BEIJING — Rescuers have found a body believed to be of a sailor from the Iranian oil tanker set ablaze after a collision in the East China Sea, China’s Ministry of Transportation said Tuesday, as the search continued for another 31 missing from the same ship. The ministry said the body recovered Monday had yet … Read more
HOUSTON (Reuters) – U.S. oilfield service companies are gearing up for initial public offerings, according to regulatory filings and analysts, after several shelved equity sales last year during a weak period for oil prices. Oil is trading near its highest level since early 2015, fueling demand for service firms to bring new shale wells to … Read more
January 9, 2018 by Anthony DiPaola and Ladane Nasseri (Bloomberg) A key OPEC minister has warned that the group risks overheating the oil market as crude prices head toward $70 a barrel. “Members of the Organization of Petroleum Exporting Countries are not keen on increased Brent crude prices above $60 a barrel because of shale … Read more
January 9, 2018, by Ben Sharples and Grant Smith (Bloomberg) Oil steadied near $62 a barrel on estimates that U.S. crude stockpiles declined for an eighth week as the rebalancing of global markets continues. Futures added as much as 1.3 percent in New York to the highest intraday level in almost three years. U.S. inventories probably … Read more
January 9, 2018 by Lorcan Roche Kelly (Bloomberg) Yuan drops after China changes its fixing mechanism, oil rally continues with Brent approaching $70, and euro-area jobless rate falls again. Here are some of the things people in markets are talking about today. Fixing the fix China’s central bank made changes to how it calculates the yuan’s daily … Read more
January 9, 2018 Globe Newswire CALGARY, Alberta, Jan. 09, 2018 (GLOBE NEWSWIRE) — Encana (TSX:ECA) (NYSE:ECA) delivered strong performance through the fourth quarter of 2017 to close another year successfully executing its strategy, delivering significant oil and condensate growth and driving additional efficiency gains. Supported by the strong finish to 2017, the company is firmly on track … Read more
January 8, 2018 by Theophilos Argitis (Bloomberg) Canada’s business outlook remained at elevated levels with signs of capacity constraints emerging in the economy, even as expectations for future sales moderate. The overall business outlook indicator — an aggregate gauge of sentiment — rebounded to 2.49 in the fourth quarter from 0.86 in the last report, … Read more
CALGARY — ATB Financial says its ownership of Calgary investment firm AltaCorp Capital is growing from a minority to a majority interest under succession provisions triggered by the sudden death of AltaCorp founder and CEO George Gosbee in November.
A…
January 8, 2018 by Alex Nussbaum and Kevin Crowley (Bloomberg) For Big Oil, the U.S. tax overhaul is turning out to be a mixed bag, especially for companies that drill overseas. Two weeks after President Donald Trump and congressional Republicans passed a sweeping rewrite of the tax code that cuts corporate rates, drillers are finding other … Read more
BEIJING — An oil tanker that caught fire after colliding with a freighter off China’s east coast is at risk of exploding and sinking, Chinese state media reported Monday, as authorities from three countries struggled to find its 32 missing crew members and contain oil spewing from the blazing wreck. State broadcaster China Central Television, … Read more
/EINPresswire.com/ — HOUSTON, TX–(Marketwired – January 08, 2018) – GulfSlope Energy, Inc. (OTCQB: GSPE) and Texas South Energy, Inc. (OTC PINK: TXSO) (collectively, the “Companies”) announced today that they entered into a strategic partnership with Delek Group Ltd., a global independent oil and gas company based in Israel (“Delek”), whereby the Companies and Delek have mutually agreed to pursue oil and … Read more
SAINT JOHN, N.B. — Irving Oil is apologizing for a butane lake in the city’s east side that forced the evacuation of businesses on at least two streets in Saint John, N.B., Monday.
Police say the rupture happened at about 11 a.m. in a line that runs f…
BEIJING — An Iranian oil tanker collided with a bulk freighter and caught fire off China’s eastern coast, leaving its entire crew of 32 missing, most of them Iranians, authorities said Sunday. The missing — 30 Iranians and two Bangladeshis — are all from the tanker Sanchi, which spilled oil and was floating while still … Read more
January 8, 2018 by Lorcan Roche Kelly (Bloomberg) Trump restates demand for border wall funding, it’s a big week in European politics, and travel chaos in U.S. continues. Here are some of the things people in markets are talking about today. No wall, no DACA President Donald Trump warned in a weekend press conference that there would … Read more
January 7, 2018 Reuters Opponents of TransCanada Corp’s proposed Keystone XL pipeline appealed a decision by Nebraska regulators to approve a path for the project through the state, a lawyer for the opponents said on Friday.The legal challenge throws up another obstacle to the long-delayed project, which environmentalists have made a symbol of their fight against … Read more
January 8, 2018 Reuters SINGAPORE/LONDON (Reuters) – Oil prices rose on Monday, coming close to new three-year highs on a slight decline in the number of U.S. rigs drilling for new production and sustained OPEC output cuts. U.S. West Texas Intermediate (WTI) crude futures had risen to $61.94 a barrel by 1140 GMT, 50 cents above … Read more
January 7, 2018 by Grant Smith (Bloomberg) OPEC and Russia have surprised the industry with the success of their grand alliance as oil surges to a three-year high. As the unlikely bond enters a second year, there are challenges ahead. Here are four scenarios that could end their deal earlier than planned. Street Fighting Tension … Read more
January 5, 2018 by Meenal Vamburkar (Bloomberg) Oil had its strongest opening week for any year since 2013 as refiners and exporters whittled away at crude inventories tucked away in U.S. storage tanks. Futures rose 1.7 percent this week in New York. The pull on oil stockpiles in the world’s biggest economy accelerated to 7.42 million … Read more
January 5, 2018 Reuters Canadian crude shipments to the United States by rail could rise more than 60 percent this year on demand by Gulf Coast refiners for the heavy crudes and the wide differential between Canadian grades and the U.S. benchmark. The rail shipments could reach as much as 350,000 barrels per day (bpd) … Read more
January 5, 2018 Western Canada’s fleet of drilling rigs went down by 74 rigs to the current count of 136 actively drilling rigs according to data collected by Baker Hughes for the week of December 29th. From December 22 to December 29th, Alberta rig counts decreased from 162 to 118, the Saskatchewan rig count decreased … Read more
A client wanted to utilize our Desanders for drill out operations. The flowback separator was bypassed during the drill out because of fear of sand erosion. For the operation, cast plugs would be drilled out 5-6 at a time with a bottoms up circulation after the set of drilling (each set of 5-6 plugs). We … Read more
January 5, 2018 by Meenal Vamburkar (Bloomberg) Oil retreated from a 3-year high as expanding inventories of gasoline and diesel in the world’s biggest economy tempered enthusiasm about shrinking crude supplies. Futures lost 1 percent in New York, trimming this week’s advance to 1.6 percent. Gasoline stored in U.S. terminals and tanks swelled for an eighth straight … Read more
January 5, 2018 Reuters Pioneer Natural Resources drilling operation U.S. energy companies this week cut oil rigs for the first week in three even though crude prices hovered near their highest level since the spring of 2015.Drillers cut 5 oil rigs in the week to Jan. 5, bringing the total count down to 742, General … Read more
January 5, 2018 by Liam Denning (Bloomberg Gadfly) Energy dominance begins at home, and that includes any beachfront property you might have. The Interior Department unveiled on Thursday a draft proposal for leasing areas of the U.S. outer continental shelf for oil and gas drilling between 2019 and 2024. As five-year plans go, it’s an … Read more
Natural Gas Weekly Update Report – January 4, 2018 Below normal temperatures last week increased natural gas consumption Between December 24, 2017, and January 3, 2018, daily temperatures in the Lower 48 states averaged 27° Fahrenheit (F), which was 9°F lower than the 30-year (1981–2010) average for the same period. Daily temperatures reached a maximum … Read more
January 5, 2018 by Lorcan Roche Kelly (Bloomberg) It’s jobs day, euro-area inflation slows, and Apple says all iOS devices exposed to security flaw. Here are some of the things people in markets are talking about today. Payrolls At 8:30 a.m. Eastern Time, employment data for December are released, with expectations for an increase of 190,000 … Read more
January 5, 2018, by Katia Dmitrieva (Bloomberg) U.S. job gains slowed by more than forecast in December, wage increases picked up slightly and the unemployment rate held at the lowest level since 2000, adding to signs of a full-employment economy. Payrolls rose by 148,000, compared with the 190,000 median estimate of economists surveyed by Bloomberg, held … Read more
January 5, 2018 Reuters LONDON (Reuters) – U.S. crude oil prices have risen above $60 per barrel which should accelerate shale drilling and production in the next few months, provided the price increase is sustained. U.S. crude futures are trading over $60 for all delivery months between February and August 2018, an increase of about 40 … Read more
January 5, 2018 by Grant Smith (Bloomberg) Oil retreated from its highest closing price in three years as some of the gains driven by a plunge in U.S. crude stockpiles melted away. Futures lost 1.1 percent in New York, trimming this week’s advance to 1.5 percent. Crude stockpiles in the U.S. slid by 7.42 million barrels last … Read more
DENVER, Jan. 04, 2018 (GLOBE NEWSWIRE) — PDC Energy, Inc. (“PDC” or the “Company”) (Nasdaq:PDCE) today announced that it has appointed R. Scott Meyers, the Company’s current Chief Accounting Officer, to the position of Chief Financial Officer, effective immediately. Mr. Meyers will be responsible for financial and treasury functions, as well as other related duties, … Read more
January 3, 2018 by Sabrina Valle (Bloomberg) Brazil’s state-run energy explorer Petrobras agreed to pay $2.95 billion to compensate U.S. investors who lost money when a massive corruption scandal eroded the oil giant’s market value. The settlement will end a three-year legal battle with holders of Petrobras’s American depositary receipts and bonds who filed lawsuits … Read more
January 3, 2018 Reuters Fort Hills Oilsands Site Suncor Energy Inc., Canada’s second-largest energy producer, said on Wednesday it and Teck Resources Ltd have taken higher stakes in the Fort Hills oilsands mine from partner Total SA, resolving a dispute over building costs.Under terms of the deal, Suncor and Teck will fund more of the C$17 … Read more
January 4, 2018 by Lorcan Roche Kelly (Bloomberg) Commodities stage a record rally, Trump turns on Bannon, and winter storm to hit eastern U.S. Here are some of the things people in markets are talking about today. Commodity rally The Bloomberg Commodity Index is set for a 15th consecutive day of gains as metals and oil climb higher, … Read more
January 3, 2018 by Jennifer A. Dlouhy (Bloomberg) The Trump administration is poised to open the door to selling new offshore drilling rights from the Atlantic Ocean to the Arctic Sea, igniting a fight with coastal residents worried about oil spills befouling beaches and jeopardizing tourism dollars. The proposal — set to be the most … Read more
January 3, 2017 by Tyler Cowen (Bloomberg View) There is now a doctrine of what I call “solar triumphalism”: the price of panels has been falling exponentially, the technology makes good practical sense, and only a few further nudges are needed for solar to become a major energy source. Unfortunately, this view seems to be … Read more
January 3, 2018 by Dan Murtaugh and Stephen Stapczynski (Bloomberg) The liquefied natural gas industry needs to start planning for shortages even as analysts project a glut starting next year, according to Sanford C. Bernstein & Co. The next wave of LNG projects is set to begin as early as this year, Bernstein analysts including … Read more
January 4, 2018 by Alex Longley (Bloomberg) One of the key gauges of oil market strength hasn’t looked this good for bulls since 2014. West Texas Intermediate futures closest to expiry are trading at the biggest premium to the next month in more than three years, as inventories plunge at the key storage hub of … Read more
January 3, 2018 by Angelina Rascouet and Julian Lee (Bloomberg) OPEC’s crude production held steady in December as the group approached a fresh year of output curbs in full compliance with its supply deal. The 14 members of the Organization of Petroleum Exporting Countries pumped 32.47 million barrels a day, according to a Bloomberg News … Read more
January 4, 2018 by Grant Smith (Bloomberg) Oil traded near the highest in three years as optimism on the global economy, cold weather and political unrest bolstered a market that’s finally shaking off a prolonged surplus. Crude is having its best start to a year since 2012, hitting $62 a barrel in New York. Swollen … Read more
CALGARY — Suncor Energy Inc. and Teck Resources Ltd. are getting a bargain price for bigger stakes in the Fort Hills oilsands mine they are buying from partner Total S.A., analysts say.
The two Canadian companies announced Wednesday they will pay an a…
On a job with a Flowback partner, a Specialized Desanders Model 62020 replaced two 10k Hydro cyclones and two 5k Hydro cyclones. To verify the performance of our Gravity Desander, they installed one 5k Hydro cyclone downstream of the Desander, which did not see any sand. By stopping all the sand with a single Desander, … Read more
Cobb County, Georgia, and Boise, Idaho, Awarded $50,000 Each to Implement Community Waste Recovery Programs MIDLAND, Mich.–(BUSINESS WIRE)–Dow Packaging and Specialty Plastics and Keep America Beautiful announced they have awarded two $50,000 grants to organizations in Cobb County, Georgia (Keep Cobb Beautiful Inc.) and Boise, Idaho to establish the Hefty® EnergyBag™ program in their respective communities. The program, which aligns with … Read more
SPRUCE GROVE, Alta. — A gas station operator near Edmonton has used some unparliamentary language to publicly protest an increase in Alberta’s carbon tax.
