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Nuvista Energy Ltd T.NVA

Alternate Symbol(s):  NUVSF

NuVista Energy Ltd. is an oil and natural gas company, which is engaged in the exploration for, and the development and production of, oil and natural gas reserves in the Western Canadian Sedimentary Basin. Its primary focus is on the scalable and repeatable condensate rich Montney formation in the Alberta Deep Basin (Wapiti Montney). Its core operating areas of Wapiti and Pipestone in the Montney formation are located near the City of Grande Prairie, Alberta, approximately 600 kilometers northwest of Calgary. Its Montney Formation is a shale gas and shale oil resource. The Montney formation in the Wapiti area is a thick (200m+) section of hydrocarbon-charted fine-grained reservoir found at depths ranging from 2,500-3,500m.


TSX:NVA - Post by User

Post by Carjackon Aug 04, 2023 5:00pm
94 Views
Post# 35574205

Panama Canal seen losing $200 mln next year as ship crossing

Panama Canal seen losing $200 mln next year as ship crossing

The Panama Canal expects its revenue to shrink by about $200 million in its next fiscal year due to crossing restrictions meant to save water as a consequence of an unprecedented drought, its administrator announced on Thursday.

The projected losses come as the transoceanic waterway key to moving hundreds of billions of dollars in global trade each year expects its daily average for cargo ship crossings to slide by about 16%.

Specifically, between 30 and 32 ships are expected to cross daily during the new fiscal year which starts in October, said canal administrator Ricaurte Vasquez at an event.

That compares to the 36 to 38 ships that transit the waterway when it operates at full capacity.

The $200 million cut would reduce the canal's revenues for the 2023-2024 fiscal year to $4.9 billion.

Last month, the canal's administrators extended restrictions on the maximum depth for ships and limited average crossings to just 32 vessels per day due to the abnormally dry weather.

Panama typically sees heavy rains in July, and the canal authority has called the lack of precipitation "historically unprecedented."

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