CALGARY - Analysts at CIBC Capital Markets say they don't expect the private sector to take the lead on a new West Coast oilsands pipeline so long as the British Columbia government and First Nations are opposed. They write in a report that companies would have to rely on meeting the ill-defined constitutional duty to consult with Indigenous groups and untested new federal legislation aimed at speeding along infrastructure projects deemed in the national interest. The Alberta government is [Read more]
Trans Mountain reports $127M Q3 profit as revenue and utilization rise
CALGARY - Pipeline operator Trans Mountain Corp. says it earned a profit in its latest quarter compared with a loss a year ago as its utilization rate and revenue rose compared with last year. The Crown-owned pipeline company says it earned $127 million for the quarter ended Sept. 30 compared with a loss of $68 million a year ago. The result came as revenue for the quarter totalled $765 million, up from $666 million. Trans Mountain says it saw record throughput for the quarter at [Read more]
Hodgson says it’s ‘premature’ to draw conclusions about B.C. tanker ban fate
OTTAWA - Federal Energy and Natural Resources Minister Tim Hodgson says it's "premature" for anyone to draw conclusions regarding the potential removal, or adjustment, of the West Coast tanker ban, since no pipeline route has been mapped out to bring oil from Alberta to the B.C. coastline. In an interview with The Canadian Press, Hodgson said people are "jumping to conclusions" with regard to any discussions about adjusting or lifting the ban. "I think it's premature for people to have [Read more]
Five takeaways on Alberta-Ottawa pipeline memorandum of understanding
CALGARY, ALBERTA, CANADA - Prime Minister Mark Carney and Alberta Premier Danielle Smith signed a memorandum of understanding Thursday to grow Alberta's oil exports while also committing to making it a world leader in green energy technology. Here are five takeaways from the memorandum of understanding: Big-Ticket Infrastructure: Both sides agree to work on approving a bitumen pipeline of one million barrels or more per day from Alberta to Asian markets via a port on the B.C. coast. The [Read more]
Carney expected to unveil agreement with Alberta on new pipeline today
OTTAWA - Prime Minister Mark Carney is expected to unveil an agreement with Alberta Thursday which could clear the way for a new oil pipeline in exchange for stronger environmental regulations, while also walking back some of Ottawa's climate policies. Alberta Premier Danielle Smith has said her government has been negotiating with Ottawa a "grand bargain" which would see the proposed Pathways Alliance carbon-capture project move forward alongside a proposed oil pipeline to the West [Read more]
Energy service group predicts lower industry spending, but sees reason for optimism
CALGARY - An oil and gas service industry group predicts lacklustre prices for those resources will weigh on spending and activity next year, but the prospect of new export infrastructure gives reason for optimism ahead. Enserva says in its annual State of the Industry report that total oil and gas capital spending is expected to drop by 5.6 per cent this year versus last, and by a further 2.2 per cent in 2026. Total wells drilled this year are on track to be nine per cent lower than a [Read more]
What you need to know about the oil tanker ban on B.C.’s coast
OTTAWA - Alberta Premier Danielle Smith is urging Ottawa to terminate the West Coast oil tanker ban as the federal government prepares to unveil the details of a new energy pact it has been negotiating with the province. Here's what you need to know about the oil tanker ban and what repealing it would mean for Canada. What is the tanker ban? The tanker ban legislation, also known as the Oil Tanker Moratorium Act, was passed in June 2019. The act prohibits tankers from carrying more [Read more]
Cenovus CEO says cost cutting after MEG deal will ensure long-term jobs
ST. JOHN'S - The chief executive of oilsands giant Cenovus Energy Inc. says moves to reduce costs after acquiring MEG Energy Corp. will ensure long-term jobs stay with the company. Jon McKenzie was asked by reporters in St. John's about expected layoffs now that the $8.6-billion transaction has closed. He said "rationalization" is to be expected in any major deal and that "on a grander scale, it's fairly small" in the case of the MEG purchase. McKenzie adds that anything that brings [Read more]
Energy minister to brief B.C. Liberal MPs on expected Alberta pipeline deal
OTTAWA - Energy and Natural Resources Minister Tim Hodgson is set to brief B.C. Liberal MPs today on the government's expected energy deal with the province of Alberta. The move comes after B.C. Liberal MPs last week said any deal involving a pipeline to the West Coast would need consent from First Nations and the B.C. government, repeating talking points from the government in recent weeks. Prime Minister Mark Carney said Tuesday in the House of Commons that B.C. "has to agree" to any [Read more]
Oil tanker ban just one obstacle to northern B.C. pipeline, experts say
CALGARY - A new oilsands pipeline to the northern B.C. coast is a non-starter as long as oil tankers are forbidden there, but experts say a removal of the federal ban would only lift one of many obstacles deterring the private sector from such a project. Media reports say the federal and Alberta governments are poised to announce a memorandum of understanding Thursday, affirming support for a pipeline alongside emissions-reducing measures. The agreement reportedly includes exemptions to the [Read more]
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