Operating oil rigs plunge 60%

Article Abstract:

The Canadian Association of Oilwell Drilling Contractors has reported the number of drilling rigs that operate across Western Canada on the week including July 9, 1998 declined by 60% to only 176 from 435 during the same period in 1997. Industry observers attributed much of the decline to depressed crude oil prices and the wet weather in June 1998 and early July 1998. Prices of light oil averaged $15.42 per barrel in the first six months of 1998, down 28% from $21.56 during the same period in 1997 while tar-like heavy oil declined by over 40%, with heavy grades getting a price of lower than C$10 per barrel.

Comment:

Canada: Drilling activities in Western Canada on week including 7/9/98 drop by 60% to 176 from 435 in 1997 same period

Oil & Gas Drilling Services, Drilling Oil and Gas Wells, Article

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TD outbid Japanese firm on mall loan with ATB backing

Article Abstract:

Toronto-Dominion Bank (TD) offered a more attractive loan package to West Edmonton Mall after learning that the Alberta government would guarantee the entire C$353 million loan, according to court documents. The Ghermezian family, the mall's owner, was simultaneously negotiating with TD and Nomura Asset Capital Corp, which withdrew its offer after finding out TD's higher bid. The Ghermezians are among the 20 defendants named in a lawsuit filed by the government-owned Alberta Treasury Branches.

Commercial Banking, Legal issues & crime, Commercial Banks, Toronto-Dominion Bank

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Heavy oil megaprojects mired in quicksand

Article Abstract:

The heavy oil industry is facing low prices that are affecting planned projects worth more than $25 billion. Companies in northern Alberta are also constrained by extraction costs, hindering their ability to pursue oil sands projects that promise significant tar-like heavy oil supply. Companies affected by the price slump include Husky Oil Ltd, Alberta Energy Company Ltd and PanCanadian Petroleum Ltd.

Crude Petroleum and Natural Gas Extraction, Crude Petroleum, Petroleum

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