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First—the good news. Although many oilsands developers are cutting their capital budgets, projects well under way will not only survive current and expected low oil prices but will also see their costs fall, say industry analysts.
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 its just-published Annual Energy Outlook 2015 report, the U.S. Energy Information Agency projects U.S. domestic crude production rising an average 0.9 per cent annually from 2013 to 2040.
The total number of development and exploratory metres drilled in Western and Northern Canada during the first quarter of 2015 declined 39 per cent to 4.74 million metres from 7.7 million metres a year ago.
Gas well completions in Western Canada during the first quarter of 2015, for both development and exploratory wells, increased to 31.4 per cent of the total number of completions from 18.9 per cent a year ago.
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This Month in Oilpatch History
At the Fifth Annual Meeting of the B. C. Division of the CANADIAN PETROLEUM ASSOCIATION, which was held in the Empress Hotel, Victoria, on…
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