News

West Texas Intermediate was trading below zero in futures trading yesterday for the first time in history, but that could prove beneficial for the province’s offshore oil industry in the long run. The collapse in fuel consumption caused by measures in place to control the spread of COVID-19 has resulted in a lack of storage […]

(OTTAWA) Canada will invest around $2.5 billion in measures to help the hard-hit oil and gas industry and is working to ensure vulnerable firms have access to more credit, Prime Minister Justin Trudeau said on Friday. Canadian energy companies have urged Ottawa to free up credit and cash to help them cope with the coronavirus […]

TORONTO (Reuters) – Canadian banks are beginning to relax lending standards for energy firms struggling to operate with oil prices at half the level needed to cover costs, seeking to keep them afloat until the industry recovers from its deepest slump ever. Banks are extending credit and waiving covenants for some energy companies to avoid […]

Global demand for oil will fall this year by the most ever due to the economic lockdowns enforced around the world to contain the coronavirus pandemic, the International Energy Agency said Wednesday. An estimated drop in demand of 9.3 million barrels a day this year is equivalent to a decade’s worth of growth. The agency, […]

Noia says member companies have grave concerns about state of economy Newfoundland and Labrador Premier Dwight Ball says there is no plan to slow oil production at this time, even though the world’s largest key oil cartel is cutting production. On Sunday, OPEC and other petroleum producers agreed to slash oil production by nearly 10 […]

From CBC News The following text was excerpted from the media outlet cited on April 12, 2020 and is provided to Noia members for information purposes only. Any opinion expressed therein is neither attributable to nor endorsed by Noia.   OPEC and other producers agreed to cut 9.7 million barrels a day The OPEC cartel […]

From CBC News The following text was excerpted from the media outlet cited on April 9, 2020 and is provided to Noia members for information purposes only. Any opinion expressed therein is neither attributable to nor endorsed by Noia.   Offshore regulator ordered a halt to production on the Terra Nova in December because of […]

From: CBC News The following text was excerpted from the media outlet cited on April 7, 2020 and is provided to Noia members for information purposes only. Any opinion expressed therein is neither attributable to nor endorsed by Noia.   Oil giant releasing very few details, but unions predicts mass layoffs Drilling activities on Hibernia […]

From CBC News The following text was excerpted from the media outlet cited on April 7, 2020 and is provided to Noia members for information purposes only. Any opinion expressed therein is neither attributable to nor endorsed by Noia.   Company ‘evaluating all appropriate steps to reduce capital and operating expenses’ There may soon be […]