The illuminated sign at the Tempo Gas Station in Spruce Grove on Tuesday night used the f-bomb i…
The 3D cellular confinement technology was developed by Presto Products Company and the U.S. Army Corp of Engineers in the late 1970’s. The goal was to create a means for building roadways over poor subgrades using sand. Ultrasonically-welded strips of High-Density Polyethylene (HDPE) form the three-dimensional GEOWEB® System-—giving cohesion and additional strength to non-cohesive soils, … Read more
Crude oil prices ended 2017 at the highest levels since 2013. West Texas Intermediate (WTI) crude oil prices averaged $51/b in 2017, up $7/b from the 2016 average, and ended the year at $60/b, $6/b higher than at the end of 2016. Brent prices have moved up $10/b since the end of 2016 and ended … Read more
January 2, 2017 by Olga Kharif (Bloomberg) Blockchain is getting bigger at Big Blue. Demand for the technology, best known for supporting bitcoin, is growing so much that it will be one of the largest users of capacity next year at about 60 data centers that International Business Machines Corp. rents out to other companies … Read more
January 3, 2018 by Lorcan Roche Kelly (Bloomberg) MiFID II comes to life, geopolitical tensions cool a little and Trump pushes for wall funding. Here are some of the things people in markets are talking about today. Day of the MiFID The biggest shakeup to European financial regulation in a decade comes into force today, a “Big Bang” … Read more
January 3, 2018, by Grant Smith (Bloomberg) Oil climbed to the highest level in more than two years on estimates that U.S. crude stockpiles fell for a seventh week, while unrest continued in OPEC’s third-biggest producer. Futures rose as much as 0.9 percent in New York, approaching $61 a barrel. U.S. inventories probably fell by … Read more
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CALGARY — The cold snap that continues to blanket many parts of North America is driving short-term natural gas prices higher but they remain far below historic highs and the trend is unlikely to significantly affect either Canadian consumer bills or …
Alberta’s Oil Sands operators have capitalized on the GEOWEB system’s ‘cellular confinement’ technology to help them overcome the challenges they face when building access roads and drill pads in one of Canada’s harshest regions. Transporting construction, drilling and completions equipment with heavy wheel loads (typical loads exceeding 125,000 lbs) is extremely challenging over the soft, wet ground … Read more
In less than seven years, STEP Energy Services (‘STEP’) has become a leader within the pressure pumping sector of the oil and gas industry. This position is due in part to their ability to see possibilities for their clients, supported by a commitment to safety, their dedication to building and maintaining trust with their … Read more
For a front line supervisor to be successful, the right structure, behaviors and reporting systems must be in place. By: MARK RIGDON, CMRP, Manager T.A. Cook Consultants Inc. Often, the front line supervisor (FLS) has to walk a tightrope when it comes to productivity. They are responsible for completing work according to schedule, but the … Read more
January 1, 2018 by Carlos Caminada and Catherine Traywick (Bloomberg) — Oil bulls are charging into the new year with unprecedented vigor, and the credit goes to OPEC. The signs that the group is winning its tug of war with shale are compelling, and money managers have taken note: Their combined bets on rising prices … Read more
Jan 2, 2018 by Christopher Sell and Grant Smith (Bloomberg) Will Saudi Arabia and Russia maintain their grip on production, or could they succumb to another surge in U.S. shale? Is it possible for the economic collapse of a major producer to send crude prices soaring, or perhaps Silicon Valley will usher in the end … Read more
January 2, 2018 by Lorcan Roche Kelly (Bloomberg) Protests in Iran, Washington starts the new year fighting 2017’s battles, and oil trades over $60. Here are some of the things people in markets are talking about today. Tehran troubles More than a dozen people have died in protests in Iran that were sparked by a rally over … Read more
January 2, 2018 by Meenal Vamburkar and Grant Smith (Bloomberg) Oil hovered close to a 30-month high as civil unrest in Iran heightened concern about potential supply disruptions in OPEC’s third-biggest crude producer. Futures held above $60 a barrel in New York. In Iran, the death toll mounted amid some of the most violent clashes in … Read more
December 31, 2017 by Filipe Pacheco (Bloomberg) For as long as Gulf economies rely on oil, crude will be a factor in determining how investors trade regional markets. But right now, politics is king. In the past 12 months, tension between Saudi Arabia and Iran escalated, ties between Qatar and its neighbors were severed, rebels … Read more
MONTREAL — Canadian initial public offerings rebounded last year from their worst performance in nearly two decades in 2016 as $5.1 billion in proceeds were generated with the prospect for a strong 2018, says Pricewaterhouse Coopers.
There were 38 iss…
DENVER–(BUSINESS WIRE)–Liberty Oilfield Services Inc. (NYSE: LBRT) (“Liberty”) announced today that it has launched an initial public offering of 10,714,286 shares of its Class A common stock at an anticipated initial offering price between $14.00 and $16.00 per share pursuant to a registration statement on Form S-1 (the “Registration Statement”) previously filed with the Securities … Read more
Shield your surface infrastructure from the hazards associated with particulate production using our durable barrier SynPOLTMDesander. Specialized Desanders Inc. (SDI) SynPOLTM Desander was designed to replace our high capacity gravity Desanders following the initial production phase. In response to industry demand, this product was engineered to provide a reliable, long-term solution to allow for safe and … Read more
EDMONTON — Alberta’s carbon tax jumped on New Year’s Day, but the province’s NDP government maintains the tax played a vital role in Alberta’s improving economic outlook.
Deputy premier Sarah Hoffman told reporters there was a clear link between the a…
We are thrilled to continue our advertising partnership with Presto Geosystems. Please take a few moments to check-out their SHOWCASE Platinum Profile HERE.
A common challenge that project managers face is completing construction projects on time and within budget—especially when building access roads, oil platforms and pads or pipelines in extremely soft soils and in difficult-to-access areas. Construction mats are often used to help address soft ground and remote site issues. Commonly used legacy construction mats are made … Read more
With pressures of profitability looming over project construction teams, asset intensive facilities are often handed over to owners and operators without a robust maintenance plan. Frequently, the Original Equipment Manufacturers’ (OEM) suggested maintenance activities are provided for integration with the Enterprise Asset Management (EAM) software or Computerized Maintenance Management System (CMMS) without any customization or … Read more
TORONTO — While stabilizing oil prices helped Canadian equities break out of their doldrums in the second half of 2017, investors expecting the Toronto Stock Exchange to catch up with its outperforming global peers in the new year should instead antic…
December 28, 2017 by Tim Loh and Christopher Martin (Bloomberg) The arctic blast that’s turning the northern half of the U.S. into a giant icebox this week has been good news for oil and coal. Plants were using the most fuel oil in three years on Thursday to produce the electricity that’s powering heaters across New … Read more
December 28, 2017 by Naureen S. Malik (Bloomberg) U.S. natural gas staged the biggest rally in two months as a frigid forecast signaled demand for the power-plant fuel may surge to new highs through the start of 2018. The eastern half of the country is locked in a deep freeze with the potential to generate the … Read more
December 29, 2017 by Liam Denning (Bloomberg Gadfly) God didn’t die in 2017, but he did throw his hands up. Andy Hall, the oil trader blessed with that nickname, caused a stir this summer by closing down his main hedge fund after long arguing for oil prices to rally and reportedly suffering big losses. Hall didn’t … Read more
December 28, 2017 by Josh Wingrove (Bloomberg) Justin Trudeau wants to make reviews of pipeline and other major projects run on time as Canadian producers struggle to get oil to market. The federal government will propose new rules for regulatory vetting of all major development projects in the new year, shortly after parliament reconvenes on … Read more
December 29, 2017 by Heesu Lee and Grant Smith (Bloomberg) Oil continued its revival from the biggest crash in a generation, with prices set for a second annual gain after a year marked by hurricanes, Middle East conflict and the tussle between OPEC and U.S. shale. Futures are up more than 11 percent in 2017, … Read more
HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE: PSX) executive management will host a conference call webcast at noon EST on Friday, Feb. 2, to discuss the company’s fourth-quarter 2017 financial results, which will be released earlier that day, and provide an update on strategic initiatives. To access the webcast, go to the Phillips 66 Investors site, www.phillips66.com/investors, and click on “Events … Read more
CALGARY — Imperial Oil says its much-delayed $16.1-billion project to build a natural gas pipeline across the Northwest Territories from the coast of the Beaufort Sea to northern Alberta has finally been cancelled.
In a brief news release posted on it…
December 28, 2017 by Heesu Lee and Grant Smith (Bloomberg) Oil traded near the highest level in more than two years in New York after a pipeline explosion curbed production in OPEC member Libya. West Texas Intermediate futures were little changed, having climbed above $60 a barrel on Tuesday for the first time since 2015. … Read more
December 28, 2017 by Alex Longley (Bloomberg) Oil traders are going to have their work cut out for them in 2018. OPEC and its allies are heading into the second year of supply cuts to wipe out the global oil glut, while rising U.S. output is threatening those efforts. Geopolitical tensions also add a wild … Read more
EDMONTON — Nexen Energy is facing workplace charges following the deaths of two oilsands workers in northern Alberta.
The men had been doing maintenance work in a hydrogen compressor building at the company’s Long Lake upgrader near Anzac on Jan. 15, …
CALGARY, Alberta & HOUSTON–(BUSINESS WIRE)–Dynacorp Energy Services (“Dynacorp”) and Energes Oilfield Solutions, LLC (“Energes”) have come together to form EnerCorp Sand Solutions (“EnerCorp”), a leading provider of sand management products and technologies for the oil and gas industry. EnerCorp designs, manufactures, sells, rents and services patented and proprietary sand control solutions for onshore operators across … Read more
December 26, 2017 by Scott Deveau (Bloomberg) A slowdown in big energy deals pushed the value of mergers in Canada lower for the first time since 2013, offsetting a decade-high resurgence in domestic transactions. Canadian firms were involved in $243.5 billion worth of mergers and acquisitions through Dec. 26, down 11 percent from $272.3 billion … Read more
December 27, 2017 by Alex Longley and Heesu Lee (Bloomberg) Oil retreated from its highest close in more than two years in London and New York amid low volume, as a pipeline carrying crude to a Libyan export terminal was said to need a week for repairs following an explosion on Tuesday. West Texas Intermediate … Read more
December 26, 2017 (Bloomberg) Saudi Arabia expects oil revenue to jump about 80 percent by 2023 to help the kingdom record its first budget surplus in a decade, according to people with knowledge of the matter. Under a six-year program to balance the budget, officials predict rising oil prices and output will push income from … Read more
CALGARY — In a rare sign of optimism for the future of the oilsands, South Korea-owned Harvest Operations Corp. says it has decided to complete and begin producing from a 10,000-barrel-per-day project it halted more than two years ago due to low oil p…
MONTREAL — Canadian National Railway is testing the commercial viability of shipping dry pellets of heavy crude by rail, a process it says lessens environmental risk and could unlock offshore markets for the country’s energy producers.
Earlier this ye…
December 22, 2017 Reuters SINGAPORE/LONDON (Reuters) – Oil prices dipped on Friday but stayed near their highest levels since 2015 on pledges from OPEC leader Saudi Arabia and non-OPEC Russia that any exit from crude output cuts would be gradual. Market liquidity was drying up on Friday as traders closed positions ahead of the Christmas … Read more
December 22, 2017 by Ben Sharples and Grant Smith (Bloomberg) Oil headed for the first weekly advance in a month as U.S. crude stockpiles fell to the lowest level in more than two years and the pace of production gains slowed. Front-month futures slid 0.5 percent in New York, trimming the weekly gain to 1.4 … Read more
December 21, 2017 by Julie Verhage (Bloomberg) Bitcoin enters a bear market (really!), the U.S. government may just barely avert a shutdown (again), and India’s bond rout is just getting started. Here are some of the things people in markets are talking about. Bitcoin’s Bear MarketBitcoin tumbled below $15,000 Thursday in U.S. trading, technically entering a bear market after … Read more
December 21, 2017 Reuters NEW YORK (Reuters) – With more than 144 million barrels added to hedges, global oil markets rallied by as much as $13 in the quarter. Higher prices helped producers lock in profits for future sales. That should guarantee that total production exceeds 10 million bpd in 2018, which would be an all-time … Read more
VICTORIA — Salmon migrating through rivers and streams in British Columbia use all their strength, but new research says even tiny amounts of diluted bitumen weakens their chances of making it back to spawn.
Exposure to diluted bitumen hinders the swi…
LETHBRIDGE, Alta. — The winds of change are pushing Mark Kokas in a new career direction.
Nearly two years after being laid off as an electrician in Alberta’s flailing oil and gas sector, the 42-year-old is training to become a wind turbine technician…
CALGARY, AB (December 15, 2017) – The Petroleum Services Association of Canada (PSAC) has begun the search for a new President and CEO following the resignation of Mark Salkeld which will be effective March 15, 2018. The petroleum services, supply and manufacturing sectors are looking forward to more certain times following the past two challenging … Read more
Dec 21, 2017 by Theophilos Argitis (Bloomberg) Canadian inflation jumped above the Bank of Canada’s 2 percent target as the nation’s red-hot economy begins to show signs of price pressure. Inflation accelerated to 2.1 percent in November from a 1.4 percent rate in October, Statistics Canada reported Thursday in Ottawa. While the jump was due … Read more
CALGARY — Sales of oil and gas drilling rights in Alberta delivered almost four times as much money for the provincial treasury in 2017 compared with 2016 but the total remained well short of the record.
Alberta Energy reports receiving $18 million in…
SAN RAMON, Calif.–(BUSINESS WIRE)–Dec. 20, 2017– Chevron today announced a contribution of $500,000 from the Chevron Global Community Fund to the American Red Cross in support of relief efforts for the wildfires in Ventura, Santa Barbara, Los Angeles and San Diego counties. “Chevron, like others in California, wants to help with the response to these … Read more
December 20, 2017 by Grant Smith (Bloomberg) Oil headed toward its highest close in over a week as industry data was said to show a larger-than-expected drop in U.S. crude stockpiles. February futures in New York added 0.4 percent after gaining 0.6 percent Tuesday. Inventories fell 5.2 million barrels last week, the American Petroleum Institute … Read more
December 20, 2017 by Lorcan Roche Kelly (Bloomberg) Tax reform passes Senate vote, Europe says Uber is a taxi company, and Spain is back on the risk map. Here are some of the things people in markets are talking about today. Deal (almost) done In the early hours of the morning the Senate voted 51-48 … Read more
December 20, 2017 by Jessica Summers, Alex Longley and Christopher Sell (Bloomberg) The direction of oil prices in 2018 will be decided in Texas. Crude oil production out of the U.S. is expected to hit record levels next year, buoyed in part by OPEC supply curbs that have put a floor under prices. For analysts forecasting … Read more
CALGARY — Nebraska regulators have declined requests to amend its approval allowing TransCanada Corp.’s Keystone XL pipeline to run through the state.
The Nebraska Public Service Commission says in an order that in a unanimous vote it denied all motio…
December 19, 2017 LINCOLN, Nebraska (Reuters) – Nebraska regulators on Tuesday denied TransCanada Corp’s TRP.TO request to retroactively amend its route application for the proposed Keystone XL pipeline project through the state, a potential setback to the company as it seeks to head off legal challenges to the approved path. The state’s Public Service Commission … Read more
CALGARY — The Transportation Safety Board of Canada says a lack of detailed inspection procedures contributed to a 10,000-litre crude oil leak east of Edmonton last March.
The board says the leak from a storage tank at the Enbridge terminal in Sherwoo…
December 19, 2017 by Grant Smith (Bloomberg) Oil traded near $57 a barrel for a third day before data expected to show that surplus crude inventories in the U.S. continued to diminish as global markets rebalance. Futures rose 0.7 percent in New York after slipping 0.2 percent on Monday. Inventories probably lost 3 million barrels … Read more
U.S. Drilling Productivity Report – December EIA’s Drilling Productivity Report (DPR) for December has now been released. The DPR takes a fresh look at oil and natural gas production, starting with an assessment of how and where drilling for hydrocarbons is taking place. It uses recent data on the total number of drilling rigs in … Read more
December 19, 2017, by Keith Naughton (Bloomberg) Automakers with ambitious plans to roll out more than a hundred new battery-powered models in the next five years appear to be forgetting one little thing: Drivers aren’t yet buzzed about the new technology. Electric cars—which today comprise only 1 percent of auto sales worldwide, and even less … Read more
CALGARY — Driving by empty workforce accommodation camps along northern Alberta highways near Fort McMurray, the oilsands boom that became a bust still hits home three years after the slide began.
