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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
Effective immediately, operators in the Duvernay formation must monitor and report seismic activity in accordance with a ‘traffic light’ process, the Alberta Energy Regulator (AER) said Thursday.
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.
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Current Rig Activity
PROVINCE ACTIVE DOWN TOTAL
AB 153 379 532
SK 43 95 138
BC 48 31 79
MB 7 9 16
QC 0 1 1
Canada 251 515 766
Oil & Gas Prices
NYMEX-WTI
USD 51.53 / BBL
NYMEX Natural Gas
USD 2.77 / MMBTU
AECO/NGX Spot Price
CAD 2.56 / GJ
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40% WRITE-OFF EXPLORATION & 'DRYHOLE' COSTS FAR REACHING TAX CONCESSIONS PROVIDED FOR IN NEW BUDGET TO SPEED UP CANADIAN OIL SEARCH.…
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