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]
Gunmen kidnap Canadian, Scottish oil workers from Nigerian oil rig
Gunman kidnapped three oil workers from Canada, Scotland and Nigeria at a rig in Nigeria's Delta region on Saturday, officials said - the second abduction in the area in less than a week. The attackers raided the rig owned by Niger Delta Petroleum Resources in Ogbele, Rivers State at around 8 a.m. (0700 GMT), the spokesman for the area's military operations, Major Ibrahim Abubakar, said. Troops were searching surrounding swamps, he added. State police said they had stepped up security on [Read more]
Oil companies say industry could take on Alberta crude-by-rail deals
CALGARY, Alberta/ WINNIPEG, Manitoba, April 26 (Reuters) - Executives at some of Canada's biggest oil producers say the private sector could potentially step in to take over Alberta government crude-by-rail contracts that the province's new premier has vowed to scrap. Alberta signed contracts to lease 4,400 rail cars and ship up to 120,000 barrels per day of crude by rail to help ease congestion on overcrowded oil export pipelines. The $4-billion plan was formulated last year by Rachel [Read more]
U.S. oil drillers make biggest rig cuts in over 3 months
U.S. oil drillers this week cut the most rigs in over three months and reduced the number of oil rigs operating for a second week in a row and for the fifth straight month, as independent producers follow through on plans to cut spending on new drilling and completions. Drillers cut 20 oil rigs in the week to April 26, the steepest decline since the week to Jan. 18, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. . The U.S. rig count, [Read more]
Suncor CEO urges Alberta to find way out of oil curtailments
The outgoing chief executive of Canada's Suncor Energy on Thursday urged the new Alberta government to find a way out of mandatory oil production curtailments that were imposed this year to help boost crude prices. Steve Williams also put Canada's failure to build new export pipelines that would ship more crude out of landlocked Alberta squarely at the feet of federal and provincial governments and regulators. Williams will retire next week after 17 years with Canada's largest energy [Read more]
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