The empty parking lots surround plain, functional-look…
December 18, 2017 by Lorcan Roche Kelly (Bloomberg) Tax bill expected to pass, Wall Street bonus pool looks shallow, and (another) big week in Brexit negotiations. Here are some of the things people in markets are talking about today. Counting the votes President Donald Trump said the U.S. economy will “start to rock” as the … Read more
December 15, 2017 by Andrew Mayeda, Josh Wingrove and Eric Martin (Bloomberg) The U.S., Mexico and Canada are heading into 2018 with no clear plan for saving the North American Free Trade Agreement. Negotiators are poised to wrap up their latest round of talks Friday in Washington without closing any new chapters of a revamped … Read more
December 16, 2017 by Matt Townsend (Bloomberg) Now that Republicans in Congress have released their final tax bill, two big questions remain. What will companies do with all that cash, and who will benefit the most? In the joint House-Senate legislation released Friday, which is expected to be voted on next week, the crucial provisions … Read more
December 17, 2017 by Julian Lee (Bloomberg Gadfly) And OPEC thought 2017 was tough. 2018 could be a killer. The starting point isn’t great. The group and the International Energy Agency — the two giants of the oil world — have very different views of the year ahead. OPEC sees the policy of output restraint finally … Read more
December 18, 2017 Reuters Canadian oil producers are running out of options to get crude to market as pipeline and rail capacity fills up, driving prices to four-year lows and increasing the risk of firms having to sell cheaply until at least late 2019.This will drive down the profit margins for the oil sands industry, already … Read more
CALGARY — Inter Pipeline Ltd. (TSX:IPL) says it has decided to go ahead with a $3.5-billion petrochemical project in an industrial area north of Edmonton.
The complex will convert propane into polypropylene, a plastic used in the manufacturing of prod…
December 18, 2017 by Grant Smith (Bloomberg) Oil steadied above $57 a barrel in New York as the threat of supply disruptions from the North Sea to OPEC member Nigeria and reduced U.S. drilling all suggested the global surplus may continue to fade. Futures added 0.5 percent in New York, matching Friday’s gain. U.S. explorers … Read more
By David Yager Oilfield Services Executive Advisory – Energy Policy Analyst December 18, 2017 Three years and three weeks after the ill-fated November 2014 OPEC meeting which precipitated the world oil price collapse, the light at the end of the tunnel may not be a train. In terms of opportunities for all the players in … Read more
EDMONTON — Alberta has begun monitoring oilsands emissions from the sky.
The province’s environmental monitoring agency is using airborne sensing equipment to measure the release of greenhouse gases and other chemicals from oilsands mines north of For…
WASHINGTON, D.C. – The U.S. Department of Energy (DOE) today announced up to $100 million in funding for new projects as part of the Advanced Research Projects Agency-Energy’s (ARPA‑E) latest OPEN funding opportunity. OPEN will support America’s top innovators through dozens of early-stage research and development projects as they build technologies to transform the nation’s energy system. “The … Read more
CALGARY — Canadian oilsands producers face rising price discounts as growing production “materially exceeds” export pipeline capacity to the United States in the first quarter of 2018, RBC Dominion Securities says in a new research report.
The report …
December 14, 2017 by Valerie Volcovici WASHINGTON (Reuters) – The final version of comprehensive tax legislation being negotiated by House and Senate lawmakers will preserve key renewable energy tax credits that were once at risk of being removed, congressional and business sources said on Thursday. Congressional Republicans reached a deal on tax legislation on Wednesday, … Read more
December 15, 2017 by Robert Tuttle (Bloomberg) The trains are running late for Canada’s oil producers just when they need them the most. After a two-week shutdown of one of the largest export pipelines to the U.S. caused oil to back up in Alberta tank farms, Canadian railroad companies struggling to fulfill commitments to ship … Read more
December 15, 2017 by Lorcan Roche Kelly (Bloomberg) Final tax plan due, showdown in the oil market, and Brexit talks set to get messy. Here are some of the things people in markets are talking about today. Compromise text The final details of the tax plan are due to be released later today by Congressional Republicans, … Read more
December 15, 2017 by Angelina Rascouet (Bloomberg) Oil steadied below $65 a barrel in London after a volatile week in which the market was shaken by the shutdown of a North Sea pipeline that underpins the Brent benchmark. Prices in London were little changed on the week. They jumped above $65 for the first time … Read more
December 15, 2017 by Grant Smith (Bloomberg) The two most critical forecasts of global oil markets offer contrasting visions for 2018: one in which OPEC finally succeeds in clearing a supply glut, and another where that goal remains elusive. In the estimation of the Organization of Petroleum Exporting Countries, production curbs by the cartel and … Read more
December 15, 2017 by Serene Cheong (Bloomberg) The world’s biggest oil buyers are getting pickier about their American crude purchases. Asian refiners are discovering that the quality of cargoes varies, leading to fluctuations in the type of fuels they can produce. The shale boom and the end of a U.S. oil-export ban have proven a … Read more
FREDERICTON — New Brunswick is adopting federal targets for large industrial emitters that could make them pay to offset their pollution.
The province introduced legislation Thursday that it says would also redirect taxes on gasoline and diesel to pro…
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Clean Energy Fuels Corp. (Nasdaq: CLNE) announced today that it has been awarded a $3 million design, build, operation and maintenance contract for a new compressed natural gas (CNG) fueling station which will serve both public and private customers. The City of Santa Fe, New Mexico, has contracted with Clean Energy to build a CNG fueling station for … Read more
December 14, 2017 by Lorcan Roche Kelly (Bloomberg) A raft of central bank decisions, tax overhaul’s latest challenge, and it’s PMI day. Here are some of the things people in markets are talking about today. Central bank day After the Federal Reserve raised rates as expected yesterday, and China’s tightening overnight, today it’s the turn … Read more
December 14, 2017 Reuters HOUSTON, Dec 14 (Reuters) – Financiers keep pouring cash into the shale oil sector, providing producers with a path to keep U.S. output rising through the middle of the next decade. The United States is on track to deliver up to 80 percent of the world’s oil production gains through 2025, the … Read more
December 14, 2017 by Kevin Crowley and Meenal Vamburkar (Bloomberg) It’s not exactly the Pike’s Peak gold rush of 160 years but with crude prices on the rise, explorers are returning to the oil-rich rock of Colorado as a way to expand beyond the shale plays of Texas and New Mexico. During the three-year crude-market collapse, … Read more
December 14, 2017 by Ben Sharples and Grant Smith (Bloomberg) Oil traded below $57 a barrel as the International Energy Agency said OPEC-led production cuts aimed at clearing a global glut may falter next year. Futures slipped 0.6 percent in New York after falling 2.4 percent the previous two sessions. While a glut in developed markets … Read more
December 14, 2017 by Kevin Orland (Bloomberg) Clean energy is coming to Canada’s oil patch. The government of Alberta — home to the world’s third-largest oil reserves — on Wednesday auctioned off 595 megawatts of renewable energy capacity to be built in the province. That exceeded the government’s target of 400 megawatts. The process marks … Read more
FREDERICTON — An environmental group in New Brunswick says the province’s plan to combat climate change offers no incentive for motorists to reduce the amount of fuel they burn.
“I understand what the government is trying to do by saying we’re going t…
CALGARY — The new chief executive of Cenovus Energy Inc. unveiled plans for a leaner oilsands company Thursday, announcing hundreds of job cuts, lower-than-expected 2018 capital spending and the departure of three key executives.
Alex Pourbaix, who re…
CALGARY — Bids in an auction to pick renewable energy projects were so attractive that the Alberta government decided to back proposals to build 600 megawatts of new generation, 50 per cent higher than its goal of 400 MW.
The government said Wednesday…
MONTREAL — Canadians will purchase a record number of electric vehicles this year as the growing sales of cars with longer ranges is prompting a push to increase the number of fast chargers, the head of the country’s largest charging network says.
Add…
December 13, 2017 IRVING, Texas–(BUSINESS WIRE)–ExxonMobil announced today the completion of a transaction by ExxonMobil Development Africa B.V. to acquire a 25 percent indirect interest in Mozambique’s gas-rich Area 4 block from Eni and assume responsibility for midstream operations. ExxonMobil will lead the construction and operation of all future natural gas liquefaction and related facilities, while … Read more
America Oil and Gas Market 2017–By Identifying the Key Market Segments and Key players holding market share 2021 PUNE, INDIA, December 13, 2017 /EINPresswire.com/ — Synopsis The Americas region dominates oil and gas related construction projects globally with 32% of the total value. Canada and the US accounts for 73% of the value of projects … Read more
December 12, 2017 by Robert Tuttle (Bloomberg) Heavy Canadian crude fell to a three-year low against benchmark prices Tuesday as bottlenecks on pipelines and rail networks crimped exports. Canadian crude’s discount to West Texas Intermediate futures has widened more than $15 since August as pipeline companies including Enbridge Inc. rationed space amid high Western Canadian … Read more
December 13, 2017 by Liam Denning (Bloomberg Gadfly) North America’s oil producers have adopted a meek tone of late. But the numbers suggest they’re locked and loaded heading into 2018. Bloomberg New Energy Finance on Wednesday released an extensive new database, compiled by Peter Pulikkan, Bert Gilbert, Daniel McLaughlin and Jacob Fericy, detailing the hedging … Read more
December 13, 2017 by Lorcan Roche Kelly (Bloomberg) It’s Fed day, Doug Jones wins Alabama, and the U.K. is losing workers. Here are some of the things people in markets are talking about today. Hike day Unless almost every economist surveyed by Bloomberg and practically all U.S. traders have got this one wrong, the Federal … Read more
December 13, 2017 by Grant Smith (Bloomberg) OPEC predicted that global oil markets won’t rebalance until late next year after boosting forecasts for supplies from the U.S. and other rivals. The Organization of Petroleum Exporting Countries’ monthly report raised its outlook for non-OPEC supply in 2018 by 300,000 a barrels a day, as its projections … Read more
December 12, 2017 by Laura Blewitt (Bloomberg) The world’s largest oil consumer exported more hydrocarbons than ever before in 2017 and shows no signs of slowing down. You name it — crude oil, gasoline, diesel, propane and even liquefied natural gas — all were shipped abroad at a record pace. While the surge comes many … Read more
CALGARY — Enbridge defended its plan to sell its onshore renewable assets Tuesday on a day that saw major climate change commitments emerge from a conference in Paris.
Speaking at an investor conference in New York, company CEO Al Monaco said the sell…
Dec 12, 2017 by Laura Blewitt (Bloomberg) The world’s largest oil consumer exported more hydrocarbons than ever before in 2017 and shows no signs of slowing down. You name it — crude oil, gasoline, diesel, propane and even liquefied natural gas — all were shipped abroad at a record pace. While the surge comes … Read more
CALGARY — Canadian Natural Resources Ltd. is promoting a 27-year veteran of the company to president as part of a management succession plan.
Canada’s largest producer of natural gas and one of its biggest oilsands companies says president Steve Laut …
Dec 11, 2017 by Jennifer A. Dlouhy (Bloomberg) The Trump administration is preparing to unveil as soon as this week an expansive offshore oil plan that would open the door to selling new drilling rights in Atlantic waters, according to people familiar with the plan. President Donald Trump ordered his Interior Department to write the … Read more
December 12, 2017 by Grant Smith (Bloomberg) Global benchmark Brent crude jumped above $65 a barrel for the first time in 2 1/2 years after one of the most important pipelines in the world was shut because of a crack. Futures rose as much as 1.8 percent in London, set for the highest close since … Read more
December 12, 2017 by Lorcan Roche Kelly (Bloomberg) U.K. inflation hits highest in more than five years, a cracked pipe pushed Brent crude over $65, and it’s Senate election day in Alabama. Here are some of the things people in markets are talking about today. Inflation Bank of England governor Mark Carney’s job got more difficult … Read more
December 12, 2017 by Jonathan Tirone and Matthias Wabl (Bloomberg) An explosion at a key European natural gas hub in Austria killed at least one person and caused supply disruptions that roiled the continent’s energy markets. At least 21 people were injured and one missing and presumed dead after the blast at Gas Connect Austria’s … Read more
December 12, 2017 Reuters The shutdown of Britain’s largest crude oil pipeline is an early Christmas gift to U.S. exporters shipping to Asia, and a complication for Middle Eastern and African producers seeking to maintain market share in the world’s top importing region.The Forties Pipeline System, which carries about 450,000 barrels per day (bpd) from the … Read more
FREDERICTON — The New Brunswick government will not impose a new direct tax on consumers when it introduces legislation for carbon pricing on Thursday, according to a government source.
The source tells The Canadian Press that the legislation will inc…
December 11, 2017 HOUSTON–(BUSINESS WIRE)–Phillips 66 (NYSE: PSX) and Enbridge Inc. (NYSE: ENB) today announced an open season for the Gray Oak Pipeline. The Gray Oak Pipeline will provide producers and other shippers the opportunity to secure crude oil transportation from West Texas to the destination markets of Corpus Christi, Freeport, and Houston, Texas, with … Read more
December 11, 2017 by Ben Sharples and Alex Longley (Bloomberg) Oil held steady as U.S. drilling expanded and two OPEC nations signaled the group may phase out production cuts if the market improves by the middle of the year. Futures were little changed in New York after climbing 2.5 percent the previous two sessions. Drillers … Read more
December 11 by Eric J. Weiner (Bloomberg) U.S. stocks were higher after an explosion rocked midtown Manhattan. The dollar fell and Treasuries rose. Major equity gauges climbed, led by roughly 1 percent gains in media and energy shares, as markets digested news of the blast at the Port Authority bus terminal on 42nd St. Gold … Read more
December 10, 2017 by Julian Lee (Bloomberg Gadfly) When Saudi Arabia’s oil minister attended Friday’s grand opening of a giant liquefied natural gas plant in northern Siberia, he’d have known this was just part of a bigger energy story developing in Russia’s icy north. It’s not just gas that’s a big deal there. Russia’s Arctic oil flows are soaring … Read more
TORONTO — The Progressive Conservatives have asked the Ontario Provincial Police to investigate millions in ineligible expenses — including scuba gear and raccoon traps — filed by nine power generators in the province.
Auditor general Bonnie Lysyk rep…
GUELPH, Ont. — Shares in Canadian Solar Inc. rose Monday after the company revealed it has received a non-binding takeover offer from its chairman, Shawn (Xiaohua) Qu, who is also CEO and president.
Qu is tentatively offering US$18.47 in cash for each…
MONTREAL — A far-left activist group has claimed responsibility for vandalizing the home and property of the president and CEO of Junex Inc., an oil and gas company conducting exploratory drilling in Quebec’s Gaspesie region.
Media reports revealed th…
Dec 8, 2017 by Catherine Traywick (Bloomberg) — The Trump administration’s latest bid to bail out coal country appears to be faltering amid opposition and disagreement among the nation’s top energy regulators. Kevin McIntyre, sworn in Thursday as chairman of the Federal Energy Regulatory Commission, has asked to delay acting on Energy Secretary Rick Perry’s sweeping … Read more
CALGARY — A long-running dispute over a well completion technology that helped usher in the shale oil and gas boom in North America has resulted in a Canadian court decision declaring invalid a patent held by Packers Plus Energy Services Inc.
