By Lauren Krugel, The Canadian Press CALGARY - Once upon a time pipeline companies were viewed as rather boring investments. That's not the case anymore. The fate of the contentious Keystone XL pipeline could have an impact on investors' portfolios in more ways than one. But John Stephenson, portfolio manager at First Asset Investment Management, says pipelines are still a better way to play the energy industry than investing in producers that are more exposed to commodity price [Read more]
Governments to publish long-awaited environmental data on oilsands
OTTAWA - The federal and Alberta governments are finally ready to make research and data from their oilsands monitoring program public. Federal Environment Minister Peter Kent and his Alberta counterpart, Diana McQueen, are expected to launch a new data portal next Wednesday at an event at Carleton University in Ottawa. Public access to the data has been a long time coming. In February 2012, as part of their strategy to win international confidence in the environmental record [Read more]
Oil slightly higher as Cyprus reopens banks; natural gas steady after topping $4
By The Associated Press NEW YORK, N.Y. - The price of oil was little changed Thursday, while natural gas was steady a day after closing above US$4 for the first time in a year and a half. In morning trading in New York, benchmark West Texas Intermediate crude for May delivery was up 12 cents at US$96.70 a barrel. Oil has gained more than $4 in less than a week, driven by signs of strength in the U.S. economy. Natural gas futures were unchanged. Wednesday's close at US$4.07 per 1,000 [Read more]
Artek Exploration Ltd. Announces Closing of Bought Deal Equity Financing
CALGARY, ALBERTA--(Marketwire - March 28, 2013) - NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S. Artek Exploration Ltd. ("Artek" or the "Corporation") (RTK.TO) is pleased to announce the closing of its recently announced bought deal financing that was expanded for aggregate gross proceeds of approximately $39 million. An aggregate of 8,700,000 common shares of the Corporation were issued at a price of $3.45 per common share and 2,150,000 common shares of [Read more]
National Energy Board approves new tolls for TransCanada’s Mainline pipeline
CALGARY - The National Energy Board approved a new toll plan for TransCanada's (TSX:TRP) Mainline on Wednesday that will help the natural gas pipeline compete. The board set the firm transportation toll from Empress, Alta., to Dawn, Ont., at $1.42/GJ, compared with a 2013 toll of $2.58/GJ. "The board approved multi-year fixed tolls that are competitive and provide TransCanada with a reasonable opportunity to recover its Mainline costs, given the increase in Mainline throughput [Read more]
SNC-Lavalin awarded Statoil’s North Sea Gina Krog jacket engineering contract by Heerema Fabrication Group Engineering
MONTREAL , March 27, 2013 /CNW Telbec/ - SNC-Lavalin (SNC.TO) has been awarded a contract by HFG Engineering Europe B.V. (HFGE) to carry out part of the detailed design of the jacket for Statoil's Gina Krog offshore field development on the Norwegian continental shelf. Statoil renamed the Dagny field Gina Krog in March 2013 . The engineering for the approximately 16,000-tonne, barge-launched jacket will be executed as a joint effort of HFGE and SNC-Lavalin. SNC-Lavalin will carry out the work [Read more]
Suncor Energy not proceeding with Voyageur upgrader project
CALGARY, ALBERTA--(Marketwire - Mar 27, 2013) - Suncor Energy today announced that it is not proceeding with the Voyageur upgrader project. The decision is the result of a joint strategic and economic review launched by Suncor and its joint venture partner Total E&P Canada Ltd in late 2012. "Since 2010, market conditions have changed significantly, challenging the economics of the Voyageur upgrader project," said Steve Williams, president and chief executive officer. "That's why we [Read more]
CP Rail train derails in western Minnesota; spills crude oil
PARKERS PRAIRIE, Minn. - Authorities say at least three cars of a Canadian Pacific (TSX:CP) train have spilled or leaked crude oil after a derailment in western Minnesota. The Otter Tail Sheriff's Department says the 94-car train was headed south Wednesday morning near Parkers Prairie when it lost air pressure and went into an emergency braking mode. Fourteen cars derailed. Spokesman Dan Olson of the Minnesota Pollution Control Agency says more than 20,000 gallons of crude oil, [Read more]
Groups send letter to Alberta government, want details about oilsands water spill
FORT MCMURRAY, Alta. - Eleven groups have banded together to send a letter to the Alberta government about their concerns over a waste-water spill at a Suncor oilsands plant. The groups — representing the environment, First Nations and landowner associations — are demanding more information about the leak. Suncor (TSX:SU.TO) has said it doesn't know exactly what's in the waste water or how much of it spilled. It said it discovered Monday that a pipe carrying the water had [Read more]
Junex Announces an Increase of its Total Oil-Initially-in-Place Resources to 330 Million Barrels on its Galt Property, Quebec, Canada
MARCH 27, 2013 - QUEBEC CITY, QUEBEC-- Junex Inc. (TSX VENTURE:JNX) ("Junex" or the "Company") is pleased to announce that Netherland, Sewell & Associates, Inc., ("NSAI"), a firm of worldwide petroleum consultants based in Texas, has provided an update of their Best Estimate of the total Oil-Initially-In-Place (“OIIP”) resources at 330 million barrels for the Forillon and Indian Point formations on Junex’s Galt Field property on the Gaspe Peninsula. NSAI’s evaluation considers new [Read more]
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