Energy industry investment cools dramatically

The oil price crash of recent weeks has triggered a wave of huge exploration and production capital expenditure cuts

Energy industry investment cools dramaticallyLack of appetite to invest in the energy sector is leading the world into a supply crunch, says the International Energy Agency (IEA) in its recently unveiled World Energy Investment (WEI) 2020 report. The COVID-19 pandemic is having widespread and often dramatic effects on investments in the energy sector. At the start of the year,…

Manage provincial debt by controlling Crown projects

In Newfoundland and several other provinces, major power projects have created huge public debt

Manage provincial debt by controlling Crown projectsThe province of Newfoundland and Labrador is staring bankruptcy in the eye, according to recent news reports. There are a variety of reasons, which are typical for provincial politics. Politicians hate to cut services, love to cut taxes and hate to increase taxes because voters react to all of those things. Politicians aren’t leaders, they’re…

Energy production in Canada declining, says StatsCan

Alberta produced 18.3 million cubic metres of crude oil and equivalent products in October, down 4.9 per cent

Energy production in Canada declining, says StatsCanEnergy production in Canada declined in several sectors in October 2019, compared with the same month in 2018, according to Statistics Canada. The federal agency said production of crude oil and equivalent products (-1.7 per cent), natural gas (-1.3 per cent), and coal (-9.3 per cent), as well as electricity generation (-3.3 per cent) declined…

Production in all primary energy sectors rises

And StatsCan says exports of crude oil and equivalent products increased in March

Production in all primary energy sectors risesProduction in all primary energy sectors rose in March compared with a year ago, according to data released Wednesday by Statistics Canada. And over the same period, exports of crude oil and equivalent products increased, while exports of natural gas and electricity decreased. The federal agency said production of crude oil and equivalent products rose…

Income grew fastest in provinces with large oil and gas deposits

StatsCan study over 66 years provides insight into which provinces experienced the most growth over three generations

Income grew fastest in provinces with large oil and gas depositsData released Thursday by Statistics Canada may be a couple of years old but it illustrates the importance of the oil and gas sector to the economies of several provinces. “According to a new study, from 1950 to 2016, real gross domestic income (GDI) per capita grew fastest in provinces with large oil and gas…

Joey Smallwood’s campaign to transform Newfoundland

Force-feeding economic modernization is a tricky business, even for a Father of Confederation

Joey Smallwood’s campaign to transform NewfoundlandAfter leading the 1940s movement to bring Newfoundland into Confederation, Joey Smallwood went on to win six consecutive elections and served as the province’s premier for just shy of 23 years. It’s not the longest run for a provincial premier – Nova Scotia’s George Murray, Alberta’s Ernest Manning and Ontario’s Oliver Mowat edge Smallwood on…

Canadian crude oil production on the rise

Exports on the rise to U.S. and elsewhere: StatsCan

Canadian crude oil production on the riseCanadian production of crude oil and equivalent products totalled 264.6 million cubic metres in 2018, up 8.5 per cent from the previous year, according to Statistics Canada. The federal agency reported on Monday that non-upgraded production of crude bitumen (+12.7 per cent) was the main contributor to the overall rise. Since January 2016, the average…

Alberta leads the way in crude oil production increase

Statistics Canada said exports of crude oil and equivalent products increased 10.7% from the same month a year earlier

Alberta leads the way in crude oil production increaseCanada produced 23.1 million cubic metres (145.6 million barrels) of crude oil and equivalent products in October, up 13.2 per cent from the same month a year earlier, according to Statistics Canada. The federal agency said on Friday that Alberta produced 19.3 million cubic metres of crude oil and equivalent products in October, an increase…

Capital expenditures in Canadian oil patch plunge 58% from 2014

ATB report blames the decline on the completion of major projects and the dramatic oil price differential

Capital expenditures in Canadian oil patch plunge 58% from 2014The news from the oil patch continues to raise concerns across Alberta and Canada. The latest is the revelation that capital expenditure in the oil patch, a driving force of the national and provincial economies, is falling again. ATB Financial’s Economics & Research Team on Thursday released data from Statistics Canada indicating that there were “whispers…

Crude oil and equivalent products production up 9.6%

Alberta (82.6%), Saskatchewan (10.3%) and Newfoundland and Labrador (4.7%) accounted for the vast majority of Canadian production

Crude oil and equivalent products production up 9.6%Canadian production of crude oil and equivalent products continued at a robust pace in August as production totalled 23.6 million cubic metres (148.6 million barrels), up 9.6 per cent compared with the same month in 2017, says Statistics Canada. And Alberta produced a record 19.5 million cubic metres of crude oil and equivalent products in…

Canadian oil production on the upswing

Alberta (80.9%), Saskatchewan (10.7%) and Newfoundland and Labrador (5.9%) accounted for the vast majority of Canadian production of crude oil and equivalent products

Canadian oil production on the upswingCanada produced 21.8 million cubic metres (137.3 million barrels) of crude oil and equivalent products in May, up 13.5 per cent from the same month a year earlier, according to Statistics Canada. The federal agency said on Monday that non-upgraded production of crude bitumen (+22.8 per cent) was the main driver for the increase of…

Oil prices expected to decline in the coming months

The latest forecast from Deloitte cites increased OPEC output and slipping international demand for oil

Oil prices expected to decline in the coming monthsGlobal oil prices are expected to recede in the coming months after reaching their highest values since 2014. The latest forecast from Deloitte’s Resource Evaluation and Advisory group says that as Organization of Petroleum Exporting Countries (OPEC) increase output and international demand for oil declines in the second half of the year, prices will fall. The…

Minimum wage prices low-skilled workers out of a job

Governments should abolish the fruitless minimum wage if they want to do right by young and low-income persons

Minimum wage prices low-skilled workers out of a jobBy Marco Navarro-Genie and Matthew Lau Contributors High unemployment in Atlantic Canada is a longstanding problem. For over four decades, unemployment rates have consistently exceeded the national rate. It is critical for the provinces to reduce barriers to work. Yet governments do the opposite when they raise the legislated minimum wage, as all four Maritime…

It’s time the oil industry got smart about its messaging

Smart agriculture movement offers the perfect template: it's about building trust with consumers by telling stories about good – and improving – practices

It’s time the oil industry got smart about its messagingFirst there was precision agriculture. Then came decision ag. Now there’s smart ag. These terms describe fundamental changes in agriculture to better produce crops or livestock. It’s all about maximizing yield while minimizing costs and environmental impact. They include everything from predictive analytics and digital technologies to soil management and crop protection strategies. Autonomous tractors. Bio-fertilizers. Variable rate inputs for applying…