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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.
The collapse of oil prices from the summer of 2014 to multi-year lows following OPEC’s November decision to hold production levels rather than cut them in an attempt to shore up prices brought deep cuts to capital spending plans in 2015. As oil prices slid to US$57/bbl for WTI and US$61/bbl for Brent in December, oilsands producer Cenovus Energy sliced a 15 per cent cut off its 2015 capital plan. Supermajor ConocoPhillips said it would spend $13.5 billion in 2015, a decrease of 20 per cent from the previous year.
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.
News
Oilpatch 101, a two-day introductory course on the Canadian oilpatch, is offering a class in Vancouver on Feb. 18-19.
Oilpatch 101, a two-day introductory course on the Canadian oilpatch, is offering a class in Vancouver on Feb. 18-19.
Syncrude Canada Ltd. has designed the tailings and closure plans for its proposed Mildred Lake Extension Project (MLX) so that no additional, external tailings pond is required to support the project.
Editors’ Blogs
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Current Rig Activity
PROVINCE ACTIVE DOWN TOTAL
AB 162 370 532
SK 41 97 138
BC 50 28 78
MB 8 8 16
NT 0 1 1
QC 0 1 1
Canada 261 505 766
Oil & Gas Prices
NYMEX-WTI
USD 49.59 / BBL
NYMEX Natural Gas
USD 2.70 / MMBTU
AECO/NGX Spot Price
CAD 2.55 / GJ
This Month in Oilpatch History
Carried only 32 feet in the Madison limestone to 3,260 feet, STANDARD OF B.C.'s PRINCESS No.3 well was described officially as having…
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