president and CEO of Forge First, Andrew McCreath, looks at how the strong Canadian dollar is syncing up with the movement in oil markets. Canadian oil producers don't see relief after OPEC deal to cut output. Canada averaged 110 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Canadian oil accounts for nearly half of Americaâs total oil imports. The Daily Oil Bulletin (DOB) is the most trusted source of exclusive news, data and analysis for Canadaâs oil and gas industry. 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. Canada has once again approved a contentious pipeline expansion that would allow the nation to diversify oil markets. Kevin Crowley. CBC News. The CEO says the company is set to reap a harvest of cash flow from the region. Our news analysis covers Fossil fuels, alternative energy and environmental developments. Canada produces about five million bpd, and exports roughly 3.8 million of those to the United States, according to data from Natural Resources Canada. 11 months ago. Canada produces about five million bpd, and exports roughly 3.8 million of those to the United States, according to data from Natural Resources Canada. By Patricia Sulbarán Lovera BBC Mundo, Los Angeles Canada has struggled with insufficient takeaway capacity for years â and consequently a lower price for its benchmark, Western Canadian Select. Canada isn't taking "no" for an answer when it comes to the Line 5 oil and gas pipeline. There are still plenty of potential oilpatch acquisition targets in Western Canada, but that may change if recently higher global oil prices continue to strengthen, the CEO of Tourmaline Oil Corp. said Thursday. Oil flipped between modest gains and losses as the market weighed growing U.S. crude supplies against the largest two-week decline on record in domestic gasoline stockpiles. The major price difference between WCS and WTI has eaten into Canadian oil company profits. Crude Oil Production in Canada increased to 4577 BBL/D/1K in November from 4293 BBL/D/1K in October of 2020. Heavy crude differential widens to end week, U.S. oil & gas rig count falls for first time since November, Ovintiv nears south Texas asset sale for over $800 million, Land Petroleum found guilty of failing to allow AER access to a facility for inspection, Spartan Delta Corp. announces year-end 2020 financial results and reserves and provides updated 2021 guidance, Leucrotta Exploration announces board changes, TransGlobe Energy Corporation announces year end 2020 financial and operating results, AltaGas Ltd. announces aggregate $550 million medium term note offering, Petrus Resources announces changes to board of directors, Crew Energy Inc. announces 2020 financial results and provides operations update highlighted by significant progress on asset development plan, Renewable diesel/hydrogen project in line for $100M in carbon credits, Tidewater says, Tourmaline Oil CEO says oilpatch acquisition environment still ‘positive’, Hemisphere Energy grows proved reserves by 18% and proved plus probable reserves by 22%, Brookfield says committed to hostile Inter Pipeline takeover, Column: Warren Buffett and the pace of the ‘energy transition’ – should be done by his 200th birthday, Kelt reports financial and operating results for the quarter and year ended December 31, 2020, Tidewater Midstream and Infrastructure Ltd. announces fourth quarter 2020 results and operational update, Shell publishes annual report and accounts. U.S. lawmakers are looking to place a bill to add excess tax on Canadian oil companies which could add to existing tensions between America and Canada's energy industry. She also sees big investing opportunities in gold and uranium, markets she says are still deeply undervalued. The latest news from across Canada. Oil production in western Canada will rise in 2021 to a new record of 4.45 million bpd, RBN Energy estimates, up from 3.9 million bpd in 2020, most of which will be exported to the United States. The latest oil & gas news, commodity prices, drilling activity, property listings, and jobs for the oil and gas industry in Alberta and Canada. Alberta Oil videos and latest news articles; GlobalNews.ca your source for the latest news on Alberta Oil . ---EditorialWebsite/Functionality. âItâs bad news for the Alberta economy on the whole,â said Nick Falvo, ... âWhat is good for Canada is that the oil sands have a very steady production,â Santos said. If this report is about a different page, please specify. They're billed as Canada's spies on the sea: an award-winning team gathering intelligence on illegal fishing. The pandemic-induced oil crash prompted Canadian companies to cut about 1 million barrels of daily crude output, freeing up space on the countryâs previously congested pipelines. {{data.symbol | reutersRICLabelFormat:group.RICS}}, Dollar amount must be non-negative number. But amid fierce opposition to Prime Minister Justin Trudeau's plans, will the Trans Mountain project ever get built? Of those rigs, 55% are drilling for oil, 42% are drilling for natural gas, 2% for other (helium, hydrogen, geothermal, or potash). Crude Oil Production in Canada averaged 2198.98 BBL/D/1K from 1973 until 2020, reaching an all time high of 4670 BBL/D/1K in December of 2019 and a record low of 955 BBL/D/1K in April of 1982. 