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The 2015 winter drilling season is over, and it’s been a bad one across the board for western Canadian service companies.
Crude-by-rail has emerged as a critical piece of the energy transportation landscape in North America, enabling meaningful growth in market access despite pipeline projects being stalled in the regulatory process. But the benefits of the opportunity don’t have to end with producers and rail operators: an Alberta government official sees a possible opportunity for market diversification for oilsands manufacturers, too.
In late January, western Canada’s oil and gas industry began to weigh the carnage caused by the collapse of oil prices and an equally troubling decline in gas prices.
Oilsands projects have multi-decade lifespans, so it’s no wonder that operators look to long-term crude oil pricing versus intermittent market fluctuations to determine project economics, but as we’ve seen, when a company is looking to sanction a new facility, it doesn’t hurt to have WTI on an upswing.
Domestic crude oil received by Canadian refineries increased 10 per cent in the first 11 months of 2014 compared to 2013, while imported crude oil fell 15 per cent.
In the first three months of 2015, the highest weekly activity rate for drilling rigs occurred during the second week of January, when 57 per cent of the fleet was active. Only 16 per cent of the drilling fleet was working this past week.
Editors’ Blogs
Current Rig Activity
AB 60 468 528
SK 5 125 130
BC 35 46 81
MB 0 15 15
QC 0 1 1
Canada 100 655 755
Oil & Gas Prices
USD 47.60 / BBL
NYMEX Natural Gas
USD 2.64 / MMBTU
AECO/NGX Spot Price
CAD 2.52 / GJ
This Month in Oilpatch History
The Hon, E. C. MANNING, Premier of the Province of Alberta on Friday of last week, April 10th, 1964, gave formal approval to the Application…
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