickly at an event of the Smart Energy Council in Sydney. The two proponents must come together, both within and outside the group.
Alberta has eliminated the gas flaring limit in 2024.
Calculations show that energy producers in Alberta, Canada’s largest oil producing province, exceeded the self-imposed provincial limit for annual gas flaring by 2024, for the second consecutive year. Alberta's energy regulator announced late last week that it would be ending the flaring limit. The regulator, who quietly posted a bulletin to its website, is the first one to report this change. The regulator confirmed Monday that the limit had been removed and stated it was in response to the direction of the provincial government. Canada is the world's number one oil producer. Canada, the world's No.
UK Issues Environmental Guidance on New North Sea Oil and Gas Drilling
The UK published long-awaited guidance on environmental issues that will impact future developments of two North Sea oil and natural gas fields, including Shell and Equinor. The guidelines explain how future government decisions on extraction should treat greenhouse gas emissions from oil and gas, also known as downstream emissions or Scope 3. The government ordered the document after a Supreme Court decision last year that said planning authorities had to consider the impact of greenhouse gas emissions when approving a well near Gatwick Airport.
UK releases environmental guidance that will impact North Sea drilling
The UK published environmental guidelines on Thursday, which will impact future developments of two North Sea oil and natural gas fields. Shell and Equinor are among the companies that are expected to benefit. The guidelines outlines how future government decisions on extraction should treat greenhouse gas emissions from oil and gas, also known as downstream emissions. It is a significant step in ensuring that the full impacts of oil and natural gas extraction for potential projects are taken into consideration and we can ensure a managed and prosperous transition to a clean energy future in the North Sea, in accordance with science.