Monday, February 6, 2023
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA
Oil Market News Today
Advertisement
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
Oil Market News Today
No Result
View All Result
Home Industry

Oil and gas spending estimates adjusted lower as uncertainties persist

June 10, 2020
in Industry
Oil and gas spending estimates adjusted lower as uncertainties persist
Share on FacebookShare on Twitter


Latest Oil MArket NewsPosts

The Fed’s Oil and Gas Bailout Is a Mistake – Center for American Progress

Key to data management in oil and gas is stability

Hamm says oil industry needs ‘sound economics’ rather than another boom

CALGARY — New forecasts show dramatically lower expectations for 2020 capital spending in the oil and gas sector both nationally and in Alberta, the province that produces 65 per cent of Canada’s natural gas and 82 per cent of its oil.

The Canadian Association of Petroleum Producers now estimates that $23.3 billion in capital will be invested in Canada this year, down from about $37 billion in its January forecast.

Producers have announced about $8.6 billion in capital budget cuts since the start of the year to cope with lower oil prices as global energy demand shrinks due to measures taken to control the COVID-19 pandemic, said Ben Brunnen, CAPP’s vice-president of oilsands and fiscal policy.

The mood in the industry remains ugly despite a recent partial rebound in oil prices and the agreement on the weekend by OPEC and other countries to extend 9.7 million barrels per day of production constraints through July.

“It’s helpful that we are starting to see some global energy demand numbers indicating that the worst is behind us,” Brunnen said on Monday.

“The uncertainty about the future of COVID and whether subsequent waves will hit the economic recovery is what’s holding back investor confidence. From an oil and gas perspective, it continues to be a struggle.”

Producers have stopped about 800,000 barrels per day of oil production because of poor prices, a number that rises to more than 1.2 million bpd if you include rescheduled upgrader maintenance shutdowns, Brunnen said.

CAPP’s January prediction represented about a six per cent increase over 2019, credited to new industry friendly policies in Alberta and Saskatchewan and growing optimism that export pipeline capacity would be added.

The Alberta Energy Regulator, meanwhile, estimates that oil and gas capital spending in the province will fall again this year after a steep decline in 2019.

“Reflecting market uncertainties and the AER’s price cases, total capital expenditures are forecast to decrease in 2020, ranging between $14.1 billion and $16.4 billion,” it said in its energy outlook posted Monday.

Capital spending fell by 31 per cent in 2019 to $18.9 billion due to uncertainties around energy policy, low energy prices and market access constraints, the regulator said in its report.

Alberta’s production of crude oil increased by one per cent in 2019, reaching 3.6 million barrels per day, mainly due to growth in upgraded and non-upgraded oilsands bitumen output, the AER reported.

Further growth in oilsands production is expected to drive oil output to 4.4 million bpd by 2029.

The report noted that Alberta has produced a cumulative total of 14.4 billion barrels of oil, leaving 164 billion barrels of potential oil — mainly in the oilsands — as reserves to be produced in the future.

This report by The Canadian Press was first published June 8, 2020.

Dan Healing, The Canadian Press



Read More: Oil and gas spending estimates adjusted lower as uncertainties persist

Tags: adjustedestimatesGasoilpersistspendinguncertainties

Related Posts

The Fed’s Oil and Gas Bailout Is a Mistake – Center for American Progress
Industry

The Fed’s Oil and Gas Bailout Is a Mistake – Center for American Progress

by Oil Market
July 31, 2020
0

Introduction and summary The coronavirus pandemic and the necessary public health response have significantly decreased U.S. economic activity, placing...

Read more
Key to data management in oil and gas is stability
Industry

Key to data management in oil and gas is stability

by Oil Market
July 30, 2020
0

Data management in oil and gas has been crucial for decades, and organizations unwilling to adopt the best practices...

Read more
Hamm says oil industry needs ‘sound economics’ rather than another boom
Industry

Hamm says oil industry needs ‘sound economics’ rather than another boom

by Oil Market
July 29, 2020
0

Hamm also touched on the threat climate change activism poses to the oil and gas industry, saying that "we...

Read more
Oil and Gas Expert Think Tank Made 5 Business Model Predictions Which Will
Industry

Oil and Gas Expert Think Tank Made 5 Business Model Predictions Which Will

by Oil Market
July 28, 2020
0

VANCOUVER, BC / ACCESSWIRE / July 28, 2020 / The world has changed dramatically since December 2019 due to...

Read more
Webinar at 12PM: Oil & gas at a digital tipping point
Industry

Webinar at 12PM: Oil & gas at a digital tipping point

by Oil Market
July 27, 2020
0

Make sure to register and attend our webinar, "Oil & gas at a digital tipping point" today at 12PM to...

Read more
Time to end tax holiday for oil, gas industry
Industry

Time to end tax holiday for oil, gas industry

by Oil Market
July 26, 2020
0

As a Montanan, I know how important both the environment and the energy industry are to our state. However,...

Read more
Next Post
PM assures help to victims of Baghjan oil well fire tragedy in Assam – ET

PM assures help to victims of Baghjan oil well fire tragedy in Assam - ET

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Today Oil Markets

UK Gov’t Advised to Harness Pandemic to Speed Zero-carbon Aims

UK Gov’t Advised to Harness Pandemic to Speed Zero-carbon Aims

3 years ago
Supercritical CO2 Heat Recovery System Finds Application in Oil and Gas

Supercritical CO2 Heat Recovery System Finds Application in Oil and Gas

3 years ago
Natural Gas As A Bridge Fuel To The Future? Not Anymore

Natural Gas As A Bridge Fuel To The Future? Not Anymore

3 years ago
PSUs rally on buzz of global oil companies’ interest in BPCL stake

PSUs rally on buzz of global oil companies’ interest in BPCL stake

3 years ago
Global Transmiion Oil Pump Market 2020

Global Transmiion Oil Pump Market 2020

3 years ago
Oil Pressure Control Solenoid Valve Market Study Report (2020-2026),

High Pressure Oil Pump Industry 2020 Includes The Major Application

3 years ago

Oil Market

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Construction of Dangote oil refinery Africa’s largest nears completion

Construction of Dangote oil refinery Africa’s largest nears completion

July 31, 2020

Russia Oil Market

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

July 29, 2020
Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

July 28, 2020

Europe Oil Market

Oil rises further from 3-week lows, but headwinds loom amid pandemic

Oil rises further from 3-week lows, but headwinds loom amid pandemic

July 31, 2020
Shell posts $18billion loss in second quarter – News for the Oil and Gas

Shell posts $18billion loss in second quarter – News for the Oil and Gas

July 30, 2020
Path to net zero: European oil majors outpace US companies on climate goals

Path to net zero: European oil majors outpace US companies on climate goals

July 29, 2020
Oil price holds near four-month high amid bearish signals – News for the

Oil price holds near four-month high amid bearish signals – News for the

July 28, 2020
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 MarketFor Oil.com

No Result
View All Result
  • Home
  • Market
    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas

© 2020 MarketFor Oil.com