In the d…
WASHINGTON (Reuters) – U.S. President Donald Trump took aim at the country’s third-largest bank on Friday tweeting that government fines and penalties against Wells Fargo & Co could be “substantially increased” amid an on-going sales scandal. “Fines and penalties against Wells Fargo Bank for their bad acts against their customers and others will not be … Read more
AUSTIN, Texas, Dec. 8, 2017 /PRNewswire/ — In 2015, the Food and Beverage Manufacturing sector of Texas comprised 5.6% of the Texas gross domestic product. This percentage equals to $14,383,000 in revenue which is growing annually. Approximately half of all energy consumption in the food & beverage industry is used to change raw materials into products. Most of the remaining energy is used … Read more
BOSTON–(BUSINESS WIRE)–Clean Power Northeast Development, a subsidiary of Emera Inc., has applied to the U.S. Department of Energy for a Presidential Permit, requesting authorization to build the Atlantic Link subsea electric transmission project. The application has been deemed complete and the project’s submission notice was published today in the U.S. Federal Register. Atlantic Link is … Read more
HOUSTON–(BUSINESS WIRE)–Kinder Morgan, Inc. (NYSE: KMI) today announced its preliminary 2018 financial projections. “Through three tough years for the energy sector, our business has proven robust and resilient,” said Steve Kean, KMI President and CEO. “For 2018, we expect to generate $4.57 billion of distributable cash flow (DCF).” Below is a summary of KMI’s expectations … Read more
December 8, 2017 by Lorcan Roche Kelly (Bloomberg) It’s jobs day, deal reached to progress Brexit talks, and banks win in final Basel III agreement. Here are some of the things people in markets are talking about today. Payrolls At 8:30 a.m. Eastern Time the Bureau of Labor Statistics will publish jobs data for November, with expectations … Read more
December 8, 2017 by Michael McDonald and Naureen S. Malik (Bloomberg) It seemed at the time like a somewhat random, and amazingly fortuitous, coincidence. Just as the Panama Canal was unveiling a new, fatter set of locks, U.S. shale drillers were readying their very first exports of liquefied natural gas. While the wide-body tankers that … Read more
(Bloomberg Gadfly) — In theory, America’s pipelines sector should be a candy store for value investors. The benchmark Alerian MLP Index remains 52 percent below its August 2014 peak and yields a heady 8.3 percent. Oil prices, while nowhere near the levels of three years ago, have stabilized, and this year should be the first since 2013 in … Read more
(Bloomberg) — U.S. stocks rose as investors evaluated the outlook for a final tax bill while the dollar advanced for a fourth day and oil rebounded from its worst selloff in two months. The S&P 500 ended a four-day losing streak, with industrial and consumer discretionary shares among the best performers in a modest but broad rally … Read more
CALGARY — The National Energy Board has allowed Kinder Morgan Canada to bypass some bylaws in Burnaby, B.C. that stand in the way of its Trans Mountain pipeline expansion project.
The decision released on Thursday was met with outrage with those oppos…
(Bloomberg) — President Donald Trump urged Republicans to settle their differences over the U.S. biofuel mandate at a White House meeting Thursday with Ted Cruz and other senators critical of the requirement for ethanol use, according to lawmakers who attended. “There wasn’t a resolution. It was we need to get to resolution,” said Senator James Lankford, … Read more
(Bloomberg) — The bad news bears took a deep breath on a day when there was no price-rattling data to agonize over and oil inched up as a result. A day after fears over mounting U.S. fuel inventories sent future prices spiraling downward, they clawed back a portion of their descent, gaining as much as 1.3% … Read more
EDMONTON — A union that represents 3,000 oilsands workers at Suncor Energy sites in northeastern Alberta has won a court injunction against random drug testing.
Unifor Local 707-A had argued that random testing would be a violation of workers’ rights …
TORONTO — Ontario’s opposition parties are calling on the province’s Independent Electricity System Operator to release the names of power generators that billed millions in ineligible expenses and for it to recoup all of that money.
The IESO said Thu…
EDMONTON — Alberta’s energy regulator wants to keep bad operators out of the oilpatch to reduce the ballooning number of bankrupt companies who have walked away from unprofitable wells.
“We will be requiring more information at the time a person or a …
CALGARY — Alberta has set out its competition-based plan to reduce carbon emissions from the province’s big industries, but it’s raising concerns from some about jobs and costs.
The regulations will give companies credits if their facilities produce l…
CALGARY — A moratorium on loans for energy pipeline projects has been lifted, Desjardins Group said Wednesday, as it vowed to consider environmental, social and governance practices of clients in all future lending decisions.
The decision in July to t…
CALGARY — Alberta is setting aside close to $1.4 billion from climate levies to help industry reduce carbon emissions.
The government said the funding, spread over seven years, will make it easier for industries to invest in new technologies, stay com…
CALGARY — Kinder Morgan Canada (TSX:KML) says it is still not in a position to start significant construction on the Trans Mountain expansion project and expects spending on the project for at least part of next year to focus mostly on permitting.
In …
CALGARY — Suncor Energy (TSX:SU) says it has started the regulatory process on replacing aging boilers at its oilsands Base Plant with two cogeneration units to lower costs and carbon output.
The company says the cogeneration units, which allows indus…
REGINA — The Saskatchewan government has introduced a climate-change strategy that inches toward a price on carbon emissions, but leaves large parts of its economy untouched.
And it doesn’t include a carbon tax, which Environment Minister Dustin Dunca…
CALGARY — Kinder Morgan Canada and Burnaby, B.C., clashed in a National Energy Board’s hearing room Monday over the fate of local permitting for the controversial Trans Mountain expansion project.
The company (TSX:KML) argued at the NEB’s Calgary head…
CALGARY — Husky Energy Inc. (TSX:HSE) is planning to increase its capital spending in 2018 to between $2.9 billion and $3.1 billion.
That includes up to $1.1 billion on growth projects and up to $2 billion on sustaining and corporate spending.
The 20…
Saskatchewan and three U.S. states have signed a memorandum of understanding on carbon capture and storage.
The three-year agreement, signed at the Western Governors’ Association meeting in Arizona, says Montana, Wyoming, North Dakota and Saskatchewan…
OTTAWA — First Nations, environmental groups and Yukon Premier Sandy Silver welcomed a Supreme Court of Canada ruling on wilderness lands Friday as a victory for the northern territory.
The unanimous high court ruling is likely to ensure ecological pr…
EDMONTON — A judge hearing an application from a union for an injunction to stop Suncor from starting random drug tests at oilsands facilities in northeastern Alberta is to make his ruling next Thursday.
Unifor Local 707-A says such random testing wou…
EDMONTON — Alberta Finance Minister Joe Ceci says he is not considering introducing a sales tax to help cure the province’s financial woes because Albertans don’t support it.
Ceci says the idea of a sales tax came up today when he had a roundtable mee…
MONTREAL — The Dream group of real estate companies had the highest proportion of female board members and executives last year, according to detailed data released Thursday by Canadian securities regulators.
Five Dream-related Ontario businesses scor…
VANCOUVER — British Columbia says the federal government needs to back off and stop interfering in an independent review process over the approval of Kinder Morgan’s Trans Mountain pipeline.
Environment Minister George Heyman said he is “very disturbe…
CALGARY — Pembina Pipeline Corp. (TSX: PPL) says its board of directors has approved construction of an export terminal at Prince Rupert, B.C., to be used to send liquefied Western Canadian propane to markets in Asia and Central America.
The Calgary-b…
CALGARY — Shares of Enbridge Inc. popped higher in early trading after the company announced plans to raise its dividend, issue shares and sell off at least $3 billion in assets next year.
The stock was up $2.72 or about six per cent at $48.47 in trad…
CALGARY — Enbridge says it is going to sell off at least $3 billion of its assets next year.
The Calgary-based energy giant said it has identified $10 billion of what it describes as non-core assets.
Enbridge announced a strategic update late Wednesda…
OTTAWA — The federal government wants to see a new process established to resolve conflicts over permits that Kinder Morgan says is delaying construction on its Trans Mountain pipeline expansion in British Columbia.
Natural Resources Minister Jim Carr…
FOR: ENBRIDGE INC.NYSE SYMBOL: ENBTSX SYMBOL: ENBDate issue: November 29, 2017Time in: 4:47 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 29, 2017) – Enbridge Inc. (TSX:ENB)
(NYSE:ENB) (Enbridge or the Company) announced today that its Board of…
FOR: ENBRIDGE INC.NYSE SYMBOL: ENBTSX SYMBOL: ENBDate issue: November 29, 2017Time in: 4:46 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 29, 2017) – Enbridge Inc. (Enbridge or
the Company) (TSX:ENB)(NYSE:ENB) today announced the finalization o…
FOR: ENBRIDGE INC.NYSE SYMBOL: ENBTSX SYMBOL: ENBDate issue: November 29, 2017Time in: 4:44 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 29, 2017) – Enbridge Inc. (TSX:ENB)
(NYSE:ENB) today announced that it has entered into subscription agree…
FOR: ENBRIDGE INCOME FUND HOLDINGS INC.TSX SYMBOL: ENFDate issue: November 29, 2017Time in: 4:34 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 29, 2017) – Enbridge Income Fund Holdings
Inc. (TSX:ENF) (“ENF” or the “Company”) announced today its…
FOR: CHANGFENG ENERGY INC.TSX VENTURE SYMBOL: CFYDate issue: November 29, 2017Time in: 1:17 PM eAttention:
TORONTO, ONTARIO–(Marketwired – Nov. 29, 2017) – Changfeng Energy Inc., (TSX
VENTURE:CFY) (“Changfeng” or “the Company”), an energy provider in…
FOR: SANJEL ENERGY SERVICES
Date issue: November 29, 2017Time in: 9:00 AM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 29, 2017) – Sanjel Energy Services today
announced that as part of the company’s growth strategy, Mr. Murray Bickley
will assum…
FOR: CUB ENERGY INC.TSX VENTURE SYMBOL: KUBDate issue: November 29, 2017Time in: 8:54 AM eAttention:
HOUSTON, TEXAS–(Marketwired – Nov. 29, 2017) – Cub Energy Inc. (“Cub” or the
“Company”) (TSX VENTURE:KUB), a Ukraine-focused upstream oil and gas com…
EDMONTON — Alberta remains on track to rack up a $10.3-billion deficit this year but Finance Minister Joe Ceci says the economy is rebounding and it’s time public sector workers step up to help keep it going.
“Alberta is back in the saddle,” Ceci said…
FOR: UNITED HUNTER OIL & GAS CORP.TSX VENTURE SYMBOL: UHOFRANKFURT SYMBOL: 18UDate issue: November 28, 2017Time in: 5:00 PM eAttention:
TORONTO, ONTARIO–(Marketwired – Nov. 28, 2017) – United Hunter Oil and Gas
Corp. (TSX VENTURE:UHO)(FRANKFURT:18U) …
CALGARY — TransCanada Corp. (TSX:TRP) said Tuesday it has started to engage with Nebraska landowners along the alternate route of its Keystone XL pipeline approved last week.
Speaking at an investor day in Toronto, Dean Patry, senior vice-president of…
ST. JOHN’S, N.L. — Exxon Mobil Corp. says first oil has been produced ahead of schedule from the $14-billion Hebron project in the Jeanne D’Arc Basin about 350 kilometres southeast of St. John’s.
It had been expected to begin production in December. A…
MONTREAL — Alimentation Couche-Tard Inc. hasn’t given up hope of selling cannabis as some Western Canadian provinces turn to the private sector for over-the-counter sales, the convenience store operator’s CEO said Tuesday.
Brian Hannasch said the larg…
FOR: POINT LOMA RESOURCES LTD.TSX VENTURE SYMBOL: PLXDate issue: November 28, 2017Time in: 3:10 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 28, 2017) –
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES
Point…
FOR: CANADIAN SECURITIES EXCHANGE (CSE)
Date issue: November 28, 2017Time in: 2:00 PM eAttention:
TORONTO, ONTARIO–(Marketwired – Nov. 28, 2017) – Biocure Technology Inc., the
issuer resulting from a Fundamental Change of Gravis Energy Corp. has been…
FOR: BROMPTON OIL SPLIT CORP.TSX SYMBOL: OSPTSX SYMBOL: OSP.PR.ADate issue: November 28, 2017Time in: 1:30 PM eAttention:
TORONTO, ONTARIO–(Marketwired – Nov. 28, 2017) – Investors and investment
advisors are invited to listen to an update presentati…
FOR: EAGLE ENERGY INC.TSX SYMBOL: EGLDate issue: November 28, 2017Time in: 11:55 AM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 28, 2017) – Eagle Energy Inc. (“Eagle”)
(TSX:EGL) is pleased to announce initial production test results from its fir…
FOR: SUNCOR ENERGY INC.TSX SYMBOL: SUNYSE SYMBOL: SUDate issue: November 28, 2017Time in: 10:40 AM eAttention:
All financial figures are in Canadian dollars
CALGARY, ALBERTA–(Marketwired – Nov. 28, 2017) – Suncor today confirmed that
it has been advi…
FOR: GRAN TIERRA ENERGY INC.NYSE MKT SYMBOL: GTETSX SYMBOL: GTEDate issue: November 28, 2017Time in: 9:15 AM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 28, 2017) – Gran Tierra Energy Inc.
(“Gran Tierra” or the “Company”) (NYSE American:GTE)(NYS…
FOR: TRANSCANADATSX SYMBOL: TRPNYSE SYMBOL: TRPDate issue: November 28, 2017Time in: 6:00 AM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 28, 2017) – News Release – TransCanada
Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) will host its annual I…
FOR: THE FRASER INSTITUTE
Date issue: November 28, 2017Time in: 5:00 AM eAttention:
CALGARY, AB –(Marketwired – November 28, 2017) – British Columbia now ranks
as the least-attractive Canadian jurisdiction for oil and gas investment —
followed by A…
CALGARY — Former Alberta premier Alison Redford has taken a new job as policy adviser to Afghanistan’s minister of energy.
The World Bank says Redford has been hired as a consultant, but wouldn’t confirm her specific job title.
Her LinkedIn page says…
CALGARY — TransCanada Corp (TSX:TRP) says it plans to restart operations on its Keystone pipeline on Nov. 28 after making repairs to a leak that spilled about 795,000 litres of crude oil in South Dakota.
The company says U.S. regulators have cleared i…
CALGARY — TransCanada Corp. has asked the Nebraska Public Service Commission to reconsider its order that approved an alternative route for the company’s proposed Keystone XL pipeline through the state.
Company spokesman Terry Cunha says TransCanada i…
EDMONTON — Several First Nations and Indigenous groups have asked the federal government to step in and protect some endangered caribou herds on provincial land in Alberta.
In a letter to federal Environment Minister Catherine McKenna, the coalition s…
FOR: RAISE PRODUCTION INC.TSX VENTURE SYMBOL: RPCDate issue: November 27, 2017Time in: 5:29 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 27, 2017) – Raise Production Inc. (TSX
VENTURE:RPC) (“Raise” or the “Company”) announces that it has grant…
CALGARY — Enbridge Inc. says it has reached a deal with the State of Michigan on the aging Line 5 pipelines that run along the bottom of a channel between Lakes Huron and Michigan.
The twin pipelines were laid in 1953 and have raised increasing concer…
CALGARY — Houston-based Civeo Corp. says it is buying Noralta Lodge Ltd. of Edmonton for $367 million in a deal that unites two major providers of workforce accommodation in the oilsands region of northern Alberta.
The companies say in a joint news re…
FOR: TRANSCANADATSX SYMBOL: TRPNYSE SYMBOL: TRPDate issue: November 27, 2017Time in: 3:15 PM eAttention:
AMHERST, SOUTH DAKOTA–(Marketwired – Nov. 27, 2017) – Media Advisory –
TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) announced that …
FOR: EPCOR UTILITIES INC.
