Billions of dollars in economic benefits tied to a major offshore oil project are in limbo as its main proponent mulls over how to best proceed in financially uncertain times. Husky Energy announced Wednesday it will review its West White Rose project in Newfoundland and Labrador. Located in the Jeanne d’Arc Basin approximately 350 kilometres […]
Construction on concrete gravity structure at Argentia suspended in March due to COVID-19 Another shock wave has hit the Newfoundland and Labrador oil industry, with Husky Energy announcing Wednesday that it will carry out a review of the massive White Rose extension project, which was suspended in March due to the COVID-19 pandemic. The decision […]
Banks and creditors are running out of patience with a now six-year downturn in the Canadian oil industry Small- and mid-sized oil and gas companies in Canada are going the way of the dodo bird. “The 20,000-barrel-per-day producer in Western Canada is an endangered species. We don’t see that changing for some time,” said Adam […]
The Newfoundland and Labrador Oil and Gas Industries Association (Noia) is frustrated with a lack of a commitment from the federal government to support to the province’s offshore oil and gas industry. Noia issued a news release Thursday responding to Prime Minister Justin Trudeau’s answers to questions about the industry posed by VOCM “Open Line” […]
(St. John’s – September 3, 2020) Today, Prime Minister Justin Trudeau spoke with VOCM Open Line host Paddy Daly who asked pointed questions about supporting the Newfoundland and Labrador offshore oil and gas industry. The responses of the prime minister did not provide any commitment or clarity, despite months of a crisis in the offshore, […]
The CEO of Noia says time is of the essence if the federal government is going to come up with an incentive plan to help encourage continued development in the offshore. Charlene Johnson says the provincial government expects to lose $11-billion in revenue and 90,000 person-years of employment over the next ten years due to […]
Two proposed deals highlight uptick in consolidation and could be a harbinger of more transactions in coming weeks CALGARY — Two proposed deals Monday by mid-sized oil and gas companies highlight a recent uptick in consolidation in the depressed Canadian oilpatch and could be a harbinger of more transactions in the coming weeks, according to […]
Statistics Canada says capital spending in the country’s oil and gas sector fell by 54 per cent in the quarter ended June 30 as numerous producers chopped budgets amid sliding global oil prices. The federal agency says the industry spent about $3.88 billion in the three-month period, down from $8.46 billion in the first quarter […]
Norwegian operator adds wells to suspended Canadian project, and indicates project sanction is a possibility for 2021 Norway’s Equinor has fleshed out plans for a beefed-up, 40-well subsea production system at its suspended Bay du Nord project off Canada and indicated a final investment decision on the US$5 billion scheme could come as early as […]
It has been known for some time that the drill rig Transocean Barents would be finishing up off Newfoundland in the coming weeks, but it was still a jolt for the approximate 160 workers to get their layoff notices this week. The rig was leased by Equinor for exploration in the Flemish Pass. Andrew Parsons, […]
