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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.
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.
DOB Intelligence Essentials now includes an additional resource: Online Oil and Gas Maps, the online version of JuneWarren-Nickle’s highly-regarded Oilfield Atlas product.
The average number of days it takes to drill a well in Alberta rose to 15.74 days in the first two months of 2015 from 11.98 days in the prior year’s period.
Gas has become more of a focus for operators drilling in Alberta as the oil price slump continues.
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Current Rig Activity
AB 70 458 528
SK 7 123 130
BC 41 40 81
MB 0 15 15
QC 0 1 1
Canada 118 637 755
Oil & Gas Prices
USD 49.21 / BBL
NYMEX Natural Gas
USD 2.72 / MMBTU
AECO/NGX Spot Price
CAD 2.64 / GJ
This Month in Oilpatch History
Crude oil producing (under set quite) 137; Testing production 2; Gas wells (operating) 80; Drilling 30; To spud 12; Standing 8; Total: 269…
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