Date issue: November 27, 2017Time in: 2:42 PM eAttention:
EDMONTON, ALBERTA–(Marketwired – Nov. 27, 2017) – EPCOR Utilities Inc. (EPCOR)
has completed a public offering in Canada of unsecured medium term note
debentures in t…
FOR: AFRICA ENERGY CORP.TSX VENTURE SYMBOL: AFEDate issue: November 27, 2017Time in: 7:00 AM eAttention:
VANCOUVER, BRITISH COLUMBIA–(Marketwired – Nov. 27, 2017) – Africa Energy
Corp. (TSX VENTURE:AFE) (“Africa Energy” or the “Company”) announces th…
CALGARY — Mining and oil and gas companies not only face threats from cybercriminals hoping to gain financially but may also be targeted by “hacktivists” who want to make a political or environmental point, says Yogen Appalraju, EY Canada’s cybersecur…
CALGARY — Data theft from high-profile hacks against companies like Uber and Equifax can cost consumers thousands of dollars but resource companies worry about millions in damage, along with potential injuries and death, if their technology is comprom…
CALGARY — Alberta Premier Rachel Notley took her pro-pipeline tour to the heart of the energy industry in Calgary on Friday where she urged business leaders not to let up on the message that Canada’s climate progress depends on pipeline progress.
Spea…
TORONTO — An Ontario New Democrat is proposing a private member’s bill that would regulate gas prices, though the Liberal government doesn’t seem keen to do so.
Gilles Bisson will introduce a bill next week that would allow the Ontario Energy Board to…
OTTAWA — Statistics Canada says strong performance in the financial sector drove Canadian corporate operating profits to just over $100 billion in the third quarter, up 17.2 per cent from the same period last year.
The federal agency says profits were…
CALGARY — One of the few female CEOs in the Canadian oilpatch says she is looking forward to creating a “clean hydrocarbons” company after she parted ways with the American financial backers of her oil and gas producing firm.
Suzanne West said Friday …
OTTAWA — Canada’s oilpatch could get a big head start on reducing emissions of a powerful greenhouse gas for a “near-zero” cost, says an academic study on the price of methane reduction.
“Industry, as a whole, doesn’t suffer,” said David Tyner, a Carl…
CALGARY — South African energy company Sasol Ltd. is looking to sell its Canadian shale gas assets.
The company says it has identified the assets as being non-core and it will start a structured sale process involving Progress Energy, its partner in t…
CALGARY — The Alberta Energy Regulator says a pipeline owned by Calgary-based Mount Bastion Oil & Gas Corp. has leaked about 560 barrels of an oil and water mixture at a northern Alberta wellsite.
AER spokesman Jordan Fitzgerald says the regulator has…
SURREY, B.C. — FortisBC says it has shipped 950 gigajoules of liquefied natural gas from Vancouver to China, marking the industry’s first shipment to the Asian country.
The move is part of a pilot project aimed to determine long-term feasibility of B….
OTTAWA — Alberta Premier Rachel Notley is warning all political parties to take off their partisan blinders or both the environment and Canada’s energy industry will fail.
Notley was in Ottawa this week as part of a campaign to build support for pipel…
CALGARY — Activist investor FrontFour Capital says it will attempt to influence decisions at Calgary-based Obsidian Energy Ltd. (TSX:OBE) after accumulating more than 27 million shares.
The Greenwich, Conn.-based hedge fund says in a declaration filed…
CALGARY — The association that represents Canadian oil and gas drilling companies says it expects “muted stability” for the industry in 2018 despite recent strengthening in oil prices.
The Canadian Association of Oilwell Drilling Contractors is callin…
TORONTO — Alberta Premier Rachel Notley says Nebraska’s decision to allow TransCanada’s Keystone XL pipeline to run through that state brings North America closer to greater energy security.
Nebraska’s Public Service Commission on Monday approved the …
An international summary of five year’s worth of research on Arctic climate change concludes the top of the world is getting warmer faster than anyone thought.
And if it all sounds interesting but a little far removed from southern concerns, David Bar…
MONTREAL — Loblaw Companies Ltd. says it is among the first purchasers of Tesla’s new electric truck.
Canada’s largest supermarket chain (TSX:L) says it has pre-ordered 25 of the vehicles called the Tesla Semi.
“It’s part of our commitment to electrif…
CALGARY — Oil and gas investments may have soured for managers of the Norwegian sovereign wealth fund but two Canadian funds say they have plenty of room for such securities in their portfolios.
In a letter this week, Norway’s central bank urged the N…
MEDICINE HAT HIRING FAIR | We are hosting a hiring fair in Medicine Hat on Wednesday, November 22 at the Medicine Hat Lodge. Come join our hiring team and 105.3 ROCK live on location, from 10 a.m. – 6 p.m. Some of our hiring managers and operations professionals will be there to answer questions and have an informal meet and greet. We … Read more
CALGARY — TransCanada Corp. said Friday that work is well underway to clean up a sizable oil leak at its Keystone pipeline in South Dakota that occurred days before a vote on the fate of the company’s flagship pipeline proposal.
The company said about…
MONTREAL — A Quebec biofuels company has signed its first deal to power an airline’s jets with energy grown from Canadian oilseeds.
Agrisoma Biosciences Inc. of Gatineau will supply biofuel to Australia’s Qantas Airways made from Carinata seed, a non-…
CALGARY — TransCanada Corp. said its original Keystone pipeline has leaked an estimated 795,000 litres of oil in Marshall County, S.D. just days before Nebraska is set to decide the fate of plans to expand the pipeline network.
The company (TSX:TRP) s…
CALGARY — Negative market reaction to a slight rise in its 2018 spending plan by natural gas producer Seven Generations Energy Ltd. (TSX:VII) shows how little patience investors have for anything but conservative management in the oilpatch, analysts s…
CALGARY — Suncor Energy Inc. (TSX:SU) says it will spend between $4.5 billion and $5 billion in 2018 to deliver average upstream production of about 760,000 barrels of oil equivalent per day.
The midpoint in spending guidance represents a decline of a…
FORT MCMURRAY, Alta. — A judge says air ambulance service in the oilsands region in northeast Alberta is hobbled because helicopters can’t land directly at the Fort McMurray hospital.
A fatality inquiry report into the 2007 death of an oilsands worker…
EDMONTON — Starting Thursday, customers at Husky gas stations in Ontario will be required to pay before fuelling up, either in the store or at the pump.
Husky Energy says it believes requiring customers to pre-pay will minimize risks to gas station st…
CALGARY — Obsidian Energy Ltd. says it has reached a US$8.5-million settlement with the U.S. Securities and Exchange Commission over fraud-related charges filed earlier this year.
The SEC had alleged the company and three executives participated in a …
CALGARY — The new CEO of Cenovus Energy Inc. (TSX:CVE) says he will focus on paying down debt through asset sales as he works to regain the trust of investors.
Alex Pourbaix, 52, says he wants to ensure the Calgary-based company produces oil and gas t…
Canada’s drive to shut down all of its coal-fired power plants by 2030 could be undermined by provincial side-deals like the one currently being negotiated with Nova Scotia, critics say.
“A 2030 date, overall for Canada, is achievable and ambitious — …
ST. JOHN’S, N.L. — Newfoundland and Labrador will target big spending in health, education and by the Crown corporation overseeing the bloated Muskrat Falls project as its deficit mounts.
The province is now expecting a deficit of $852 million this fi…
LINCOLN, Neb. — A decision on the last major regulatory hurdle for TransCanada (TSX:TRP) in its nine-year quest to complete the Keystone XL pipeline will be made next week.
The Nebraska Public Service Commission says in statement that a vote on the ap…
CALGARY — Cenovus Energy Inc. (TSX:CVE) says it is selling its majority stake in a Saskatchewan enhanced-oil recovery project to Calgary-based Whitecap Resources Inc. (TSX:WCP) for $940 million.
The deal is the last on a list of four asset sales the m…
CALGARY — Investment firm AltaCorp Capital Inc. says its founder and CEO, Calgary oil and gas financier George Gosbee, died suddenly on Sunday.
Gosbee was a former governor of the National Hockey League and, in 2013, led a group to purchase the Arizon…
OTTAWA — Climate change talks in Germany are headed for a collision course on coal this week — and Canada is right in the middle of it.
Environment Minister Catherine McKenna is arriving today in Bonn, Germany, to attend the second week of COP23, the …
EDMONTON — The Canadian government says it lacked the scientific evidence to determine if oilsands tailings ponds were leaking into waterways and hurting fish.
But the government says it continues to work on methods to determine if chemicals associate…
CALGARY — Canadian Natural Resources Ltd. (TSX:CNQ) is considering adding a 30,000- to 40,000-barrel-per-day bitumen-only project to its Horizon oilsands mine to take advantage of excess ore production and pipeline capacity.
The proposed project could…
CALGARY — The cost of looking after hundreds of wells, pipelines and other oilfield gear left behind by bankrupt Lexin Resources Ltd. has exceeded $2 million and the bills continue to roll in, says Alberta’s Orphan Well Association.
The association wa…
CALGARY — Suncor Energy has named Mark Little as chief operating officer at the oilsands giant, shifting him from his current role as president of upstream operations.
The company says he will be responsible for all operations and many of its corporat…
CALGARY — TransCanada Corp. said Thursday it received broad interest for space on its Keystone XL pipeline, with a final investment decision on the project possibly weeks away.
The company (TSX:TRP) closed an extended bidding window for space on the p…
OTTAWA — The Supreme Court of Canada will hear an appeal from Alberta’s energy regulator that seeks to overturn a ruling that could allow bankrupt energy companies to walk away from cleaning up abandoned oil wells.
The decision could affect industrial…
CALGARY — Tourmaline Oil Corp. (TSX:TOU) says it is cutting its 2018 capital spending budget by half a billion dollars because of persistently low natural gas prices.
The Calgary-based oil and gas company says it will dial back production growth to 10…
CALGARY — TransCanada Corp. earned $612 million in its latest quarter compared with a loss a year ago.
The pipeline company (TSX:TRP) says the profit amounted to 70 cents per share for the quarter ended Sept. 30.
That compared with a loss of $135 mill…
VANCOUVER — A non-profit group has abandoned a legal challenge of the Trans Mountain pipeline project in British Columbia, saying losing the case could bankrupt the organization.
Duff Conacher of Democracy Watch says the advocacy group decided to with…
CALGARY — Encana Corp. (TSX:ECA) has no plans to spend more to increase production despite recent world oil price increases linked to unrest in Saudi Arabia, CEO Doug Suttles said Wednesday.
He said the Calgary-based oil and gas company, which has a …
OTTAWA — The single biggest element of Canada’s national emissions reduction plan might not be unveiled on time.
A year ago, the federal government announced plans to develop a national clean fuels standard to reduce harmful emissions. It was supposed…
CALGARY — Natural gas processor and transporter Keyera Corp. (TSX:KEY) saw its profits swing lower in its latest quarterly report released Tuesday after markets closed.
The Calgary-based company saw its net earnings fall to $38 million or 20 cents per…
OTTAWA — The National Energy Board says it will not expedite the process to determine if the city of Burnaby, B.C. is deliberately obstructing construction of the expanded Trans Mountain Pipeline by refusing to issue necessary construction permits.
Th…
CALGARY — Canadian Natural Resources Ltd. (TSX:CNQ) is throttling back capital spending in 2018, but plans to increase production to more than one million barrels of oil equivalent per day.
Western Canada’s largest heavy oil and natural gas producer s…
VANCOUVER — Finning International Inc. says it earned $52 million in its latest quarter, up from $36 million a year ago, as revenue improved 16 per cent.
The heavy equipment dealer (TSX:FTT) says the profit amounted to 31 cents per share, up from 22 c…
EDMONTON — Alberta Premier Rachel Notley is to go on tour later this month to stump for the Trans Mountain pipeline, but is resisting opposition calls to wield a big stick against its opponents.
Notley is to speak in Toronto, Ottawa, Vancouver, Calgar…
BURNABY, B.C. — A city in British Columbia wants Saskatchewan’s justice minister to withdraw comments suggesting it “is deliberately slowing down” the Trans Mountain pipeline expansion.
A lawyer acting for Burnaby sent a letter to Don Morgan saying ci…
REGINA — SaskPower says it won’t likely support more carbon capture and storage projects due to costs.
President and CEO Mike Marsh says the technology is still worthwhile, but the current economic climate doesn’t warrant moving forward with such projects because the low cost of natural gas makes that a more viable option.
SaskPower’s Boundary Dam power plant in Estevan takes emissions from coal generation and stores them.
When the $1.5-billion facility opened with much fanfare in October 2014, the goal was to reduce carbon dioxide emissions by one million tonnes annually; in 2016, SaskPower said the plant was on track to capture 800,000 tonnes of carbon dioxide.
SaskPower had to pay $7.3 million in penalties to Cenovus Energy (TSX:CVE) in 2015 because the plant wasn’t operating enough to deliver all the captured carbon dioxide promised to Cenovus.
The Crown corporation must decide next year what options are best to retrofit its last two coal generated units at the plant.
Boundary Dam was forced offline several times in 2015. SaskPower’s annual report that year said the power plant faced technical and mechanical issues which “prevented the plant from achieving an acceptable level of reliability and performance.”
Premier Brad Wall touted Saskatchewan’s carbon capture and storage technology at an international climate change conference in 2015.
(CJME, The Canadian Press)
CJME, The Canadian Press
Note to readers: This is a corrected story. A previous version said spokesman Jonathan Tremblay.
FORT MCMURRAY, Alta. — One of the country’s largest oilsands companies is facing federal charges in the death of 31 great blue herons at one of its mine sites in northern Alberta more than two years ago.
The charges against Syncrude Canada under the Migratory Birds Convention Act are in addition to provincial charges already laid.
In August 2015, Syncrude revealed that 29 carcasses from the large shorebirds were discovered near a pump house at an abandoned sump pond at Mildred Lake north of Fort McMurray.
Additional birds were euthanized on the order of Alberta Fish and Wildlife.
Despite initial reports that bird deterrents at the facility were fully working, a Syncrude spokesman later acknowledged that no such equipment was in operation.
Syncrude installed fencing, sound cannons and bird-scaring statues, including a robotic falcon. Human observers were also stationed at the site around the clock.
Syncrude appeared in provincial court in Fort McMurray on Wednesday to answer to the federal charges.
The provincial charges relate to failing to properly store a hazardous substance. The maximum fine is $500,000 per count.
Great blue herons, which feed on fish and frogs along shorelines and riverbanks, are Canada’s largest heron. They stand more than a metre tall with a wingspan of up to two metres. Their numbers are considered secure.
In September, 123 dead and dying songbirds were discovered at Suncor’s nearly complete Fort Hills oilsands mine. The Alberta Energy Regulator is investigating those deaths.
Suncor is also investigating why the birds were in the area despite the presence of working bird deterrents, including cannons, radar and scarecrows.
In 2010, 550 birds had to be destroyed due to an early winter storm that forced them to land on ponds at Syncrude and Suncor. No charges were laid.
In 2008, Syncrude Canada was fined $3 million when more than 1,600 ducks were killed after they landed in a tailings pond.
The Canadian Press
OTTAWA — The Parliament Hill hoopla this week was all about horoscopes and Halloween costumes, with an undertone of Bill Morneau controversy for good measure.
The new Governor General, former astronaut Julie Payette, made a notable debut on the federal scene on Wednesday with a speech to fellow scientists. Her mocking of climate change deniers, creationists, homeopathic medicine and horoscope believers prompted howls of protest from those who say a representative of the Queen should be seen, not heard — at least when it comes to opinions.
