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Bellatrix says Korean partner fails in JV

CALGARY - Bellatrix Exploration Ltd. said it called off a $300-million joint venture after a South Korean partner failed to meet the closing conditions.The company announced the deal in January which would have seen both sides contribute $150 million for an 83 well project.The South Korean partner was not identified.Bellatrix said it will now consider alternative partners for the proposed Ferrier area Cardium joint venture. [Read more]

Pieridae Energy inks deal with German firm for 20-year LNG project off Nova Scotia

  HALIFAX - Pieridae Energy Canada says it has signed a 20-year agreement with a German utility company that would buy liquefied natural gas from a proposed project in Nova Scotia. The deal would see E.ON Global Commodities SE purchase about five million tonnes of liquefied natural gas annually from a development that Pieridae has proposed for Goldboro, N.S. Pieridae Energy says the cost of the liquefied natural gas would be based on market prices in the Western European [Read more]

YIKES! Unemployment across euro countries rises to record 12.2 per cent in April

LONDON (AP) – The unemployment rate across the 17 European countries that use the euro hit a record 12.2 per cent in April, and the number of unemployed is on track to reach 20 million by year’s end. The worsening jobs crisis points to the recession that has gripped the euro alliance. Many countries are struggling to stimulate growth while grappling with a debt crisis that’s led governments to slash spending and raise taxes. Unemployment in the eurozone rose in April from the previous [Read more]

Redford to visit New Brunswick next week to discuss west-east pipeline

  FREDERICTON - Alberta Premier Alison Redford will meet her New Brunswick counterpart next week as the two try to drum up support for the west-east pipeline project. Redford will meet David Alward next Friday to discuss the proposed development, which would ship oilsands crude from Alberta to the East Coast if it goes ahead. She will also tour the Irving Oil refinery in Saint John, the largest refinery in Canada, and speak to the city's board of trade. Her trip comes after [Read more]

OPEC oil ministers keep crude output target at 30 million barrels a day

VIENNA (AP) - OPEC oil ministers reached quick agreement Friday on keeping output targets steady but deferred solutions on how to deal with surging U.S. shale oil production and internal rivalries denting the organization's image of unity. The 12-nation oil cartel's decision on keeping the status quo on production of 30 million barrels a day was expected. The price for internationally traded benchmark oil is over $100 barrels a day, level most OPEC countries are happy with. That's not the [Read more]

Iran says sanctions not affecting oil production

  VIENNA — Iran’s oil minister shrugged off the effects of sanctions on its oil industry on Friday, claiming that a drop in crude exports was being made up for by international sales of gasoline and other refined products. Oil Minister Rostam Ghasemi spoke Friday ahead of an OPEC meeting held amid new challenges threatening both the organization’s unity and its traditional role as the world heavyweight in determining prices and supplies. The meeting is formally focused on how much [Read more]

Wall says energy growth crucial for Canada and Saskatchewan

  REGINA - Saskatchewan Premier Brad Wall put on his sales cap at his annual premier`s dinner, giving a rousing speech to more than 2,000 supporters. Wall says Saskatchewan needs to be ready to move its energy to the east and west coasts, as well as the rest of the world. Wall used the address to promote economic growth for the province and his vision of Canada as an energy super-power. Wall says the point is not to gain money or prominence, it`s about helping people. He says [Read more]

OPEC to meet amid Iran-Saudi tensions

  VIENNA - Once the symbol of oil dominance, OPEC faces new challenges as its members gather for a ministerial meeting this week on how much crude to pump.For the 12 oil ministers from countries ranging from Venezuela to Nigeria and Iran, the formal focus of Friday's get-together is to determine production levels. The consensus in the markets is that ministers will opt to maintain the status quo as prices for U.S. benchmark oil have traded in a narrow range a few dollars above $90 a [Read more]

Repairs done on portions of Keystone XL in Texas

(AP) - TransCanada says it is repairing parts of the Keystone XL line in Texas. TransCanada spokesman Shawn Howard says in an email that inspections of the pipeline revealed “small imperfections.” He says nine sections totaling about 81 feet will be repaired. He says 75 percent of the pipeline in Texas is complete. Howard says it will be in operation by late 2013. The 485-mile pipeline currently under construction will carry oil sands crude from a hub in Cushing, Okla., to refineries along [Read more]

Quebec coalition of business and union groups supports Enbridge’s Line 9 project

  MONTREAL - A coalition of business and union groups have come together in support of Enbridge's Line 9 reversal project, which they say will maintain almost 2,000 jobs in the province's petrochemical industry. The coalition said Wednesday the Line 9 reversal project will allow Quebec to become less dependent on oil from outside North America. Enbridge (TSX:ENB) is planning to reverse a stretch of its Line 9 pipeline that currently runs from Montreal to Westover, Ont., and [Read more]