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Low oil prices hurting some US shale operations; slumping oil prices putting pressure on drillers

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The number of active rigs drilling for oil and gas fell by their most in two months, according to the latest data from oil services firm Baker Hughes. There were 19 oil rigs that were removed from operation as of Oct. There are now 1,590 active oil rigs, the lowest level in six weeks. 17, compared to the prior week.

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Osum Oil Sands closes $500M private placement; new investors include government of Singapore

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Canada-based Osum Oil Sands Corp. million callable common share purchase warrants, each exercisable into one common share at any time without conditions by Osum, at a price of $12.50 has entered into definitive agreements with a group of investors to issue, on a private placement basis, $500 million in equity securities.

Oil-Sands 210
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Stanford, UC Santa Cruz study explores ramifications of demand-driven peak to conventional oil

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In contrast to arguments that peak conventional oil production is imminent due to physical resource scarcity, a team from Stanford University and UC Santa Cruz has examined the alternative possibility of reduced oil use due to improved efficiency and oil substitution. 2010, to above 140 $/bbl in constant 2010 dollars).

Oil 207
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Government of Canada to buy Trans Mountain Pipeline System and Expansion Project for C$4.5B, resume planing and construction

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The Government of Canada will purchase Kinder Morgan’s Trans Mountain Pipeline system and the expansion project (TMEP) for C$4.5 The 1,150-km (714-mile) Trans Mountain pipeline system (TMPL) is the only pipeline system in North America that transports both crude oil from the oil sands and refined products to the west coast.

Canada 199
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RAND reports suggest US DoD use less petroleum fuel to deal with high prices, not count on alternatives

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However, the US military can play an important role in promoting stability in major oil producing regions and by helping protect the flow of energy through major transit corridors and on the high seas, the reports suggest. Earlier post.).

Price 225
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Suncor Energy sells majority of conventional natural gas business in Western Canada for $1B

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Excluded are the majority of Suncor’s unconventional natural gas properties in the Montney region of British Columbia and the company’s Wilson Creek, Alberta unconventional oil assets. The purchase price is subject to closing adjustments on an economic basis, effective 1 January 2013, typical of transactions of this nature.

Canada 225
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Alberta moving ahead with major new oilsands refinery with carbon capture

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The Alberta government has successfully negotiated contracts for two projects that will advance the upgrading and refining of oil sands bitumen to diesel fuel. billion barrels of oil from conventional reservoirs throughout the province, potentially generating up to $25 billion in additional provincial royalties and taxes.

Oil-Sands 231