OTTAWA - Prime Minister Mark Carney says a new oil pipeline out of Alberta is "more likely than not." In his first sit-down interview with The Canadian Press since becoming prime minister more than a year ago, Carney said Friday that given the increased global demand for secure new sources of energy due to the war in Iran, and Canada's need to diversify to Asian markets, a new pipeline is "more probable than possible." "It's all part of a bigger package. We're making progress on that [Read more]
‘Ash, smoke and flames everywhere’: Memories of the 2016 Fort McMurray wildfire
FORT MCMURRAY - A massive wildfire quickly spread into the oilsands city of Fort McMurray, Alta., on May 3, 2016. It forced more than 90,000 people out of the region, damaged or levelled 2,500 homes and scorched nearly 5,900 square kilometres of forest. Its cause remains unknown, but officials have said it rapidly grew due to an unusually dry and hot summer. It left a mark on many people in the city. Here are some of their memories of the day the fire known as The Beast came to [Read more]
Alberta’s Smith lauds new major Canada-U.S. oil pipeline permit, citing advocacy
EDMONTON - Alberta Premier Danielle Smith says a key approval for a cross-border oil pipeline project to deliver more of the province's crude to the United States is coming after years of advocacy from her government. U.S. President Donald Trump has signed a presidential permit authorizing the Bridger Pipeline expansion, considered a partial revival of the Keystone XL pipeline project. The Keystone XL pipeline proposal was repeatedly killed and resurrected, and at one point cost Alberta [Read more]
Spectre of renewed U.S. strikes on Iran drives wild oil price swings
CALGARY - A closely watched global crude benchmark briefly touched its highest price since war erupted in the Middle East more than two months ago before retreating on Thursday, as a resolution to the supply squeeze in the Strait of Hormuz remains elusive. Brent — the price benchmark tied to light, sweet, seaborne crude — for June delivery spiked above US$126 per barrel and then swiftly pulled back toward US$114. That monthly contract is only seeing light trading, with those for July delivery [Read more]
Trump’s trade czar says U.S. looking to work with Canada on energy: sources
WASHINGTON - United States Trade Representative Jamieson Greer told Canadians looking for insights into the future of bilateral trade this week that "America First" is policy, not a slogan, and they should not expect a return to the way things were. Sources who attended a roundtable with U.S. President Donald Trump's trade czar in Washington on Wednesday told The Canadian Press that Greer was measured and pragmatic as he laid out the administration's policy goals ahead of the coming review of [Read more]
Equinor awards design and engineering contracts for Bay du Nord oil project off N.L.
ST. JOHN'S - Equinor has awarded contracts for front-end engineering and design work on its proposed Bay du Nord oil project off the East Coast of Newfoundland. The Norwegian energy giant has tapped Subsea Integration Alliance for design and engineering work on the project's subsea architecture, cables and flowlines. BW Offshore will help design Bay du Nord’s floating production and storage vessel, which the company is also supplying. Equinor has not yet decided to proceed with the [Read more]
Bank of Canada expected to keep benchmark rate at 2.25% amid Iran war oil price spike
OTTAWA - The Bank of Canada is widely expected to keep its benchmark interest rate unchanged at 2.25 per cent when it announces its latest decision later this morning. The central bank is also set to release its latest economic forecast in its quarterly monetary policy report. The bank has been grappling with a confluence of factors that have clouded the outlook for inflation and the economy. Heading into the year, many economists had predicted inflation would ease and a softer economy [Read more]
Feds formalize enhanced oil recovery tax credit flip-flop in spring economic update
OTTAWA - The federal government's spring economic update today formalizes a pivot in climate policy that was first made in last year's energy agreement with Alberta. In the 2025 budget, the Liberals promised to not make enhanced oil recovery eligible for a tax credit for the development of carbon capture and storage systems. But 10 days after that budget passed the House of Commons it extended that tax credit to enhanced oil recovery projects in its energy memorandum of understanding with [Read more]
Blockbuster $22B Shell-ARC deal bodes well for expansion to LNG Canada, experts say
CALGARY - Global energy heavyweight Shell PLC's plan to buy one of Canada's biggest natural gas producers bolsters the likelihood an expansion of the LNG Canada plant will move ahead, industry experts say. The deal to buy Calgary-based ARC Resources Ltd. is valued at $22 billion, accounting for the target company's debt. It gets Shell access to ARC's holdings in the prolific Montney shale formation that last year produced 374,000 barrels of oil equivalent per day. And that means a steady [Read more]
Canada is getting a sovereign wealth fund. What does that mean and how do they work?
Prime Minister Mark Carney announced the creation of the country's first-ever sovereign wealth fund on Monday, called the Canada Strong Fund. Carney pitched the new fund as a way for Canadians to invest in nation-building projects in areas that include energy, infrastructure, mining, agriculture and technology. Here's what you need to know about sovereign wealth funds and how they operate. What is a sovereign wealth fund? A sovereign wealth fund is a state-owned investment vehicle. [Read more]
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