CALGARY - The Conference Board of Canada says a slow recovery in the oil and gas sector will allow Alberta and Saskatchewan to emerge from recession and lead the provinces in economic growth this year. In its spring provincial outlook, the board says Alberta will have the fastest growing economy this year after two years of contractions. Real GDP is forecast to increase by 3.3 per cent, thanks to startup of a new oilsands refinery near Edmonton and efforts to rebuild Fort McMurray after [Read more]
Husky Oil to proceed with West White Rose project off Newfoundland
ST. JOHN'S, N.L. - One of the largest oil developments to be approved in Canada this year lit up Newfoundland and Labrador's bleak economic outlook as Husky Energy announced an expanded West White Rose project. "It's a happy day," Malcolm Maclean, senior Atlantic vice-president for Husky (TSX:HSE), told reporters Monday. There will be hundreds of jobs plus royalties, equity and tax benefits expected to top $3 billion for a province that has reeled since the oil price collapse. [Read more]
Restructured and much smaller Penn West proposes name change to Obsidian Energy
CALGARY - Penn West Petroleum Ltd. (TSX:PWT) wants to change its name to Obsidian Energy Ltd. after surviving an accounting scandal, debt crisis and commodity price crash over the past three years. David French, who took over as CEO of the Calgary oil and gas company in October, says shareholders will be asked to approve the change because the company no longer resembles the "old Penn West." In July 2014, Penn West announced that hundreds of millions of dollars in expenses had [Read more]
Ottawa won’t impose national threshold for electric car purchases, says Garneau
MONTREAL - Ottawa has appointed an advisory group to develop a plan for getting more zero-emission vehicles on the road, but it won't follow Quebec in requiring automakers to sell a minimum number of electric cars, Transport Minister Marc Garneau said Friday. "We just decided that instead of giving ourselves a specific number what we would do is try to make the conditions more favourable for people to buy zero-emissions vehicles," he said in an interview at an electric vehicle show. [Read more]
Kinder Morgan announces final investment decision on Trans Mountain pipeline
VANCOUVER - Kinder Morgan says it will proceed with the $7.4-billion Trans Mountain pipeline expansion as long as it secures satisfactory financing for the project through its initial public offering. The Texas-based company, in conjunction with its indirect subsidiary Kinder Morgan Canada, announced Thursday its final investment decision on the project, which is conditional on the successful completion of the IPO. The company has offered 102.9 million shares at a price of $17 [Read more]
Alberta Energy Regulator to reconsider Suncor tailings plan it rejected
CALGARY - Alberta's energy watchdog has agreed to reconsider a plan by Suncor Energy to clean up its tailings ponds so as to take into account new technology the oilsands giant plans to use. The Alberta Energy Regulator in March denied the Calgary-based company's plan for its Millennium mine. But the regulator said in a letter to a Suncor vice-president this week that it has reviewed the company's request for reconsideration and decided that it would be appropriate in this case. [Read more]
Federal government releases details of delayed methane reduction plan
CALGARY - Tougher methane emission regulations unveiled Thursday are expected to create oil and gas services jobs, but have raised concern that the costs of implementation could further weaken an industry hit hard by two years of commodity price uncertainty. The new restrictions to be phased in between 2020 and 2023 will require energy companies to regularly check equipment for leaks, make repairs, use cleaner technologies, monitor emission levels and report results to Ottawa. [Read more]
Trans Mountain IPO comes at awkward time for energy giant Kinder Morgan
CALGARY - Kinder Morgan's plan to raise money for its Trans Mountain expansion through an initial public offering could not come at a more awkward time. In addition to ongoing protests and federal court challenges, a vote recount in B.C. could tilt the balance of power, giving the Greens or NDP a chance to bog down the $7.4-billion project. The recount begins Monday. Alberta's securities regulator is also reviewing Kinder Morgan's regulatory filings upon a request from [Read more]
Trudeau says he’ll work with provinces on Trans Mountain pipeline expansion
SURREY, B.C. - Prime Minister Justin Trudeau says he'll work with British Columbia and Alberta to move ahead with his government's agenda of creating jobs while transitioning toward a lower-carbon economy. Trudeau was asked on Friday about the possibility that B.C. could wind up with a government that opposes the Trans Mountain pipeline expansion. He suggested that the province's NDP and Greens, who oppose the project, are "wrong" in their position. "Canadians understand that we [Read more]
Alberta aims to speed up orphan well cleanup with $235M loan
Alberta’s NDP government is trying to speed up the cleanup of old, orphan oil and gas wells with a $235-million loan. The province announced legislation Thursday that will allow it to lend the money to the Orphan Well Association. The industry-funded, not-for-profit group manages the shutting and cleanup of oil and gas sites where there is no longer anyone legally responsible for those tasks, often because a company has gone out of business. “The number of orphaned wells in Alberta is a [Read more]
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