And outrage spewed over the appearance of Prime Minister Justin Trudeau in the House of Commons dressed as Clark Kent, complete with a stretchy Superman costume under his shirt and tie. Detractors demanded the PM get back to business, and/or also do something about the hair that made him look too much like Conservative finance critic (and Morneau nemesis) Pierre Poilievre.
Conservative Leader Andrew Scheer stuck closer to home in his get-up as Data from Star Trek — a hat tip to science-based evidence, his handlers say. The public reaction was . . . subdued.
The week in politics was not just about indignation. Developments on immigration policy, the North and Stephen Harper will have lasting implications. Here are three ways federal politics touched us this week:
MORE NEWCOMERS
Canada will very gradually increase the number of immigrants it admits over the next three years.
In recent history, Canada has admitted about 250,000 newcomers a year, rising to about 300,000 for the past two years. Now, the federal government aims to increase the level to 340,000 by 2020.
Proponents of higher levels have long argued that Canada needs a constant influx of highly skilled immigrants to fuel prosperity for the next generation. And they were generally content with the increases and the long-term planning evident in the three-year horizon that they saw this week.
But refugee advocates, who have found a strong ally in the Trudeau government in the past, were disappointed. The United Nations has repeatedly pointed out that the world is in the throes of a migrant crisis, and has lobbied wealthy countries like Canada to dramatically up their intake.
However, this week’s numbers show Canada is aiming to take 43,000 refugees next year, up just 3,000 from this year. Of those, the government-assisted refugees that the UN had in mind will remain static at 7,500 people.
THE NORTH
Every once in a while on a fairly regular basis, the premier of the Northwest Territories flies down to Ottawa and complains about being forgotten and neglected. This time, it was on a different scale.
Bob McLeod’s trip this week aimed to raise the alarm, and show Ottawa that the North has tumbled into despair despite doing all the right things to become self-supporting.
The culprit, he says, is the federal government’s decision a year ago to ban new oil and gas development in the Arctic because an oil spill would be disastrous for the region.
In the name of environmental protection, McLeod argues, the ban killed off investment at a time when the Arctic is already fighting a losing battle to deal with the vast, spillover effects of environmental degradation from the south. Dwindling caribou herds, melting permafrost, erosion and forest fires are destroying a way of life.
With 40 per cent of the territory’s economy depending on natural resources, the ban means “everything we have built is now in jeopardy,” McLeod said.
So far, mainly silence from the federal government.
HARPER
Former prime minister Stephen Harper has determinedly kept himself out of the public eye for two years now, only wading in occasionally to make a comment or two on government decisions. So last Friday night, when a note written by Harper-the-consultant to his business clients surfaced, every word was weighed heavily.
The government, he wrote, was not taking Donald Trump’s threats to tear up NAFTA seriously enough. The Liberals should stop pushing their progressive agenda on labour, gender, Indigenous Peoples and environment. They should stop allying themselves with Mexico. And instead, they should figure out how to salvage what they can from the trade agreement that is central to Canada’s economic health.
NAFTA-watchers have heard it all before. But because it was the former prime minister speaking this time, both the Liberals and the Conservatives were quickly on the defensive — the Liberals saying they were negotiating in Canada’s interests and would not capitulate, and the Conservatives insisting they were not trying to use Harper to disrupt a united front at the bargaining table.
The next round of talks will take place in Mexico City later this month — presumably enough time for the Harper uproar to settle down.
Heather Scoffield, Ottawa Bureau Chief , The Canadian Press
CALGARY — Alberta Premier Rachel Notley says she wants the National Energy Board to move quickly to remove roadblocks on the Trans Mountain pipeline expansion project.
The City of Burnaby, B.C., hasn’t issued necessary permits to allow Kinder Morgan Canada Ltd. (TSX:KML) to expand its pipeline from the Edmonton area to a tank farm and port in Burnaby.
Trans Mountain wants the board to clear the way for work to begin and Notley shares that view.
“We are going to push very hard to have that matter heard very quickly, because we think they are overreaching extensively. We should not be allowing projects that are of such national significance to be held up by municipalities using laws for purposes for which they were not intended,” Notley said Friday.
“The position of the municipality in that case is not very strong. Delay is not helpful and playing around with authorities in order to create delays is not the way to go.”
Kinder Morgan has said that Burnaby’s “failure to act in a timely manner raises serious issues of jurisdiction” related to the $7.4-billion pipeline expansion.
The company also wants the board to set up a way to make an “expedited determination” about similar complaints in the future.
Alberta, British Columbia, and Saskatchewan have all indicated they want to intervene in the Burnaby permit proceeding, the board said Friday.
“The chair of the board has authorized a panel to deal with this matter,” board secretary Sheri Young said in a letter.
Saskatchewan Justice Minister Don Morgan said the interprovincial pipeline has already been approved and shouldn’t be held up by a municipality.
He said Burnaby is deliberately slowing down an important project for an industry that is just starting to recover from sluggish oil prices.
“Saskatchewan has consistently taken the position that once an interprovincial pipeline has been approved by the federal government, provinces and municipalities should not be able to interfere,” Morgan said in a statement.
“Our government will continue to advocate for an expansion of pipeline capacity across Canada.”
Notley welcomed Saskatchewan’s decision.
“The more people that can be engaged in it (the hearing), the better. As I’ve said, we’re not particularly interested in pursuing a delay in that matter.”
Kinder Morgan already has energy board and federal approvals to twin the pipeline, more than tripling its capacity, but CEO Steve Kean said recently delays in permits and regulatory approvals mean the project could be almost nine months behind schedule.
Notley said she doesn’t see a need for any further intervention by the federal Liberal government.
“You have to respect the role of the NEB to a certain degree, so if you push too hard and you undermine the process such that it then becomes subject to challenge, that’s not helpful either,” she said.
“We know the federal government has made the decision that the project is to go ahead. That’s what we needed to have happen. I think they are also working fairly hard on the issues that remain of concern to people in B.C.”
Notley said she will continue her arguments on the importance of Trans Mountain when she visits British Columbia later this month.
— Follow @BillGraveland on Twitter
Bill Graveland, The Canadian Press
REGINA — The Saskatchewan government says it has applied for intervener status in National Energy Board hearings on the Trans Mountain pipeline project.
Justice Minister Don Morgan says the province argues the interprovincial pipeline has already been approved and shouldn’t be held up by a municipality.
The city of Burnaby, B.C., hasn’t issued necessary permits to allow Kinder Morgan Canada Ltd. (TSX:KML) to expand its pipeline from the Edmonton area to a tank farm and port in Burnaby.
Morgan says Saskatchewan is disappointed the city is deliberately slowing down an important project for an industry that is just starting to recover from sluggish oil prices.
He says Saskatchewan energy companies need to get their product to the coast and all Canadians — including Burnaby residents — benefit from a thriving energy sector.
Kinder Morgan wants the National Energy Board to clear the way for work on the Burnaby portion of the pipeline expansion.
It already has energy board and federal approvals, but the company says delays in permits and regulatory approvals mean the project could be almost nine months behind schedule.
“Saskatchewan has consistently taken the position that once an interprovincial pipeline has been approved by the federal government, provinces and municipalities should not be able to interfere,” Morgan said in a statement Friday. “Our government will continue to advocate for an expansion of pipeline capacity across Canada.”
The Canadian Press
NORTHERN B.C. HIRING FAIRS ON OCTOBER 3rd & 4th! If you are in Fort St. John or Dawson Creek, stop by and chat with our human potential team about what possibilities are right for you. Candidates are asked to bring an updated resume and 5-year commercial driver abstract. Tuesday, October 3 | 12 p.m. – … Read more
Calgary, Alberta, Canada: August 16, 2017 Hazloc HeatersTM, a leading manufacturer of industrial unit heaters for hazardous and severe-duty locations, is pleased to announce the introduction of new 230V models, built-in thermostats, built-in disconnect switch and continuous fan options available on the AEU1 series of Explosion-Proof Electric Air Heaters. The AEU1 series of unit heaters are designed for … Read more
August 10, 2017 (Bloomberg) Oil climbed above $50 a barrel in New York after OPEC boosted estimates of demand for its crude amid stronger-than-expected fuel consumption and a weaker outlook for rival supply. Futures advanced 1 percent after climbing 0.8 percent Wednesday as the Organization of Petroleum Exporting Countries raised forecasts for the amount it needs … Read more
VANCOUVER — Two key British Columbia cabinet ministers are expected to outline the government’s next steps Thursday on the Trans Mountain pipeline expansion after campaigning against the project.
No details have been provided about the announcement by Attorney General David Eby and Environment Minister George Heyman, but the future of the $7.4-billion project has been heavily scrutinized since the NDP government came to power.
Premier John Horgan promised on the campaign trail earlier this year to use “every tool in the toolbox” to stop the project, but a mandate letter to the Heyman softened the language, saying instead that he must “defend B.C.’s interests in the face of” the expansion.
Last month Eby said the province would not artificially delay permits for the project, because doing so would risk a costly lawsuit from proponent Trans Mountain, a subsidiary of Kinder Morgan Canada.
Several First Nations and municipalities have filed legal challenges against the expansion, which would triple the capacity of the Alberta-to-B.C. pipeline and increase the number of tankers in Vancouver-area waters seven-fold.
The project has been approved by Ottawa and the province’s former Liberal government.
Trans Mountain says construction is set to begin in September.
The Canadian Press
Aug 9th 2017 (Bloomberg) A worldwide glut of natural gas has buyers of the fuel driving hard bargains and pushing for shorter supply contracts. The only problem with that, according to their sellers: The market’s about to turn against them. Gas buyers have become too focused on the short-term, turning away from long-term contracts, said … Read more
August 9, 2017 (Bloomberg) Oil halted two days of declines as U.S. industry data showed crude stockpiles fell. Futures added 0.3 percent in New York after dropping 0.8 percent the previous two sessions. U.S. inventories slid by 7.8 million barrels last week, the American Petroleum Institute was said to report Tuesday, while a Bloomberg survey also forecast … Read more
August 9, 2017 (Bloomberg) OPEC said Iraq, the United Arab Emirates and Kazakhstan — who have lagged in their implementation of a deal to cut production — affirmed their commitment to the accord at a meeting in Abu Dhabi. “All expressed their full support” for the system to monitor the cutbacks “in order to achieve … Read more
August 8, 2017 (Bloomberg) U.S. producers are seen pumping away, even with the price of West Texas Intermediate crude lingering below $50 as barrel, according to the latest government estimates. Domestic output will average 9.91 million barrels a day next year, the U.S. Energy Information Administration said in its monthly Short-Term Energy Outlook released Tuesday. … Read more
August 8, 2017 (Bloomberg) Oil traded above $49 a barrel in New York after Saudi Arabia was said to cut crude sales to Asian buyers as part of its pledge to reduce exports and shrink a global glut. Futures rose 0.7 percent after dropping Monday. Saudi Arabia will supply lower volumes than some customers requested for September, … Read more
August 7, 2017 (Bloomberg) The future of TransCanada Corp.’s Keystone XL pipeline could hinge on whether a Nebraska commission believes the project is in the public’s interest or a private land grab as property owners claim. More than 90 percent of TransCanada’s preferred 270 mile route through the state would cut across privately owned land, … Read more
August 4, 2017 (Bloomberg) Oil is back down again this week following the year’s biggest rally as investor focus shifted to rising output from the U.S. and OPEC, and away from a seasonal increase in American fuel demand. Futures in New York were down 1.4 percent for the week after an 8.6 percent surge in … Read more
August 2, 2017 (Bloomberg) The frantic shale race may be causing some long-term damage to assets in the Permian and other major U.S. oil fields. As production from wells rapidly declines, drillers are rushing to add new ones at a faster pace in order to keep increasing output. The problem is that drilling multiple wells … Read more
August 3, 2017 (Bloomberg) Oil traded near $50 a barrel as investors weighed declining U.S. stockpiles against rising output. Futures added 0.3 percent in New York, extending their 0.9 percent gain on Wednesday. U.S. crude inventories dropped by 1.53 million barrels last week, while gasoline supplies fell for a seventh week, according to a report from the Energy Information … Read more
CALGARY — Canadian Natural Resources Ltd. (TSX:CNQ) trimmed its capital spending plan for this year as it reported a profit of $1.07 billion in its latest quarter compared with a loss a year ago.
The oilsands company says it has decreased its capital spending program by about $180 million for 2017. It had said it March that it planned to spend about $3.9 billion this year.
The decision came as Canadian Natural also raised the mid-point of its 2017 annual liquids and barrels of oil equivalent production guidance by 11,000 bbl/d and 3,000 BOE/d respectively.
The company says its profit in its latest quarter amounted to 93 cents per diluted share compared with a loss of $339 million or 31 cents per share in the same quarter last year.
Adjusted earnings from operations were $332 million or 29 cents per share compared with a loss of $210 million or 19 cents per share a year ago.
Production in the quarter averaged 913,171 barrels of oil equivalent per day, up from 783,988 in the second quarter last year.
The Canadian Press
August 2, 2017 (Bloomberg) Oil ended a fickle session on the rise as record demand for gasoline helped ease concerns that increasing crude production from America’s shale fields will worsen a global glut. Futures closed 0.9 percent higher in New York after disappointing numbers for crude supplies and output sent prices tumbling. U.S. oil stockpiles last … Read more
August 2, 2017 PR Newswire HOUSTON, Aug. 2, 2017 /PRNewswire/ — Despite the low price environment, continued declines in revenues and lower capital expenditures, the 50 largest US exploration and production (E&P) companies demonstrated a commitment toward resource acquisition and development with strong plowback percentages* in 2016 — 158% compared to a five-year average of 132%, according to the US … Read more
CALGARY — Rick George, former CEO of Suncor Energy and a pioneer of Canada’s oilsands industry, has died at the age of 67 after a battle with acute myeloid leukemia.
George, who died Tuesday, is credited with transforming Suncor from a money-losing oilsands mining company into one of Canada’s largest corporations over a 21-year career before his retirement in 2012.
“Rick’s impact on the oilsands industry, the Canadian business community, and the broader community has been immeasurable,” said Suncor CEO Steve Williams in a statement.
“Rick was very much admired and loved by his Suncor family.”
Williams worked as an executive with George for 10 years at Suncor before assuming the helm of the company.
George joined the company that would become Suncor in 1991 and brought in changes that upset traditional mining practices but boosted production and profitability.
“He had the fortitude and the vision to change the model and he … reinvented the model to allow oilsands to reach its potential in a way that we’re all benefiting from today,” said Tim McMillan, president of the Canadian Association of Petroleum Producers.
George oversaw Suncor’s $19-billion merger with Petro-Canada in 2009, creating a company with oilsands production, refineries, retail outlets, offshore and conventional oil and gas assets throughout the country.
Suncor’s shares are now worth about $68 billion.
In a statement on Wednesday, his family asked for privacy.
“With heavy hearts, we are determined to embrace challenges and adventure with the same rigour that he demonstrated every day,” the statement said.
“A brilliant businessman, a loyal friend, and a loving husband, father and grandfather, he will be greatly missed.”
His immediate family includes his wife Julie, sons Matthew and Zachary, and daughter Emily.
George was born in the small ranching community of Brush, Colo., and earned science and law degrees in the United States.
