Tags » Oil Industry

Canada's oilpatch predicted to see another year of losses

CALGARY – A pair of forecasts released Thursday see little in the way of good news for Canada’s ailing oil and gas sector.

The Petroleum Services Association of Canada predicts drilling activity will be 36 per cent lower than what it anticipated just six months ago, with only 3,315 wells drilled in 2016. 290 more words

Canada

Why the Government is Right to Investigate Oil Industry Ads

Nobody pretends that marketing a product in a capitalist economy is a completely honest process. The entire enterprise can be captured in the caveat, “Your results may vary.” But while companies are permitted all manner of advertising puffery, there is one fundamental rule they’re expected to obey: Don’t make stuff up. 911 more words

Saudi Arabia Lays Out Plan To Abandon Oil.

On Monday the Deputy Crown Prince of Saudi Arabia, Mohammed bin Salman, announced and detailed the kingdom’s ambitious new plan to restructure its economy by the year 2030. 351 more words

News

Enbridge pipeline replacement into US conditionally approved by NEB

CALGARY – The National Energy Board has recommended Enbridge’s Line 3 Replacement pipeline into the U.S. be approved, subject to 89 conditions.

The $7.5 billion Line 3 Replacement project involves rebuilding a 1,660-kilometre pipeline that’s nearly a half-century old and has had several ruptures over the years. 72 more words

Economy

25 Apr 2016 (TheAge) - 'Full-scale cash crisis' in oil sector

(25 April 2016, The Age, BusinessDay, p24, David Wethe)

‘The head of the world’s largest¬†provider of services to oilfields has warned of a “full-scale crisis” as the industry is lashed by an unprecedented slump in trading conditions. 54 more words

1.Market Observations

Iraq Signs Strategic Agreement with GE to Boost Power Grid

Iraq’s Oil Ministry said on Sunday it had signed a long-term “strategic framework agreement” with General Electric which comprised several projects to boost national power resources. 193 more words

International

22 Apr 2016 (TheAge,DailyTel) - Saudi Arabia's strategy kills OPEC; Saudis are going for the kill but the oil market is turning anyway

(22 April 2016, The Age, BusinessDay, p28, Ambrose Evans-Pritchard)

‘The collapse of¬†OPEC talks with Russia over the weekend makes absolutely no difference to the balance of supply and demand in the global oil markets. 132 more words

1.Market Observations