Small and mid-sized Alberta oil producers are looking to increase drilling as ea...
WINNIPEG, Manitoba/CALGARY, Alberta - Small and mid-sized Alberta oil producers are looking to increase drilling as early as this autumn after the Canadian province exempted a dozen of them from government-mandated oil production cuts, boosting the struggling industry.
On Tuesday, the new United Conservative Party government extended curtailments through 2020, citing a delay to Enbridge Inc’s Line 3 replacement that could swell inventories again unless the limits remained in place. Tamarack will adjust 2020 capital spending plans because of the changes and could lift its Alberta production by another 2,000-3,000 bpd, Schmidt said. The Calgary-based company currently produces 11,000 bpd in Alberta, just under half its total output.
Tweaking the exemption will prop up Alberta’s struggling oilfield services companies by increasing drilling, said Gary Mar, CEO of the Petroleum Services Association of Canada, but he said the outlook is still challenging. Toronto-listed shares of MEG and Cenovus led the way higher among producers on Wednesday, rising 4% and 3% respectively.
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