He served as managing director of Sun Oil Britain Ltd. before moving to Canada in 1991, later adopting Canadian citizenship.
Mike O’Brien, a current member of the Suncor board who retired as chief financial officer in 2002, said George’s drive was balanced by a folksy charm that helped him win converts to his point of view.
“He’s a hell of a nice guy. Everyone wants to help him get it done,” said O’Brien.
George was appointed an officer of the order of Canada in 2007 in recognition of his business acumen and commitment to Aboriginal communities and sustainable development.
“He was on the environmental file before anyone else was. He was on the Aboriginal file,” said O’Brien. “He just felt those things were priorities and he saw the big picture.”
George wrote a biography after retiring called Sun Rise: Suncor, the Oil Sands and the Future of Energy, in which he staunchly defended the environmental record of the oilsands and its interactions with Aboriginals while decrying delays in approving export oil pipelines such as the Keystone XL.
He recently served on the boards of Osum Oil Sands Corp., RBC and Anadarko Petroleum, and as a partner at Novo Investment Group.
George was chairman of Penn West Petroleum and officiated over the annual meeting in June in downtown Calgary where the company’s name was changed to Obsidian Energy.
Follow @HealingSlowly on Twitter.
Dan Healing, The Canadian Press
Aug 2, 2017 (Bloomberg) U.S. oil traded near $49 a barrel as investors await U.S. data following a report inventory unexpectedly expanded last week. Futures were little changed in New York after losing 2 percent Tuesday, the first drop in seven sessions. Inventories rose by 1.78 million barrels last week, the American Petroleum Institute was … Read more
Aug 2, 2017 (Bloomberg) Oil majors are raking in more cash now than they did in the heyday of $100 oil, according to Goldman Sachs Group Inc. Integrated giants like BP Plc and Royal Dutch Shell Plc have adapted to lower prices by cutting costs and improving operations, analysts at the bank including Michele Della … Read more
Aug 2, 2017 (Bloomberg) The shale surge that’s tied down global oil prices shows no signs of abating, as four of the biggest U.S. drillers said they’re not backing away from lofty production targets for 2017. In second-quarter earnings reports, EOG Resources Inc., Devon Energy Corp., Newfield Exploration Co. and Diamondback Energy Inc. all outlined goals … Read more
August 1, 2017 (Bloomberg) Oil dropped below $50 a barrel as a stronger dollar eroded gains ahead of U.S. government data on crude stockpiles. Futures fell as much as 0.9 percent in New York after climbing 9.6 percent the previous six sessions. The dollar rose as much as 0.2 percent, reducing the appeal of commodities … Read more
July 31, 2016 (Bloomberg) Oil traded near $50 a barrel in New York as efforts by Venezuela’s president to seize more power raised speculation the U.S. could step up sanctions. Futures were little changed after surging 8.6 percent last week. The U.S. is said to be considering increasing sanctions against Venezuela’s oil industry, the Wall Street Journal … Read more
July 30, 2017 (Bloomberg) Oil in New York briefly rose above $50 for the first time since May after OPEC said the group and its partners will meet next week to discuss why some nations are falling behind on their pledge to cut production. Futures gained as much as 0.7 percent after surging 8.6 percent … Read more
July 29, 2017 (Bloomberg) Representatives of some OPEC and non-OPEC nations will meet in Abu Dhabi on Aug. 7-8 to discuss why some of them are falling behind in their pledges to cut production, according to an OPEC statement. The meeting, co-chaired by Kuwait and Russia, will examine reasons why some countries aren’t fully implementing their … Read more
(Bloomberg) Oil had its best week this year as signs point to a market that’s achieving a balance between supply and demand. Futures surged 8.6 percent in New York for the biggest weekly gain since December. U.S. crude stockpiles fell to the lowest since January, while gasoline inventories shrank to the smallest this year. The nation’s … Read more
July 27, 2017 (Bloomberg) Caution lights are flashing for the oil industry. Facing lower-than-expected commodity prices, drillers from ConocoPhillips to Hess Corp. to Statoil ASA have slashed their capital spending plans in recent days, as companies lay out their plans to cope with oil prices stuck below $50 a barrel. The budget cuts won’t necessarily … Read more
July 28, 2017 (Bloomberg) 1) Even Oil Executives See an Electric Future Imagine a Detroit auto executive driving a Japanese car. That’s kind of what it felt like when the chief executive officer of one of the world’s biggest oil companies said in a Bloomberg TV interview that his next car would be electric. Ben … Read more
July 25, 2017 (Bloomberg) Big Oil is starting to beat the crude-market slump as the industry rediscovers how to make money at lower prices. Exxon Mobil Corp. and Royal Dutch Shell Plc are forecast to more than double second-quarter profit from a year earlier, far outstripping the 8 percent gain in benchmark Brent crude, according to … Read more
July 26, 2017 (Bloomberg) Oil extended gains from the highest close in seven weeks as industry data showed U.S. crude stockpiles plunged, easing a glut. Futures climbed as much as 1.5 percent in New York after rising 4.6 percent in the previous two sessions. Inventories tumbled by 10.2 million barrels last week, the American Petroleum … Read more
VANCOUVER — British Columbia’s attorney general says the NDP government will not artificially delay permits for the Trans Mountain pipeline, despite the premier’s vow to use every available tool to stop the project.
David Eby said he’s been tasked by Premier John Horgan to identify options to halt Kinder Morgan Canada’s $7.4-billion expansion of its Alberta-to-B.C. pipeline, which has already been approved by Ottawa and the previous B.C. government.
Eby said the province cannot deliberately stall on permits without risking a very costly lawsuit, but it can ensure that permits require that construction be done in a way that minimizes spills, protects the environment and ensures appropriate cleanup.
“I’ve been tasked by the premier to identify our options. There is an important piece to that, which is that we must do so within the laws of British Columbia and Canada, because if we don’t, we’ll be sued,” Eby told Kamloops radio station CHNL.
“We’ll end up paying hundreds of millions of dollars that should be going to schools and hospitals to an oil company and that is not a goal that anybody’s looking for.”
Trans Mountain, a subsidiary of Kinder Morgan Canada, declined comment on Eby’s remarks but said it’s in an ongoing process of seeking and receiving permits from the necessary agencies, as construction of the project is phased.
Eby did not immediately respond to requests for comment from The Canadian Press.
Horgan’s NDP won 41 seats in the province’s May 9 election, shy of the 44 needed to mount a majority. But the Greens, who hold three seats, signed an agreement to support the New Democrats in a minority government.
The agreement states the government will “immediately employ every tool available to stop” the pipeline expansion.
A mandate letter issued by Horgan to Environment Minister George Heyman on Monday softens the language slightly, saying instead that he must employ every tool available to “defend B.C.’s interests in the face of” the expansion.
James Coleman, an energy law professor at Southern Methodist University who previously worked at the University of Calgary, said Eby’s remarks reflect the government’s need to be cautious about what it says and does.
“That’s certainly what you’d want to say. If you want to avoid compensation (to Trans Mountain), you wouldn’t want to give the suggestion that you were deliberately delaying or acting in bad faith,” he said.
“That’s one of those challenges the government faces. Because it has been so explicit that it’s going to use every tool to try and block this pipeline, that they may worry that the courts will see the government’s actions as being in bad faith.”
First Nations and environmental groups have filed lawsuits against the federal government’s approval of the project. Some groups have also launched legal challenges of B.C.’s environmental certificate.
The NDP government has not said what it plans to do about the lawsuits, but Coleman said if it is looking to avoid compensation, then the normal move would be to defend the certificate.
“The question is: Is that a half-hearted defence?” he asked. “I think that remains to be seen.”
Horgan said at a joint news conference with Prime Minister Justin Trudeau in Ottawa on Tuesday that he hasn’t yet been briefed by his attorney general but he has spoken with First Nations who have filed lawsuits against the federal government.
“I’ve met with the leadership of the Tsleil-Waututh, Musqueam and Squamish First Nations and have heard very clearly their views on the matter, and we’ll deal with those in the days and weeks ahead,” he said.
Charlene Aleck, an elected councillor of the Tsleil-Waututh, said she had met with Horgan and felt confident he supports their efforts to halt the pipeline expansion. However, Horgan has not signalled that he intends to join their legal fight, she said.
Green party Leader Andrew Weaver said in a statement that he understands Eby’s points and expects they are not indicative of a broader change in the NDP’s stance on the pipeline.
“As an opposition party, we will remain steadfast in calling on the NDP government to use every legally available tool to stop the pipeline from going ahead,” Weaver said.
— Follow @ellekane on Twitter.
Laura Kane, The Canadian Press
July 25, 2017 (Bloomberg) Oil rose as Saudi Arabia promised deep cuts to crude exports next month while the U.S. shale boom showed signs of slowing. Futures in New York added 1.8 percent, the biggest gain in almost a week. Saudi Arabia will cap shipments at 6.6 million barrels a day in August, 1 million … Read more
July 25, 2017 (Bloomberg) Oil prices have been lousy for so long that U.S. producers are hoarding unfinished wells rather than pumping crude out of them. In the natural gas patch, just the opposite is happening. While the energy slump has idled lots of wells for both commodities, their economics have diverged. Oil remains at half … Read more
OTTAWA — The debate around the future of the planned TransMountain pipeline expansion in British Columbia could intensify today when Prime Minister Justin Trudeau meets new B.C. Premier John Horgan for the first time.
Horgan was sworn into office last week after an unprecedented photo-finish election that saw former premier Christy Clark’s short-lived minority Liberal government defeated and Horgan’s NDP take over with the backing of the Green party.
Trudeau’s government approved the $7.4-billion pipeline expansion project last fall but Horgan campaigned against it and has pledged to fight the project with every tool at his disposal.
The two leaders have sidestepped the issue in official communications thus far, including a news release from Horgan on Monday where he said he intends to discuss the opioid crisis, B.C.’s wildfire emergency and the softwood lumber dispute with the U.S.
But there is little time for Horgan to waste if he wants to stop the project as pipeline-builder Kinder Morgan said just last week construction is on schedule to begin in September.
Following Horgan’s Ottawa trip, he will fly on to Washington, D.C., for meetings with U.S. lawmakers and officials about the softwood lumber dispute.
The Canadian Press
Note to readers: This is a corrected story. A previous version said Horgan was sworn in last month instead of last week.
July 24, 2017 (Bloomberg) OPEC may need to consider extending its oil-cuts agreement when the group meets in November, as crude markets are taking too long to recover, United Arab Emirates Energy Minister Suhail Al Mazrouei said. The Organization of Petroleum Exporting Countries, which already prolonged its cuts accord with other major producers through the … Read more
July 24, 2017 (Bloomberg) Anadarko Petroleum Corp. is cutting spending on drilling in another sign that low crude prices may finally be forcing a pullback in the U.S. shale boom. The company, one of the largest oil and natural gas explorers in the U.S., is paring $300 million from its 2017 capital budget, lowering it … Read more
July 24, 2017 (Bloomberg) Halliburton Co., promising to be disciplined in adding more fracking gear to the oilfields, says U.S. explorers are “tapping the brakes” on drilling as the price of oil struggles to breach $50 a barrel. The comments come days after Baker Hughes data found that explorers reduced the number of U.S. rigs … Read more
July 24, 2017 (Bloomberg) Oil rose as Saudi Arabia said it would make deep cuts to its crude exports in August and encourage better compliance with supply reductions from other producers. Futures rose as much as 1.2 percent in New York. Saudi Arabia, OPEC’s largest producer, will limit exports to 6.6 million barrels a day … Read more
July 23, 2017 Saudi Arabia’s economy will stall this year with growth “close to zero” due to lower oil revenue, the International Monetary Fund said. The fund lowered its 2017 growth forecast to 0.1 percent from 0.4 percent, citing OPEC production cuts, uncertainty over oil prices and the structural reforms the country is undertaking to … Read more
July 21, 2017 (Bloomberg) Oil dropped the most in two weeks as a report that OPEC’s July supply will be the highest this year fueled worries over a global glut. Futures tumbled 2.5 percent in New York on Friday, erasing gains from earlier this week. Supply from OPEC is set to exceed 33 million barrels a day … Read more
HOUSTON — The number of rigs exploring for oil and natural gas in the U.S. decreased by two this week to 950.
A year ago, just 462 rigs were active.
Houston oilfield services company Baker Hughes said Friday that 764 rigs sought oil and 186 explored for natural gas this week.
Among major oil- and gas-producing states, Louisiana gained four rigs, California increased by two and North Dakota and Utah each gained one.
Oklahoma and Texas each declined by three, New Mexico fell by two and Alaska decreased by one.
Arkansas, Colorado, Ohio, Pennsylvania, West Virginia and Wyoming were all unchanged.
The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of 2016 at 404.
The Associated Press
July 21, 2017 (Bloomberg) The weather was hot and humid on July 21, 1977, the day the U.S. government began stockpiling oil. It started small. Just 412,000 barrels of Saudi Arabian light crude stashed in a Southeast Texas salt cavern. In the wake of the Arab oil embargo, which sent prices through the roof and … Read more
July 21, 2017 (Bloomberg) OPEC and Russia’s plan to clear the global oil glut hasn’t worked as they hoped, but there’s little expectation the world’s largest producers will act more aggressively when they meet this weekend. Oil has slumped into a bear market and inventories remain stubbornly high despite a deal between OPEC and 10 … Read more
July 21, 2017 (Bloomberg) Oil declined after tanker-tracker Petro-Logistics SA said OPEC’s supply in July will be the highest this year. Futures fell as much as 0.5 percent in New York, erasing a weekly gain. Supply from OPEC members is set to exceed 33 million barrels a day this month, more than 600,000 barrels a day … Read more
CALGARY — Encana Corp. (TSX:ECA) says its core operations will grow their production even more than expected this year, following a strong second quarter that included a US$331 million net profit.
The Calgary-based oil and gas producer, which reports in U.S. currency, says the profit amounted to 34 cents per share.
During last year’s second quarter, Encana had a $601-million net loss, equal to 71 cents per share.
The company says it now expects 2017 production from its core operations will be between 25 and 30 per cent above last year’s fourth quarter level.
Encana had previously estimated the production from core operations would grow 20 per cent or better.
The Canadian Press
Note to readers: This is a corrected story. An earlier version said Encana’s annual shareholder meeting would be held today, but it was on May 2.
CALGARY — The Trans Mountain pipeline expansion remains on track to begin construction in September, Kinder Morgan Canada president Ian Anderson said Wednesday in the face of environmental and political opposition that threatens to derail the project.
Anderson, speaking on Kinder Morgan Canada’s first quarterly earnings call since it went public in May, said he looks forward to working with the new NDP government of British Columbia Premier John Horgan, who was sworn in a day earlier.
“I’ve worked co-operatively with several provincial and federal governments over the years on the development of this project,” Anderson said.
“I want to do the same with Premier Horgan’s government.”
In Horgan, Anderson faces a premier that has vowed to use whatever means he can to stop the $7.4-billion project because of environmental concerns. But for weeks, Horgan has not elaborated on how he would bring the development to a halt.
“I’m not going to speculate on what an NDP government might do in British Columbia at this stage in order to advance their views,” Anderson said.
Experts have said that while the Trans Mountain expansion has secured federal and provincial approvals — the previous B.C. Liberal government endorsed the project — the New Democrats can disrupt it by delaying or denying permits, which Anderson noted Kinder Morgan is trying to secure.
