Montney

The potential Canadian entry into liquefied natural gas (LNG) markets estimated it could need 2,500 Montney Shale wells to fill export facilities on the northern Pacific coast of British Columbia (BC). In the first 20 years of exports, NorthRiver Midstream NEBC Connector GP Inc. estimated the new drilling could spawn 313 kilometers (188 miles) of…

Buoyed by strong commodity prices, Canadian independents Imperial Oil Ltd. and Whitecap Resources Inc. reported robust earnings for the first quarter and are prioritizing returning capital to shareholders. Calgary-based Imperial, 70% owned by ExxonMobil, said its 1Q2022 financials marked the best quarterly results in more than 30 years. Imperial, which reports in Canadian dollars (C$1/US…

Growing oil and natural gas volumes from the Montney and Duvernay formations, along with rising commodity prices, lifted Paramount Resources Ltd. back to black in 2021. The Calgary-based independent also expects to see higher production in 2022 following its recent acquisition in the Grande Prairie region. The new asset package in northwestern Alberta, near the…

A petrochemical plant recently announced, slated to be in service by 2026, could produce up to 200 metric tons/year of low-carbon blue ammonia and methanol using natural gas from the Montney Shale, officials said. Calgary-based Northern Petrochemical Corp. (NPC), a private venture, is proposing to build the C$2.5 billion ($2 billion) project in the planned…

Tourmaline Oil Corp., Canada’s largest natural gas producer, plans to boost spending and pull forward some drilling in the Montney Shale originally scheduled for next year into the final weeks of 2021. The company credited “materially reduced drilling times,” particularly at its northeastern British Columbia assets, with the decision.  Tourmaline reported a 20% reduction in…

After achieving profits that more than replaced losses incurred in the economic shock inflicted by the Covid-19 virus pandemic, Canadian Natural Resources Ltd. (CNRL) has announced a C$275 million ($220 million) budget increase for this year. The corporate budget increase by 8.5% to C$3.48 billion ($2.78 billion) has a green tinge. Around C$45 million ($36…

A British Columbia (BC) trial court has directed the provincial government to build Indigenous rights into strengthened regulation of the Montney Shale region, but stopped short of handing out injunctions that would have halted natural gas supply development. After a six-year review of cumulative effects on the Blueberry River First Nations that included a 160-day…

Western Canada-focused Pembina Pipeline Corp. painted a rosy outlook in its first quarter earnings report for a Canadian industry-wide recovery amid improving commodity prices, with volumes from the Montney Shale and the Duvernay formation expected to grow. “Over the past few quarters, across both the pipelines and facilities divisions, we have seen steady increases in…

Denver-based Ovintiv Inc. streamlined the business during 1Q2021 to focus only on the Anadarko, Montney and Permian basins as it eyes slashing debt to appease restless investors. With long-held but neglected shale properties in Canada’s Duvernay and the South Texas Eagle Ford sold off, the independent has accelerated a $4.5 billion total debt target timeline…