Canada upstream news
Canada's upstream spending set for 41% y/y decline
Rystad Energy expects total 2020 Canadian upstream spending to fall below CAN$21 billion.
Canada offers financial relief for oil and gas sector
Canada will invest CAN$2.5 billion (US$1.8 billion) in measures to help the oil and gas industry during the coronavirus outbreak.
ConocoPhillips cuts production and spending
The measures include a reduction in output of 225 000 bpd.
Covid-19 and low oil prices could cancel over half of 2020’s licensing rounds globally, predicts Rystad Energy
New licensed offshore acreage is likely to fall by about 60% and onshore acreage by 30% compared with 2019 levels, according to Rystad Energy.
Canada most affected by shut-ins so far, according to Rystad Energy
A Rystad Energy analysis shows that Canada is the oil producer most affected so far by the slump in global oil demand, with the damage estimated to reach above 1.1 million bpd in shut-in production in 2Q20.
TGS and PGS release final data for 2020 Eastern Newfoundland licensing round
The fully merged and migrated Tablelands and North Tablelands 3D datasets cover approximately 12 500 km2 in the eastern part of the Orphan Basin.
Whitebark Energy ends Wizard Lake deal
Whitebark Energy has terminated an agreement to acquire the residual 40% interest in the Wizard Lake oilfield in Canada.
Frontera Energy reduces 2020 CAPEX by 60%
The company's revised average annual production in 2020 is expected to be in the range of 55 000 to 60 000 bpd.
West White Rose offshore project suspended
Production from the White Rose field and its satellite extensions, located 350 km off the coast of Newfoundland and Labrador, is still continuing.
Bay du Nord project delayed by oil price collapse
Equinor has made no changes to schedules of other projects, including the second phase of its giant Johan Svedrup oilfield development in the North Sea and the Arctic Johan Castberg project.