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Canada border agency says tariffs should apply to LNG modules
The Canada Border Services Agency (CBSA) said on Friday that the modules to be used in a liquefied natural gas export terminal near Vancouver should be subject to hefty import tariffs on certain steel elements, in a blow to the proposed $1.6 billion project. In its decision, the CBSA said the fabricated industry steel components (FISC) of an LNG module are not transformed when non-FISC elements are connected, and therefore the 45.8 percent anti-dumping tariffs on the FISC portion should [Read more]
Oil’s Black Friday drop could hit drilling budgets for 2019
North American oil producers that have been increasing spending to take advantage of this year's higher prices will dial back as November's reversal fuels worries about a 2019 surplus, energy executives say.U.S. light sweet crude settled on Friday at $50.42 a barrel, down nearly 23 percent since October and the lowest in more than a year over worries about oversupply and the Sino-U.S. trade war. The drop comes as many oil producers are assembling drilling budgets for 2019. [Read more]
Alberta may go it alone to buy trains to move more crude – premier
Alberta is willing to buy trains itself and help clear a backlog of crude oil in the Canadian province if the Canadian government decides not to share costs, Premier Rachel Notley said on Thursday. Notley, speaking in Calgary to oil well drillers, said Alberta has asked Prime Minister Justin Trudeau's government to share costs of adding rail capacity to move an additional 120,000 to 140,000 barrels per day. Notley said Alberta has not received an answer from Ottawa. "Ottawa needs to join [Read more]
Federal government considering proposal to buy rail cars to move stranded crude
Canada's federal government is considering a proposal from Alberta to share the cost of buying rail cars to move oil stuck in the region because of a lack of pipeline capacity, said two sources with direct knowledge of the matter. The lack of pipelines has caused Western Canadian oil producers to struggle to move oil to refineries in the United States, resulting in record low prices for Canadian crude. That has prompted the Alberta government to take urgent measures to shore up the industry, [Read more]
U.S. oil drillers cut rigs for first week in three
U.S. energy firms this week cut oil rigs for the first time in the three weeks as crude prices have fallen to their lowest in over a year.Drillers cut three oil rigs in the week to Nov. 21, bringing the total count down to 885, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. After the rig additions stalled at five during the third quarter, drillers have added 22 rigs so far this quarter.Baker Hughes released the weekly report two [Read more]
British Columbia moves to phase out non-electric car sales by 2040
British Columbia's premier said on Tuesday his government will introduce legislation next year that will require all new light-duty cars and trucks sold in the province by 2040 to be electric or zero-emission vehicles.Premier John Horgan said the government will phase in the sales targets, which apply only to new vehicles. They will start at 10 percent by 2025, rising to 30 percent by 2030 and 100 percent by 2040. To support the plan, British Columbia will expand its fast-charging network [Read more]
Alberta boosts incentives for new petrochemical plants
Alberta said on Tuesday that it will double its incentives for companies developing new plants to make petrochemical products, as the Western Canadian province seeks to diversify its economy beyond crude extraction and export. The province will now provide royalty credits worth $2.1 billion, up from earlier commitments totaling $1.1 billion, to projects that convert natural gas and oil into value added products like gasoline, fertilizer and plastics. Alberta said it was expanding the [Read more]
Husky assesses damage after oil spill curbs Canadian offshore production
Underwater surveys began on Monday after an oil spill off Canada's Atlantic coast as Husky Energy Inc and government agencies assessed a leak that temporarily shut down all crude production in the waters of Newfoundland & Labrador.A leaking flowline from Husky's White Rose Field to the SeaRose storage vessel was detected on Friday, when Husky was restarting production after suspending operations a day earlier due to stormy weather. The spill involved 250 cubic meters (1,572 [Read more]
Notley appoints group to engage industry for solutions to major oil price discounts
Alberta will come up with a plan to address painfully low crude prices within weeks, Premier Rachel Notley said on Monday, as she appointed representatives to start discussions with industry officials. At least five Western Canadian oil producers announced curtailments of heavy crude production in recent weeks, as price discounts for the region's oil grew to much higher than usual levels. Such discounts compared with North American benchmark light oil prices, are costing the Canadian economy [Read more]