0:55. The latest oil sands updates and energy news from around the world. EnergyNow is an online energy news and data media service dedicated to providing essential up to-date information on the Canadian oil & gas industry. Statement on the acquisition of shares of Petrus Resources Ltd. Exxon Casts Out Canadian Oil Sands in Massive Reserves Slump By . Canada's trusted source for the biggest Canadian news, including live breaking news, local, politics, and more. Canadian oil accounts for nearly half of Americaâs total oil imports. A new report says direct employment in Canada's oil and gas sector is expected to fall by more than 12,000 jobs this year. 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. President and CEO of Forge First, Andrew McCreath, joins BNN Bloomberg to discuss. Canada recently spent billions on an oil pipeline in order to triple its capacity. The stock symbol {{StockChart.Ric}} does not exist, {{ dollarAmount | number: 4}} {{ selectedFrom.name }} equals, Prices update in real time during market hours. The energy sector just saw an interesting turn of events. Analysts expect U.S.-bound Canadian oil to rise to between 4.2 million and 4.4 million bpd over the next few years. Some investors wonder if Crescent Point will face technical challenges in the Duvernay play in Alberta, where it is buying $900M worth of assets from Shell. Oil rigs scramble to tackle labour crunch Oil companies in Canada who had to shut down production are now facing a shortage of skilled workers to keep up with the resumed surge in demand. Canadian oil firms have been reducing spending and output at many heavy oil projects in Alberta, due to the unsustainably low oil prices and the demand crash in the COVID-19 pandemic. Bloomberg delivers business and markets news, data, analysis, and video to the world, featuring stories from Businessweek and Bloomberg News on everything pertaining to markets Gretchen Whitmer in November announced plans to revoke the ⦠Oil was little changed as a patchy demand recovery across the globe and a stronger dollar held back crude’s rally. Detailed analysis of crude oil price movements and crude oil news which looks at geopolitics and technical advancements affecting the oil sector. Image source: Getty Images . The latest oil sands updates and energy news from around the world. The heavy oil that comes from Alberta is ⦠Oil and gas news, videos and products for owners, operators, and dealers of the offshore and onshore oil and gas industries. âCanadian oil is produced under strong environmental and climate policy frameworks, and this project will not only strengthen the vital Canada-U.S energy relationship, but create thousands of good jobs for workers on both sides of the border,â he said. Note: The page you are currently on will be sent with your report. Total oil and gas industry M&A deals in 4Q20 worth US$10.01 billion were announced in Canada, according to GlobalDataâs deals database. Nalleli Cobo: How a nine-year-old fought an oil company and won. Gov. What kind of error? Analysts expect U.S.-bound Canadian oil to rise to between 4.2 million and 4.4 million bpd over the next few years. It was initally given a $30-million annual budget for a mix of social media and traditional advertising, as well as a website that mimics a news publication about oil. This page provides the latest reported value for - Canada Crude Oil Production - plus ⦠Latest world news from the energy sector. BNN Bloomberg's Western Bureau Chief Tara Weber has the details. The value marked an increase of 468.3% over the previous quarter and a rise of 504.2% when compared with the last four quarter average of US$1.66 billion. Drilling activity by province is 71% in Alberta, 17% in BC, 12% in Saskatchewan. Adding to its struggles, Canadaâs oil industry is being shunned by some investors such as Norwayâs $1.3 trillion wealth fund amid concern that the higher carbon emissions associated with oil ⦠Oil advanced in early Asian trading after U.S. government data showed another large draw in gasoline stockpiles amid rising demand. BNN Bloomberg's Tara Weber has the details. February 24, 2021, 5:29 PM EST Updated on February 25, 2021, 6:00 AM EST 2:41. Trans Mountain Pipeline LP is petitioning to keep the insurers of its controversial Canadian oil sands pipeline confidential as environmental groups urge insurance companies to drop their coverage. More investors are looking to get into energy as part of the reopening trade.