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Jobs go west as Imperial Oil converts Nova Scotia refinery to terminal operation

  HALIFAX - The Imperial Oil refinery in Halifax is being closed and converted to a terminal, in a move that deals the latest blow to Nova Scotia's manufacturing sector.The company said Wednesday it expects 80 of the 200 workers — ranging from engineers to mechanics — to either retire or stay at the terminal, while 120 others will be offered jobs at Imperial refineries and oil sands operations in Ontario and the West or at ExxonMobil's operations off Nova Scotia's coast.The refinery's [Read more]

US crude oil supplies grew by 300,000 barrels

NEW YORK (AP) -- The nation's crude oil supplies increased last week, the government said Wednesday. Crude supplies grew by 300,000 barrels, or 0.1 percent, to 394.1 million barrels, which is 1.8 percent above year-ago levels, the Energy Department's Energy Information Administration said in its weekly report. Analysts expected a drop of 1 million barrels for the week ended June 14, according to Platts, the energy information arm of McGraw-Hill Cos. Gasoline supplies grew by 200,000 [Read more]

NO PIPELINE IS NOT AN OPTION: petroleum producers to Northern Gateway panel

  TERRACE, B.C. - There is a growing imbalance between oil supply and delivery in Canada and doing nothing is not an option, the lawyer for the Canadian Association of Petroleum Producers told a federal panel weighing the Northern Gateway project.Keith Bergner told the review panel Tuesday that current pipeline capacity is not sufficient, and producers are finding themselves with product on their hands and no way to ship it to buyers — "shut-in" as it's known in the industry."Doing [Read more]

Cenovus to triple amount of crude moved by rail by end of next year

  CALGARY - Cenovus Energy Inc. said Tuesday that it plans to massively increase the amount of oil it ships by rail by the end of 2014 as the fates of contentious pipeline projects remain undecided.The Calgary-based oil company (TSX:CVE) expects to move 30,000 barrels per day by rail by the end of 2014 — triple the 10,000 it's anticipating by the end of 2013."We expect that rail capacity will continue to play a growing role in transporting oil, particularly in the event that any of the [Read more]

Pipeline backer says producers are extracting oil, but have fewer ways to ship

  TERRACE, B.C. - There is a growing imbalance between oil supply and delivery in Canada and a spokesman for the Canadian Association of Petroleum Producers says doing nothing is not an option.The association's lawyer, Keith Bergner, told the review panel weighing the Northern Gateway oil pipeline in Terrace, B.C., that producers are finding themselves with product on their hands and no way to ship it to buyers.Bergner says more pipeline capacity is needed and he urged the panel to [Read more]

Ottawa raising offshore liability cap to $1 billion in Arctic, Atlantic waters

  HALIFAX - The Canadian government is planning to introduce new rules to make drilling and production companies more accountable in the event of offshore spills.Federal Natural Resources Minister Joe Oliver, speaking at a news conference Tuesday in Halifax, said Ottawa will introduce legislation this fall to raise the liability cap for companies operating in Atlantic Canada's offshore to $1 billion, up from the current $30 million. The liability cap in the Arctic would also increase to [Read more]

Enbridge backers Cenovus, Suncor to make their case for Northern Gateway

  TERRACE, B.C. - The panel weighing the future of the Northern Gateway pipeline will hear today from industry players who support the project.The Canadian Association of Petroleum Producers and Enbridge's (TSX:ENB) partners in the project, including Cenovus (TSX:CVE) and Suncor Energy, are scheduled to make their final arguments to the federal panel hearing in Terrace, B.C.A B.C. government lawyer addressed the panel on Monday, saying the project should not be approved as [Read more]

Northern Gateway is in interest of all Canadians, company tells review board

  CALGARY - The Conference Board of Canada says uncertainty over new pipeline projects poses a threat to Canadian companies that provide services to oil and gas producers.The Ottawa-based think-tank predicts the sector's real economic output this year will drop slightly by $60 million, or half a per cent, to $11.55 billion.It says some of that is due to a lingering weakness in natural gas prices and a levelling off in conventional oil drilling, but there's another big challenge looming [Read more]

Report: Pipe pinch threatens services sector

  CALGARY - The Conference Board of Canada says uncertainty over new pipeline projects poses a threat to Canadian companies that provide services to oil and gas producers.The Ottawa-based think-tank predicts the sector's real economic output this year will drop slightly by $60 million, or half a per cent, to $11.55 billion.It says some of that is due to a lingering weakness in natural gas prices and a levelling off in conventional oil drilling.But the board says the "bigger threat" is [Read more]

WTI rises past $98 on Syria, ahead of fed meeting

  The price of oil climbed to above $98 a barrel Monday amid concerns over an escalation in the civil war in Syria and as traders awaited a critical meeting of the U.S. Federal Reserve later in the week. By early afternoon in Europe, benchmark oil for July delivery was up 43 cents to $98.28 a barrel in electronic trading on the New York Mercantile Exchange. Over the past few days, traders have grown increasingly worried over the intensifying civil war in Syria. At least 93,000 [Read more]