Brookfield Infrastructure Partners LP could be a potential buyer of the Canadian government-owned Trans Mountain oil pipeline, a Stifel FirstEnergy analyst said, as the project expansion struggles with increasing costs arising from regulatory delays. In 2018, Ottawa bought the 67-year-old pipeline for C$4.5 billion to ensure expansion proceeded, but has faced opposition by environmental and some indigenous groups. Brookfield could be a potential "dark horse", as it recently completed a $20 [Read more]
Canadian aboriginal group: Ottawa may have to delay decision on Teck oilsands mine
Canada may have to delay a decision on whether to approve a massive new oilsands mine because some indigenous people have not been consulted adequately, an influential aboriginal band is suggesting. Prime Minister Justin Trudeau's government must rule by end-February whether Teck Resources Ltd can build its C$20.6 billion ($15.7 billion) Frontier mine in northern Alberta, a project that is opposed by environmentalists and some legislators in the ruling Liberal party. Ottawa has consulted [Read more]
Police arrest 33 protesters opposing gas pipe, Vancouver port closure ends
Police have arrested 33 people on Monday, ending the closure of Vancouver ports in British Columbia province by indigenous protesters opposing the construction of Coastal GasLink pipeline. The arrests resulted from an injunction granted by a British Columbia court on Sunday to restore access to ports in the city. Port Metro Vancouver is one of Canada's biggest ports and police say protesters received several requests and warnings to clear the area prior to the arrests. The C$6.6 billion [Read more]
Oil prices edge down as traders assess China's oil demand, await OPEC+ cuts
Oil prices edged down on Monday but held recent ranges as traders assessed China's oil demand following the coronavirus outbreak and awaited a decision by major producers to cut output further to balance markets. Oil is off more than 20% from peaks struck in January after a spreading virus hit demand in the world's largest oil importer and fuelled concerns of excess supplies. U.S. West Texas Intermediate fell 58 cents to $49.82 a barrel after striking a low of $49.56. Brent crude [Read more]
Enbridge fears year-long delay to Mainline change from CNRL
Canada's biggest pipeline company, Enbridge Inc , fired back on Friday at the country's largest oil producer, saying Canadian Natural Resources' suggestions for determining future terms on the Mainline would cause at least a one-year delay. Enbridge plans to sell 90% of space under long-term contracts to shippers on the nearly 3 million barrel per day Mainline, Canada's longest oil pipeline system, rather than continue to ration space monthly. The move comes as Canadian pipelines are [Read more]
Heavy discount narrows slightly, rail limits eyed
Canadian heavy crude's discount versus U.S. benchmark West Texas Intermediate (WTI) crude narrowed slightly on Friday, and industry observers said they awaited the impact of new rail limits. Western Canada Select (WCS) heavy blend crude for March delivery in Hardisty, Alberta, was trading at $18 per barrel below WTI, according to NE2 Canada Inc, slightly narrower than Thursday's settle of $18.05 under. Canada said on Thursday it would impose temporary speed limits on trains hauling [Read more]
Alberta urges approval of Teck oil sands mine, rejects federal aid idea
Officials from the energy-rich Canadian province of Alberta on Friday insisted the federal government approve a massive oil sands project, rejecting the idea that aid from Ottawa would soften the blow if it were to be quashed. Reuters reported on Thursday that Canada is preparing a financial package that would help dull the pain if it blocks Teck Resources Ltd's plan to build the C$20.6 billion ($15.7 billion) Frontier mine that has raised climate and wildlife concerns. "We're not looking [Read more]
U.S. drillers add oil rigs for third week in four
U.S. energy firms added oil rigs for the third time in four weeks even though producers planned to continue reducing spending on new drilling for a second consecutive year in 2020. Companies added 1 oil rig in the week to Feb. 7, bringing the total count to 676, energy services firm Baker Hughes Co said in its closely followed report on Friday. In the same week a year ago, there were 854 active rigs. The oil rig count, an early indicator of future output, dropped by an average of 208 [Read more]
Alberta says Canadian rejection of Teck oil sands mine would be devastating for investment
The premier of the energy-rich Canadian province of Alberta on Friday insisted the federal government must approve a massive oil sands project, saying to reject it would send a terrible signal to investors. Reuters reported on Thursday that Canada is preparing an aid package for Alberta that would help dull the pain if it blocks Teck Resources Ltd's plan to build the C$20.6 billion ($15.7 billion) Frontier mine that has raised climate and wildlife concerns. Alberta strongly backs the [Read more]
Oil falls after Russia supports possible supply cuts as coronavirus spreads
Oil prices dropped on Friday after Russia said it backs a recommendation for OPEC and other producers to deepen output cuts amid falling demand for crude as China battles the coronavirus epidemic that has hit global markets. U.S. West Texas Intermediate (WTI) crude futures were down 74 cents, or 0.5%, at $50.31 a barrel, also heading for a fifth consecutive week of losses. Brent crude futures fell 72 cents, or 1.45%, to $54.42 a barrel and is heading for a fifth weekly loss amid [Read more]
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