A year ago, things appeared to be looking up for Canada’s oil patch, but that proved unfounded. In early 2019, more uncertainty and pessimism are in the air, and little on the horizon provides hope for improvement.
By Sheela Tobben on 11/21/2018
NEW YORK (Bloomberg) — A huge low-pressure system that swept through Canada’s Atlantic seaboard last week shut all of the region’s oil production. Only one field has restarted service in the storm’s wake, while another is battling an oil leak.
Waters off the province of Newfoundland and Labrador host four producing fields — Hibernia, Terra Nova, White Rose and Hebron — which yielded over 150,000 bopd in September, according to the Offshore Petroleum Board. All four were shut ahead of the storm, operators said. Only Hebron has resumed operations, according to Lynn Evans, a spokeswoman for operator Exxon Mobil Canada.
WASHINGTON, D.C. — Noia has informed its members, the oil & gas industry, and the public that nominations are now being accepted for the 2019 Industry Achievement Awards. Nominations will remain open until 5 p.m. Friday, November 16, 2018, for both the Outstanding Contribution Award and the Rising Star Award.
The Outstanding Contribution Award recognizes exemplary contribution of an individual who, through the course of their work and personal life, has influenced the development of the offshore oil & gas industry. Individuals may be nominated by other industry members or individuals from the community at large. Criteria for nomination includes over 10 years industry experience, demonstrated leadership skills, advocacy on behalf of the industry, and giving back to the community. In honour of Noia’s 25th anniversary, the Outstanding Contribution Award was first presented in 2002 when 12 industry influencers were the inaugural recipients.
Ramform Sterling. Image: PGS.
ASKER — TGS and Petroleum Geo-Services (PGS) announce that a second vessel, the Ramform Sterling, will be allocated to the 2018 East Canada acquisition program. This vessel will acquire a minimum 2,700 km2 of 3D seismic, including additional data within the 2017 Harbour Deep and Cape Broyle 3D survey outlines. Acquisition is expected to complete in third-quarter 2018.
Following this eighth consecutive season of data acquisition offshore East Canada, the jointly-owned library will have more than 175,000 km of 2D GeoStreamer data and approximately 40,000 km2 of 3D GeoStreamer data. An expansive well log library is also available in the region, along with advanced multi-client interpretation products that will improve play, trend and prospect delineation.
HOUSTON — Fugro and partner, amplified geochemical imaging (AGI), have reported recent success selling licences for data from a frontier region offshore Canada. The data were acquired during a hydrocarbon seep survey, heat flow and geochemical coring campaign in the large Orphan basin, situated on the continental margin of Newfoundland.
Husky Energy Inc. tumbled the most in two years after the Canadian energy company suspended operations on its SeaRose offshore vessel in the Atlantic, after receiving a reprimand for a close call with an iceberg.
When we contact World Oil’s editorial advisors each year, to again give their annual assessments of various industry sectors, we usually don’t give them any specific instructions or coaching.
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An interview with Newfoundland and Labrador Minister of Natural Resources Siobhan Coady
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Current dynamics should portend prosperity, but over-regulation could alter the picture.
Kurt Abraham, World Oil
Over the last two years, the province of Newfoundland and Labrador (NL) has been one of the more dynamic offshore sectors globally. Recently, this was confirmed, when the Fraser Institute, a Canadian think tank, issued its Global Petroleum Survey 2017. It ranks NL as the most attractive Canadian province for oil and gas investment, and also ranks the area fourth, worldwide. This article examines some of the companies, organizations and people that are carefully tending the NL offshore sector.
On the eve of the most momentous OPEC gathering in at least three years, ExxonMobil Corp. turned on the spigot on an oil field that’ll pump a supertanker worth of crude every two weeks.
Exxon announced Tuesday the commencement of production from the 700-MMbbl Hebron field, off the coast of Canada’s Newfoundland and Labrador province. The field, first discovered in 1980, will at its peak produce 150,000 bopd.