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IEA: Energy emissions rose to record high in 2012

  STOCKHOLM — The International Energy Agency says the world’s energy-related carbon dioxide emissions rose 1.4 percent in 2012 to a record high of 31.6 gigatons, even as the U.S. posted its lowest emissions since the mid-1990s. In a report released Monday, the IEA says China saw the largest emissions growth last year, but the increase was among the lowest seen in a decade amid investments in renewable energy and energy efficiency. The IEA says the energy sector accounts for about [Read more]

Teck and Shell swap oilsands leases, ending dispute between two companies

  CALGARY - Teck Resources Ltd. (TSX:TCK.B) and Shell Canada are swapping oilsands leases, ending a dispute over the boundaries of their respective projects. Teck says it will transfer to Shell a piece of land that is sandwiched between two leases the Canadian arm of the Anglo-Dutch energy giant already controls. In exchange, Shell is giving eight of its leases, along with part of another, to Vancouver-based Teck, which has land just to the west. Teck had filed a statement of [Read more]

Man arrested after threats made to oilsands facility in northern Alberta

  FORT MCMURRAY, Alta. - A British Columbia man has been charged after threats were made against an oilsands facility in northern Alberta.An investigation began Tuesday north of Fort McMurray after police received a tip on a 911 line, said RCMP Const. Christina Wilkins."We received threats that there were harmful substances," Wilkins said, although she couldn't provide details of what kind of substances were mentioned or the nature of the threats. She said resources from outside [Read more]

Canada adds whopping 95,000 jobs in May as unemployment slides to 7.1 per cent

Source: tradingeconomics.com   OTTAWA — Canada's economy finally came out of hibernation last month, pumping out a whopping 95,000 new jobs — the vast majority full-time — in the biggest month of employment growth in more than a decade. The massive gain was the first major improvement of 2013 and many times greater than economists had expected, dropping the unemployment rate one-tenth of a point to 7.1 per cent. The impact on the unemployment rate would had been greater but for [Read more]

Redford, Alward tout need for west-east pipeline

  FREDERICTON - Alberta Premier Alison Redford says Canada's biggest challenge is to improve access to international markets as she steps up efforts to promote a proposal to ship oil to Eastern Canada.Redford spoke to the New Brunswick legislature in Fredericton today, where she said Alberta's lack of direct access to a coastal shipping route contributed to a $6 billion slide in her province's revenues this year.She will also speak to members of the Saint John Board of Trade and tour the [Read more]

B.C. opposition to Northern Gateway puts focus on west east pipeline: NB Premier

FREDERICTON - British Columbia's opposition to the Northern Gateway project puts greater attention on a proposal to build a west-to-east oil pipeline, New Brunswick Premier David Alward said on the eve of a meeting with his Alberta counterpart, Alison Redford.The two will get together Friday to discuss the idea of shipping oil from Alberta as far east as Saint John in their continued efforts to promote a development they say will bring jobs and ensure greater energy security for the [Read more]

Report urges government to halt future Chinese takeovers of Canadian firms

  OTTAWA - A new report from Calgary's School of Public Policy is warning the government against approving any more takeovers from Chinese state-owned companies.The paper by economist Duanjie Chen argues that Chinese state-owned enterprises are agents of the Chinese regime and do not play by the same rules as Canadian companies, or those from most Western countries.The report comes after Ottawa gave China National Offshore Oil Co. the green light to acquire oil producer Nexen Inc., but [Read more]

Natural gas storage builds well above expectations, prices get slammed

Working gas in storage was 2,252 Bcf as of Friday, May 31, according to EIA estimates. This represents a net change of +111 Bcf, well above analyst estimates of ~=90 Bcf. As a result, Natural gas futures on NYMEX dropped nearly 4% Thursday morning to $3.85. Here's the details courtesy EIA: [table] [attr style="width: 25%"]`[attr style="width: 25%"]May 31`[attr style="width: 25%"]May 24`[attr style="width: [Read more]

Offshore oil regulators defy environment commissioner’s advice for Newfoundland

  By Heather Scoffield OTTAWA - Oil and gas regulators in Newfoundland have done exactly what the federal environment commissioner told them not to do: issued a call for bids to explore parts of the Gulf of St. Lawrence several months before a key environmental assessment has concluded. The commissioner, who audits government operations for their environmental performance, warned the Canada-Newfoundland Offshore Petroleum Board earlier this year to make sure strategic environmental [Read more]

Oil rises as US supplies of oil, gasoline drop

  NEW YORK - The price of oil rose Wednesday as a big drop in U.S. oil supplies offset concerns about a plunge in the stock market.Benchmark oil for July delivery rose 43 cents to close at $93.74 a barrel on the New York Mercantile Exchange.The price rose as high as $94.48 a barrel immediately after the Energy Department said U.S. crude oil inventories shrank by 6.3 million barrels in the week ended May 31, thanks to a sharp drop in imports. Analysts expected a drop of 1 million barrels. [Read more]