CALGARY - TC Energy says it will seek more than US$15 billion from the U.S. government in the wake of President Joe Biden's cancellation of the Keystone XL pipeline's damage permit. The Calgary-based company says it launched a claim under the legacy rules tied to the old North American Free Trade Agreement, or NAFTA, because of what it says is the U.S. government's breach of its free trade obligations. The company has filed a notice of intent with the U.S. Department of State. Biden [Read more]
Report calls for public takeover of old oil and gas wells to fund their cleanup
A new report by a group of independent researchers concludes that most of Alberta's energy wells no longer hold enough oil and gas to pay for their cleanup. The report by the Alberta Liabilities Disclosure Project recommends a public agency be formed to step in to operate those wells and use the revenues to fund reclamation. Lead author Regan Boychuk says the report uses information from the Alberta Energy Regulator to calculate the province's total cleanup bill for old oil and gas wells [Read more]
Alberta should focus on innovation to attract U.S. investment, says Washington envoy
CALGARY - Alberta's trade envoy to Washington said the province needs to do a better job of promoting the role it can play in clean energy for the U.S. James Rajotte told an Edmonton business crowd Friday that despite the cancellation of the Keystone XL pipeline, opportunities exist south of the border for Alberta's energy sector. He said U.S. President Joe Biden's aggressive stance on climate change presents a challenge for Alberta's oil and gas industry, and that some Democrats in [Read more]
Inter Pipeline rejects revised hostile takeover offer by Brookfield Infrastructure
CALGARY - Inter Pipeline Ltd. has rejected a revised hostile takeover offer by Brookfield Infrastructure Partners LP that allows shareholders to receive their payment entirely in cash instead of a mix of cash and shares if they want. The company urged shareholders to reject the offer and support its friendly all-stock deal to be bought by Pembina Pipeline Corp., which would see shareholders receive half a Pembina share for each Inter Pipeline share they hold. Inter Pipeline says it [Read more]
Brookfield Infrastructure revises Inter Pipeline bid to include all-cash option
TORONTO - Brookfield Infrastructure Partners LP has revised its hostile takeover offer for Inter Pipeline Ltd. to give shareholders the option to receive their entire payment in cash, instead of a mix of cash and shares, if they desire. The company also says it is prepared to increase its bid if it is successful in challenging a $350-million break fee Inter Pipeline must pay if it calls off its friendly all-stock deal to be bought by Pembina Pipeline Corp. Brookfield Infrastructure says it [Read more]
Canada’s crude oil exports have increased 15-fold in 30 years
The value of crude oil exports from Canada has increased over 15-fold in the last 30 years, according to a report from Statistics Canada and the Canada Energy Regulator. The increase means exports of the resource accounted for more than 14 per cent of Canada’s total exports in 2019 with a value of $84.3 billion. In 1990, crude oil made up only 3.6 per cent of the country's total exported products. The report says crude oil production has also grown considerably over the last three [Read more]
Auditor scolds Alberta over mine cleanup fund, how province handles polluted sites
EDMONTON - Alberta's auditor general is criticizing the government for failing to fix problems pointed out six years ago in a program that's supposed to guarantee coal and oilsands mines clean up after themselves. Doug Wylie says there's so much confusion over who's responsible for the government's own contaminated sites that there's no stable funding to ensure that an abandoned coal mine in northern Alberta stays safe. "There is an impact beyond accounting and process issues," Wylie said [Read more]
Alberta finance minister defends $1.3B loss on Keystone XL as ‘calculated decision’
EDMONTON - Alberta’s finance minister says the province's $1.3-billion investment of taxpayers' money in the now-defunct Keystone XL pipeline project was a prudent gamble given the potential payoff in profits and jobs. Finance Minister Travis Toews says it was a "calculated decision," given the pipeline would have provided $30 billion in royalties over two decades had it gone through. Energy Minister Sonya Savage says the decision meshed with a broader commitment to grow Alberta’s [Read more]
Embattled Keystone XL pipeline continues to divide experts — even post-mortem
CALGARY - Even after its death, the divisive Keystone XL pipeline continues to leave Canadian energy industry experts at odds. While some suggest TC Energy Corp.'s cancellation of the project won't impact global emissions, others says it's a significant step in the fight against climate change. Dennis McConaghy, a retired oilpatch executive, calls the company's termination of the pipeline a capitulation to the environmental movement. The former TransCanada executive says the death of [Read more]
A timeline of the Keystone XL pipeline project
July 2008: TC Energy Corp. — then called TransCanada Corp. — and ConocoPhillips, joint owners of the Keystone Pipeline, propose a major extension to the network. The expansion, dubbed Keystone XL, would carry hundreds of thousands of barrels of oilsands bitumen from Alberta to Texas. 2009: As the U.S. State Department wades through comments based on an environmental assessment of the project, TransCanada starts visiting landowners potentially affected by the pipeline. Opposition emerges in [Read more]
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