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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]

Middle East leads global crude oil and condensate production; growth in North America

Growth in North American crude oil production (including lease condensate) contributed to record global production of 75.6 million barrels per day (bbl/d) in 2012 (see animated map). In 2012, global production increased by 2%, as production rebounded in Africa and Asia and accelerated in North America. The Middle East produced 24.1 million bbl/d of crude oil in 2012, the most of any region. Historically, most of the production growth has been in the Middle East. Source: U.S. Energy [Read more]

Company says construction equipment may have caused latest Alberta pipeline leak

  MANNING, Alta. - The owner an Alberta pipeline says a recent spill may have been the result of construction equipment that was in the area.Plains Midstream Canada says in a news release that early indications suggest the Kemp line in northwestern Alberta suffered "external damage" before releasing condensates from natural gas production late last week.The company has said preliminary estimates suggest approximately 950 barrels were released over an area about 1.5 hectares.It says more [Read more]

LAST SHOT: Enbridge, opponents make final pipeline pitch

  TERRACE, B.C. - The proponent and opponents of the Northern Gateway pipeline will make their final pitches to a federal review panel starting Monday, at the last stage of public hearings before the panel issues its decision later this year.Calgary-based Enbridge (TSX:ENB) is slated to be the first to officially present its final argument for its project at the hearings, but opponents made their case at a public rally Sunday in Terrace, B.C., a scenic northern city whose council passed [Read more]

North Dakota oil production continues record pace

BISMARCK, N.D. (AP) — North Dakota drillers continue to produce oil and natural gas at a record pace, data from the state Department of Mineral Resources show. The agency said the state produced an average of about 793,250 barrels daily in April. That’s up from about 783,000 barrels a day in March. Data show there were 8,758 producing wells in April, up from 8,639 wells in March. North Dakota also produced a record 846,906 million cubic feet of natural gas daily in April. In March, the [Read more]

Iran elects new president: favours ‘interaction’ above confrontation

TEHRAN, Iran (AP) - Moderate cleric Hasan Rowhani was declared the winner of Iran's presidential vote on Saturday after gaining support among many reform-minded Iranians looking to claw back a bit of ground after years of crackdowns and now resets the country's political order. The stunning surge behind Rowhani, a former nuclear negotiator, was seen by his supports as a rebuke of uncompromising policies that have left Iran increasingly isolated and under biting sanctions from the West over [Read more]