Analysts say rigs are drilling a third deeper per day compared to 2014 but average earnings per day have fallen by 25%.
Company will spend $650 million in 2019 to drill up to 120 wells in the Deep Basin of northeastern BC and northwestern Alberta.
Regulator says the company owes $1 million in levies to the Orphan Well Association, $70 million in security for reclamation obligations.
Conference Board of Canada report estimates lost production is equal to 0.33% of Alberta’s projected GDP.
Saskatchewan premier says the energy sector has already been hit by the falling price of oil and tens of thousands of jobs lost.
Head of industry association says 100,000 people are out of work in the oil and gas industry – the equivalent of one in six.
Premier touts province as a fundamental part to the Canadian economy.
Oil giant forecasts emerging renewables such as solar and wind power to grow, but remain a small part of the world’s energy mix.
Justin Trudeau suggests investment and innovation are necessary to successfully transition to low-carbon economy.
Oil price collapse has eliminated 40,000 jobs in the province’s energy sector.
Critics says the broad parameters run the risk of it becoming a slush fund for pet government projects and priorities.
Association anticipates a 57% drop in activity compared to 2014.
Oil sands producer aims to spend between $6.7 billion and $7.3 billion next year.
Proceeds from sale will be used to reduce Pengrowth’s debt.
Offer would give Canadian Oil Sands shareholders a stake in Canada’s largest integrated energy company.