Rig release tally to end of October off 35% from a year ago

Industry rig released 2,983 wells in the first 10 months of 2016, excluding experimental wells, a 35 per cent decline from 4,599 wells drilled in the comparable period last year. (Original information source: Daily Oil Bulletin) Share this Post

Husky energy starts production at steam-assisted oil project

Despite a rocky economy, Husky Energy Inc. has gone ahead with production at its Edam East steam-assisted oil project near Lloydminister, Saskatchewan. “Our growing portfolio of heavy oil thermal projects continues to lead Husky’s transition into a low sustaining capital business,” Husky Energy CEO Asim Ghosh said in a statement. “Edam East is another example of the quick ramp ups …

Oilsands Megaproject construction to be phased out

Megaprojects in Canada’s oilsands which have been so dominate over the last economic boom are now likely a thing of the past, according to the CFO of Suncor. “The years of large, multibillion-dollar projects are probably gone,” Alister Cowan, chief financial officer of Suncor, said Tuesday at the CAPP Scotiabank Investment Symposium in Toronto. Plans for multi-billion dollar expansions have …

Murphy Oil to make job cuts in Calgary

Murphy Oil has announced it will be making significant cuts at its Calgary office as well as throughout its worldwide operation. The company reduced capital spending by 75% in 2016 compared to the year before. “We’ve reduced headcount across all functions and in every location,” said spokeswoman Kelly Whitley. She added that the unknown number of cuts would be made …

Russia, OPEC make production deal

Following a closed door meeting between world powers, Russia’s energy minister announced his country has agreed with OPEC members Saudi Arabia, Qatar, and Venezuela to freeze oil production. The stipulation is that the agreement would hold only if other producing countries adhered to the same. Russia’s energy minister Alexander Novak made the announcement today following a private meeting in Doha, …

Iran sends oil to Europe

Iran has sent its first shipment of oil to Europe after sanctions were lifted following an international nuclear deal. The deal restricted Iran’s nuclear ambitions in exchange for a pass on existing international sanctions. The country’s current production rate is 3.1-million barrels per day however Iran plans to add another one million barrels as soon as possible. Deputy Oil Minister …