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While the Canadian Association of Oilwell Drilling Contractors is expecting 45 fewer wells drilled next year than what is expected this year, the more important operating days for rig contractors will be greater – 124,701 in 2014 compared to 121,008 in 2013.
SOURCE: washingtonpost.com
The picture of U.S. future energy supplies looked brighter Thursday after the federal Energy Information Administration said U.S. oil reserves grew by a record amount, driven by new shale discoveries.
But the shares of two oil giants took hits as Royal Dutch Shell wrote down the value of its U.S. shale assets by $2 billion and warned that rebels’ continuing sabotage of Nigeria’s onshore output could damage the company’s production. Exxon Mobil fell as earnings in its refining and chemical units suffered downturns.
Separately, TransCanada, the Calgary-based company behind the proposed Keystone XL pipeline, announced that it would push ahead with a $12 billion pipeline from Canada’s oil sands to the port of St. John on Canada’s eastern coast. The new pipeline would carry 1.1 million barrels a day, more than a third more than the Keystone XL would.
The EIA report said that “proved” oil reserves — oil that can be extracted and marketed under current conditions — grew by 15 percent, or almost 3.8 billion barrels, the second straight record year of increases. That brought U.S. proved oil reserves to the highest level since 1985. The agency said that U.S. proved reserves of natural gas jumped 10 percent, the second-largest annual increase since 1977.
Texas posted the largest increase in proved oil reserves, largely because of shale developments in the state’s Permian Basin and the Eagle Ford formation. North Dakota had the second-largest increase, boosted by activity in the Bakken formation in the Williston Basin.
Ambitious energy project would pump Alberta oil to refineries on the East Coast
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Read MoreCheckout the CAODC's new Safety On Canadian Rigs Video.
Read MoreGAS & OIL EXPO is a leading biennial event for the North American gas and oil industry. To be held at Calgary's Stampede Park, June 11 to 13, it will offer opportunities for brand exposure, business development, education and networking.
Come visit us, Northern Star Communications, at Booth #1803 in the BMO Centre. See you there!
Kudo's to Paul Hoffman
Read MoreSOURCE: Calgary Herald
Building a diamond mine, expanding an oilsands mine, offshore exploration or an interprovincial bridge could soon require a federal environmental review under proposed additions and subtractions to the Harper government's new environmental rules.
But provincially regulated pipelines, facilities used to process the heavy oil from the oilsands, pulp and paper mills as well as chemical explosive plants are among those being deleted from a list of projects requiring federal environmental investigations prior to approval.
