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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.
Rig Locator launches with a fresh new look today! Learn how Rig Locator gives you a current and accurate picture of Western Canada’s drilling rig fleet on www.riglocator.ca.
On the heels of its weakest bonus in at least 20 years in April of $203,533, the British Columbia government followed that up with another very weak auction of $252,840 at its May sale held last week.
Over the first four months of 2015, the total average length of wells drilled in western and northern Canada lifted to 2,593 metres from 2,247 metres the prior year.
Editors’ Blogs
Current Rig Activity
AB 61 465 526
SK 28 103 131
BC 16 66 82
MB 0 15 15
QC 0 1 1
Canada 105 650 755
Oil & Gas Prices
USD 58.03 / BBL
NYMEX Natural Gas
USD 2.82 / MMBTU
AECO/NGX Spot Price
CAD 2.63 / GJ
This Month in Oilpatch History
Start of in Arctic Island program for the exploration of petroleum and natural gas got off the ground in Calgary late Tuesday afternoon, May…
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