A wave of consolidation is underway in Canada’s Montney oil and gas region as small companies struggling to weather the impact of coronavirus on the energy industry sell their holdings in what just a few years ago was a booming patch. Lockdowns and sharp contractions in economic activity have hammered global oil demand in 2020, pushing prices so low that producers worldwide have made record output and spending cuts. Canada, the world’s fourth-largest oil and gas producer, was already struggling as investors and foreign companies left to invest in production elsewhere that is cheaper and less carbon-intensive. …read more
Source:: Yahoo Finance
