BOE Report

BOE Report Staff

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CN expects volume of crude oil it transports to keep growing

  Canadian National Railway Co. says it expects the volume of crude oil it transports to continue growing, even in light of a recent disaster in Lac-Megantic, Que., that has thrust rail safety into the spotlight. The railway company (TSX:CNR) said revenue from transporting crude oil increased by 150 per cent during the second quarter from a year ago, driven mostly by new loading stations on its network. "There is still a likelihood that crude by rail will continue to rise in [Read more]

Authorities: 12 arrests after Enbridge pipeline protest in Michigan

STOCKBRIDGE, Mich. - Authorities in Michigan say they've arrested 12 people who are part of a protest that's attempting to block Enbridge Inc. (TSX:ENB) from building a replacement oil pipeline across the state into southwestern Ontario. The Ingham County sheriff's department said four people who had attached themselves to equipment were arrested for trespassing. The Lansing State Journal (http://on.lsj.com/17ythUY ) reports the arrests came during a protest about 90 kilometres west of [Read more]

More Canol land up for grabs: NWT minister

  CALGARY - Ten new parcels of land are coming available in an emerging shale oil deposit in the Northwest Territories. Industry Minister David Ramsay says he expects to see strong interest in the leases, north of where companies have already committed to spend some $630 million on drilling. So far, Imperial Oil (TSX:IMO), Shell, ConocoPhillips, MGM Energy (TSX:MGM) and Husky (TSX:HSE) have staked out positions in the Canol shale in the Central Mackenzie Valley. Ramsay was at [Read more]

CanElson to buy Calmena’s contract drilling rigs, other assets for $15

  CALGARY - Calmena Energy Services Inc. (TSX:CEZ) has agreed to sell its remaining Canadian contract drilling assets for $15 million to CanElson Drilling Inc. (TSX:CDI). CanElson says the three rigs it's acquiring from Calmena are fully crewed and currently contracted, with two of them operating in Alberta. The all-cash deal is not subject to CanElson obtaining financing, and is expected to close by Wednesday. Calmena has been exploring its strategic alternatives and announced [Read more]

US university plans to build, study fracking well

COLUMBUS, Ohio (AP) — Ohio State University says its researcher want to install and study a gas well in eastern Ohio to study the process of hydraulic fracturing, or fracking. The Columbus Dispatch reports that the shale drilling well would be built on university owned land in Noble County. Supporters say it provides researchers opportunity to study how shale drilling alters the environment and assess pollution risks to the air and groundwater. The process requires a 200-foot-tall drilling [Read more]

Paul McCartney offers free show tickets to Lac Megantic survivors

  MONTREAL - Paul McCartney is reaching out to those affected by the Lac-Megantic train disaster, giving free tickets to his Quebec City show to the survivors.The rock legend is also expected to address the survivors in attendance at next week's show."We've been told that Paul McCartney will say something about Lac-Megantic during his concert but we don't know yet what he'll say exactly," said Rachel Dupuis, a spokeswoman for concert promoter 3 E Event, Experience, Emotion.The idea was [Read more]

Transportation Safety Board calls for two immediate changes in wake of Lac Megantic

  LAC-MEGANTIC, Que. - The Transportation Safety Board is calling for two immediate changes in rail policy following the Lac-Megantic catastrophe. The agency isn't waiting for the results of its multi-month investigation, which has just begun, to make the recommendations. It has sent Transport Canada two safety advisories asking for a pair of changes: first, that dangerous goods not be left unattended on a main track and, also, that rail equipment be properly secured. "As this [Read more]

US federal study finds frac fluid doesn’t spread

PITTSBURGH (AP) - A landmark federal study on hydraulic fracturing, or fracking, shows no evidence that chemicals from the natural gas drilling process moved up to contaminate drinking water aquifers at a western Pennsylvania drilling site, the Department of Energy told The Associated Press. After a year of monitoring, the researchers found that the chemical-laced fluids used to free gas trapped deep below the surface stayed thousands of feet below the shallower areas that supply drinking [Read more]

Deadly derailment won’t stop oil on trains

BY JONATHAN FAHEY AP ENERGY WRITER NEW YORK (AP) -- A train loaded with crude oil could soon roll through a town near you. A fiery and fatal train derailment earlier this month in Quebec, near the Maine border, highlighted the danger of moving oil by rail. But while the practice could be made safer, it won't be stopped in its tracks. This year, more trains carrying crude will chug across North America than ever before - nearly 2,400 carloads a day. In 2009, there were just 31 carloads a [Read more]

Oil tops $108 a barrel for 1st time since March 2012 on US economic news

  NEW YORK - The price of oil shot to a 16-month high Thursday on signs the U.S. job market is improving, although not by enough to prompt the Federal Reserve to pull back on its bond-buying program. Benchmark crude for August delivery rose $1.56 to finish at $108.04 a barrel, the highest close since March 19, 2012. Oil has jumped more than $11 a barrel in July, and pushed up the price of gasoline along with it. Gasoline futures have gained 13 per cent since July 1, and the average [Read more]