“We continue to need a good number of local permits from British Columbia, and Alberta for that matter, as they relate to crossings, road crossings, utility access, Crown land, etc.,” he said.
The twinning of the Trans Mountain pipeline would nearly triple the capacity of the 1,150-kilometre line running from Edmonton to Burnaby, B.C., to 890,000 barrels of oil per day.
Critics, including environmental groups, politicians at various levels and Indigenous leaders, have raised concerns over risks to marine life from the increased tanker traffic that would result, the potential for leaks at land or sea, and higher emissions of oilsands crude.
The project has also pitted Horgan against his Alberta NDP counterpart Rachel Notley as well as Prime Minister Justin Trudeau, both of whom have voiced strong support for it.
Anderson said the expansion is expected to be complete in 2019.
In its second quarter ended June 30, Kinder Morgan Canada (TSX:KML) earned $25.1 million, including $4.2 million for restricted voting shareholders, or 11 cents per share. That’s less than half the $51.7 million in net income during the same period a year earlier.
Revenue was $168.7 million, slightly above $165.8 million in last year’s second quarter.
Ian Bickis, The Canadian Press
July 19, 2017 (Bloomberg) Oil was steady amid mixed signals on U.S. crude inventories, with industry data showing supplies increased last week while government statistics were expected to indicate a decline. Futures were little changed in New York after adding 0.8 percent on Tuesday. U.S. inventories rose by 1.63 million barrels last week, according to … Read more
July 18, 2017 (Bloomberg) Ecuador has dealt a blow to OPEC unity by announcing it will start raising oil production this month, arguing it needs the money. OPEC has for years cheated on its own agreements, particularly when oil prices fail to recover after an output cut. But Ecuador has taken the rare step of saying … Read more
July 18, 2017 (Bloomberg) Oil climbed to the highest level in almost two weeks following a report that Saudi Arabia is considering deeper export curbs. Futures gained as much as 2 percent in New York. Consultant Petroleum Policy Intelligence said the kingdom is considering additional export curbs of as much as 1 million barrels a day … Read more
July 17, 2017 (Bloomberg) Crude oil inventories will decline at a faster pace worldwide in the second half of the year as demand increases and OPEC members comply better with a global agreement to cut output, Kuwait’s OPEC Governor Haitham al-Ghais said. The Organization of Petroleum Exporting Countries and other major producers including Russia agreed … Read more
July 17, 2017 (Bloomberg) Oil steadied above $46 a barrel in New York after China’s economic growth in the second quarter slightly surpassed expectations, while OPEC’s commitment to supply curbs faltered. Futures were little changed in New York, after rising 5.2 percent last week. The world’s second-largest economy expanded by 6.9 percent from a year … Read more
July 17, 2017 (Bloomberg Gadfly) Let’s say you’re the holder of the world’s largest reserves of conventional, low-cost crude oil and you believe the supply outlook is “increasingly worrying” due to a lack of investment. Enhancing production capacity so as to cash in when prices soar would seem like a good idea. Apparently not if … Read more
July 14, 2017 (Bloomberg) Oil edged higher for a fifth day amid optimism that the market isn’t in such bad shape. Futures climbed 1 percent in New York Friday, pushing prices to a weekly gain of 5.2 percent. The International Energy Agency said that demand is climbing faster than initially estimated, and the U.S. government reported … Read more
July 14, 2017 (Bloomberg) New York gasoline traders have figured out something the rest of the oil world is dying to know how to do: balance the market. Mid-Atlantic gasoline supplies are now more than 5 million barrels lower than year-ago levels, an impressive decline considering stockpiles in the region swelled to 42.3 million in … Read more
July 13, 2017 (Bloomberg) OPEC would hurt itself and help U.S. shale producers if it adopted deeper cuts, the former oil minister of Qatar warned. “It’s not beneficial for OPEC to deepen their cuts because prices will go up and shale oil producers and others will take OPEC’s market share,” Abdullah al-Attiyah said in interview … Read more
July 14, 2017 (Bloomberg) Oil headed for a weekly gain after a pipeline shutdown in Nigeria eased, but did not dispel, concerns about rising OPEC output. Futures were little changed in New York, heading for a weekly increase of 4.3 percent. Royal Dutch Shell Plc’s local unit invoked force majeure, a legal clause enabling the suspension … Read more
July 14, 2017 (Bloomberg) Bob Ravnaas raised a paddle in a Houston auction house to secure his first block of mineral rights 19 years ago, when oil prices were swooning below $20 a barrel. A generation later, that same West Texas oilfield is still spinning off royalties, part of a mineral-rights empire amassed by Ravnaas … Read more
July 14, 2017 (Bloomberg) All eyes are on U.S. inflation data, banks kick off earnings season, and the U.K. capitulates over its Brexit bill. Here are some of the things people in markets are talking about today. CPI looms U.S. consumer price data, released 8:30 a.m. Eastern Time, take center stage as investors weigh whether … Read more
July 13, 2017 (Bloomberg) Oil traded near $45 a barrel in New York as the International Energy Agency signaled it was less confident that global markets are re-balancing as anticipated. Futures were little changed, erasing an earlier loss of as much as 1.1 percent. The agency boosted estimates for global demand growth but said that … Read more
July 13, 2017 (Bloomberg) The re-balancing of global oil markets has become less certain, with OPEC production rising and little evidence that bloated stockpiles are shrinking as expected, the International Energy Agency said. While world demand is climbing faster than initially estimated, OPEC’s implementation of the supply cutbacks needed to clear the inventory surplus has … Read more
July 13, 2017 (Bloomberg) Three years into the biggest oil downturn in a generation, industry bosses see the recovery slipping further from view. It could easily take until the end of the decade for better times to return to an industry that’s already endured a longer slump than most people expected, according to Total SA … Read more
July 13, 2017 (Bloomberg) OPEC wants an “orderly recovery” in oil production from Libya, Nigeria and Iran and has a flexible output target under its cuts agreement to accommodate more crude from the three member nations, the group’s Secretary-General Mohammad Barkindo said. The Organization of Petroleum Exporting Countries was anticipating a revival in production from the three when it set … Read more
July 12, 2017 (Bloomberg) Oil extended gains to surpass $46 a barrel as U.S. industry data showed crude and gasoline stockpiles declined. Futures advanced as much as 2.4 percent in New York after rising 1.8 percent in the previous two sessions. Crude inventories fell by 8.13 million barrels last week, the American Petroleum Institute was said … Read more
July 11, 2017 (Bloomberg) A proposal that Libya and Nigeria could have to accept limits on their crude production probably wouldn’t be enough to put OPEC’s faltering efforts to eliminate a global supply glut back on track. The two African nations — exempt from the supply curbs agreed last year due to internal strife — have … Read more
July 11, 2017 (Bloomberg) Oil fell in New York, erasing earlier gains, after Saudi Arabia’s production last month was said to have risen above the cap it agreed on with fellow OPEC members. Futures slid 1 percent after advancing 1.2 percent earlier. Saudi Arabia told OPEC it raised output by 190,000 barrels a day to 10.07 million … Read more
July 11, 2017 (Bloomberg) Secretary of State Rex Tillerson said Qatar had been reasonable in its approach to the Gulf crisis and that he’s “hopeful” progress can be made to end an impasse that pits long-standing U.S. allies against one another. “I think Qatar has been quite clear in its positions, and I think very … Read more
July 10, 2017 (Bloomberg) Royal Dutch Shell Plc plans to spend as much as $1 billion a year on its New Energies division as the transition toward renewable power and electric cars accelerates. “In some parts of the world we are beginning to see battery electric cars starting to gain consumer acceptance” while wind … Read more
July 10, 2017 (Bloomberg) Oil fell from the lowest closing price in two weeks as talk of Libya and Nigeria being requested to cap their production failed to dispel doubts about the effectiveness of OPEC’s cut. Futures were down 0.8 percent in New York, extending last week’s 3.9 percent drop. The two African producers, who … Read more
July 10, 2017 (Bloomberg) The tussle for supremacy between OPEC and U.S. shale drillers is killing off older oil fields at the fastest pace in almost a quarter century. That could hurt the industry once the current glut has faded. The three-year price slump triggered by the battle for market share choked off funds for … Read more
July 7, 2017 (Bloomberg) Oil prices declined for the week, as expanded U.S. drilling activity and added production offset a larger-than-expected drop in stockpiles. Futures fell 3.9 percent, even after U.S. data on Thursday showed the nation’s crude stockpiles dropped by 6.3 million barrels, three times as much as expected. U.S. drillers went back to … Read more
EDMONTON — An agency is maintaining Alberta’s credit rating but says the outlook for the long-term is negative because of the NDP government’s unwillingness to tackle its deficit and growing debt.
DBRS Limited says the rating remains at AA-high, but the trend on long-term ratings has been changed to negative from stable and the province could face a downgrade within a year.
“The negative trend reflects that Alberta continues to erode its low debt advantage through sustained deficit spending,” the agency said in a release Friday. “Moreover, the province has yet to provide a credible plan to restore balance.”
Credit ratings affect how much governments pay to borrow money. Alberta had a $10.8 billion deficit last year and is forecasting a $10.3 billion deficit this fiscal year.
Finance Minister Joe Ceci has said the NDP government hopes to balance the budget by 2024.
DBRS said it is not convinced this can be achieved even though Alberta’s economy is improving and appears to have turned a corner supported by a modest rise in oil prices.
“Given their reluctance to use additional tax room and the continued focus on maintaining services and funding growth, this objective is highly uncertain since it relies on a sustained recovery in economic activity buoyed by higher oil prices.”
Ceci responded to the DBRS rating by accentuating the positive.
“DBRS has maintained our AA-high credit rating, recognizing our province’s strong fiscal fundamentals and the many positive economic trends and signs of recovery happening in our province right now,” he said in a statement.
“Alberta’s economy is expected to lead the country this year in economic growth, and jobs are returning. Our balance sheet remains the strongest in Canada and we continue to have the lowest debt-to-GDP ratio among the provinces.”
Ceci’s statement did not address the agency’s concerns or its warning about a possible credit rating downgrade in the coming year.
He said Albertans should remember that the province’s credit rating is among the highest in Canada and the government will continue spending on needed infrastructure projects and public services.
“We will continue to restrain spending below population growth plus inflation and, as the economy continues to recover, the deficit will decrease over time.”
Opposition Wildrose Leader Brian Jean said the DBRS release is the latest warning by bond rating agencies about government spending and debt.
He said it should prompt the NDP to take action to get Alberta’s finances in order.
“The NDP should take steps to reduce spending,” Jean said in a release. “Another credit downgrade — our sixth in just two years — would severely hurt borrowing rates and core government services.”
John Cotter, The Canadian Press
July 7, 2017 (Bloomberg) Now is the time to maximize the impact of OPEC’s oil production cuts, yet the market is still waiting for the group’s biggest member to show it’s doing “ whatever it takes” to eliminate the global oversupply. OPEC’s best chance to make a big dent in the lingering glut in the … Read more
July 7, 2017 (Bloomberg) Oil fell in New York, heading for a weekly loss as a decline in U.S. crude stockpiles failed to convince investors that global markets are re-balancing. Futures dropped as much as 3.2 percent even after U.S. data on Thursday showed the nation’s crude stockpiles dropped by 6.3 million barrels, three times as … Read more
July 5, 2017 (Bloomberg) One of oil’s most prominent bulls is starting to sound like a skeptic. The global crude market has “materially worsened” and prices may be stuck around $50 a barrel or below, storied hedge fund manager Andy Hall said in an investor letter this week, reversing the optimistic tone he’d taken for … Read more
July 6, 2017 (Bloomberg) Oil rebounded from the biggest daily loss in four weeks as industry data showed U.S. crude and gasoline stockpiles declined. Futures climbed as much as 1.7 percent in New York, paring Wednesday’s 4.1 percent loss. Crude and gasoline inventories both dropped by more than by 5.5 million barrels last week, the American Petroleum … Read more
July 5, 2017 (Bloomberg) Crude oil fell, snapping the longest winning streak this year, as Russia was said to oppose any proposal to deepen OPEC-led production cuts. Futures dropped 1.3 percent in New York after eight straight sessions of gains. Russia wants to continue with the current deal and any further supply curbs would send … Read more
July 4, 2017 (Bloomberg) Oil, on its longest run of gains in seven years, barely rose on Tuesday as forecasts that U.S. stockpiles shrunk were weighed against estimates that OPEC expanded production. Futures edged up by just 1 cent in New York after advancing 11 percent in the previous eight sessions. OPEC output climbed in June to the highest … Read more
July 4, 2017 (Bloomberg) Russia wants to stick to the current OPEC deal and would oppose any proposal for deeper production cuts at the group’s ministerial meeting later this month, said four Russian government officials. Any further supply reductions so soon after the existing agreement was extended would send the wrong message to the oil … Read more
July 3, 2017 (Bloomberg) General Electric Co.’s new oilfield services behemoth is poised to capitalize on a recovery from the worst crude crash in a generation — except no one is sure when that will actually happen. The merger of GE’s oil and gas business with Baker Hughes Inc. officially closed Monday, creating a provider … Read more
July 3 2017 (Bloomberg) OPEC’s crude production rose to the highest this year in June as member nations exempt from output curbs pumped more. Members of the Organization of Petroleum Exporting Countries boosted their output by 260,000 barrels a day compared with May, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. … Read more
July 4, 2017 (Bloomberg) Oil snapped its longest run of gains this year as OPEC output rose amid a boost from members exempt from supply cuts. Futures slid 0.3 percent in New York after advancing almost 11 percent the previous eight sessions. OPEC production in June climbed to the highest level this year as Libya and Nigeria ramped up … Read more
July 3, 2017 (Bloomberg) Qatar gets extension, RBA may join normalization chorus, and oil’s on its longest winning streak of the year. Here are some of the things people in markets are talking about. 48 Hours Qatar’s foreign minister hand-delivered its response to the 13 demands made by the Saudi-led group of states that cut … Read more
June 30, 2017 (Bloomberg) Oil posted the longest run of gains in six months after U.S. shale explorers paused a record drilling expansion in a sign the boom may be slowing down. Futures added as much as 2.7 percent in New York, advancing for a seventh session. Shale explorers broke the longest stretch of uninterrupted growth … Read more
June 30, 2017 (Bloomberg) U.S. crude production fell for the first time this year in April, reining in exuberance over rapidly growing domestic output. April output fell slightly to 9.08 million barrels a day, and was 190,000 barrels lower than the Energy Information Administration’s preliminary weekly estimates. Earlier in June, the agency also lowered its Permian oil … Read more
May 23, 2017 (Bloomberg Prophets) When the Organization of the Petroleum Exporting Countries gathers in Vienna this week, members and non-OPEC oil producers are likely to extend the production cuts put in place in November as a way to shore up prices, which have been choppy this month. Whatever the final details look like, a … Read more
The President-elect shares an update on the Presidential Transition, an outline of some of his policy plans for the first 100 days, and his day one executive actions.
FOR: PENGROWTH ENERGY CORPORATIONTSX SYMBOL: PGFNYSE SYMBOL: PGHDate issue: January 20, 2016Time in: 10:26 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Jan. 20, 2016) – Pengrowth Energy Corporation
(TSX:PGF)(NYSE:PGH) today announced its 2016 capita…
CDN NEWS | 
US NEWS 
