(Adds quotes, details on Mainline)By Rod Nickel and Nia WilliamsWINNIPEG, Manitoba/CALGARY, Alberta, May 7 (Reuters) - C anada's Enbridge is asking oil shippers to sign at least eight-year contracts to move crude on its Mainline pipeline network, as it proposes to shift away from a monthly allocation system, people with knowledge of the matter told Reuters.The minimum term Enbridge Inc is seeking, previously unreported, is raising fears among small Canadian producers that they will lose [Read more]
Enbridge seeking at least 8-year oil shipping commitments on Canada Mainline, worrying small producers
WINNIPEG, Manitoba/CALGARY, Alberta, May 7 (Reuters) - Enbridge is asking oil shippers to sign at least eight-year contracts to move crude on its Mainline pipeline network, as it proposes to shift away from a monthly allocation system, people with knowledge of the matter told Reuters. The minimum term Enbridge Inc is seeking, previously unreported, is raising fears among small Canadian producers that they will lose out to bigger players, at a time when pipeline congestion has damaged the [Read more]
Western Canadian oil inventories hit record high despite curtailments
Western Canadian crude oil storage inventories hit a record high of 37.1 million barrels in April, according to data from energy information provider Genscape, as Alberta government production cuts failed to reduce a glut of oil in the province.Genscape said the build in inventories was due to lower pipeline flows out of Canada's main crude-producing province, while crude-by-rail shipments remain below the high levels they hit late last year.Alberta imposed temporary oil production [Read more]
Oregon denies water permit for Pembina’s Jordan Cove LNG export terminal
Oregon environmental regulators denied water quality certification for Canadian energy company Pembina Pipeline Corp's proposed $10 billion Jordan Cove liquefied natural gas (LNG) export terminal The Oregon Department of Environmental Quality (DEQ) said on Monday its decision was made "without prejudice," meaning Pembina may reapply for certification and submit additional information that could result in a different decision. Pembina said on Tuesday its management team was "working to [Read more]
U.S. sinks Arctic accord due to climate change differences
The United States has refused to sign an agreement on challenges in the Arctic due to discrepancies over climate change wording, diplomats said on Tuesday, jeopardising cooperation in the polar region at the sharp edge of global warming. Temperatures in the Arctic are rising at twice the rate of the rest of the globe, and melting ice has opened vast untapped oil and gas reserves to potential commercial exploitation.A meeting of nations bordering the Arctic in Rovaniemi in northern Finland on [Read more]
Arctic nations to meet amid tensions over environment, resources
Top diplomats from the United States, Russia and other nations which border the Arctic meet in Finland on Monday to discuss policies governing the polar region, as tensions grow over how to deal with global warming and access to mineral wealth.Countries have been scrambling to claim territory or, like China, boost their presence in the region as thawing ice raises the possibility of exploiting much of the world's remaining undiscovered reserves of oil and gas, plus huge deposits of minerals [Read more]
Saskatchewan court rules federal carbon-pricing plan constitutional
A Canadian court ruled on Friday that a federal carbon-pricing plan does not violate the constitution, marking a victory for Prime Minister Justin Trudeau on one of his trademark policies ahead of the October national election. In a 3-2 decision, the Saskatchewan Court of Appeal rejected a challenge from the conservative provincial government, which argued the tax could not be imposed by Ottawa. Saskatchewan's premier, Scott Moe, said he would appeal the decision. "Though I am disappointed [Read more]
U.S. drillers add oil rigs for first week in three
U.S. energy firms this week increased the number of oil rigs operating for the first time in three weeks even as crude output decelerates with the rig count dropping five months in a row due to spending cuts.Companies added two oil rigs in the week to May 3, bringing the total count to 807, lower than the 834 rigs active this time last year, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. The U.S. rig count, an early indicator of [Read more]
Alberta proclaims law that could cut energy flows to British Columbia
The new Alberta government has proclaimed into a law an act enabling it to restrict the flow of oil and gas to neighbouring British Columbia, raising the stakes in a spat between Canada's two westernmost provinces over the Trans Mountain pipeline. Alberta Premier Jason Kenney and his cabinet were sworn in on Tuesday and proclaimed the "Preserving Canada's Economic Prosperity Act" as their first order of business, Kenney told reporters at a press conference on Wednesday. The legislation, [Read more]
Macquarie to shut down Canadian equities sales, trading business
Macquarie Group is shutting down its Canadian institutional equities business due to a prolonged slump in resource-related deals, The Globe and Mail newspaper reported on Monday, citing anonymous sources. A spokeswoman for the Sydney-headquartered investment bank declined to comment on Tuesday on the closure of the equities business when contacted by Reuters. But, she said in a statement Macquarie would continue to operate a commodities hedging and trading business in Canada. "Macquarie [Read more]
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