CALGARY - Western Canadian producers are moving to restore some oil production as crude prices rise with demand thanks to the gradual opening of the world economy and OPEC and Russian output cuts. But analysts say oil companies hit hard by low oil prices so far this year are being cautious and will choke back oil output again if higher prices prove unstable. Analyst Phil Skolnick of Eight Capital says he's seeing anecdotal evidence that some of the 875,000 barrels a day of curtailed [Read more]
B.C. swamped with funding applications to restore oil and gas wells: minister
VICTORIA - More than 1,100 applications deluged a British Columbia program creating a funding plan to restore dormant and inactive oil and gas wells, within hours of the program's launch. Energy Minister Bruce Ralston says Monday's requests equal up to $152 million in reclamation work and if completed would potentially support up to 1,200 jobs and reclaim over 2,400 inactive wells. The federal government announced in April that B.C. would receive $120 million to clean up inactive oil and [Read more]
Alberta government stands by energy minister’s pipeline and COVID comments
EDMONTON - Alberta's government house leader is not backing away from his fellow minister's comment that the COVID-19 pandemic is a great time to build pipelines. On Friday, Energy Minister Sonya Savage told an energy industry podcast that because public health rules limit protest gatherings, it's a "great time" to be building a pipeline. House leader and Environment Minister Jason Nixon says Savage was just stating the obvious. He says the government will continue to stand up for the [Read more]
Gathering limits make a ‘great time to be building a pipeline:’ Alberta minister
EDMONTON - Alberta's energy minister says it's a good time to build a pipeline because public health restrictions limit protests against them. Sonya Savage made the comment Friday in a podcast hosted by the Canadian Association of Oilwell Drilling Contractors. Asked about the Trans Mountain Expansion pipeline, she said "now is a great time to be building a pipeline" because COVID-19 rules restrict large gatherings. While the interviewer laughs, Savage does not. Savage's spokesman [Read more]
Alberta premier wise to delay fair deal report given Ottawa’s COVID aid: NDP
EDMONTON - Alberta's Opposition leader says it's a good idea for Premier Jason Kenney to delay releasing a report from his "fair deal" panel, given the federal government has outshone his efforts to help Albertans through the COVID-19 pandemic. "Our premier's primary strategy and tool for supporting Alberta through the pandemic is to stand back and wait for the federal government to step in and do the heavy lifting," the NDP's Rachel Notley said Thursday. "So if that's your strategy, I [Read more]
Sturgeon Refinery says it is processing bitumen after two years of delays
CALGARY - The operators of the $9.7-billion Sturgeon Refinery say it is now processing oilsands bitumen as designed after two years of delays blamed mainly on equipment failures. According to an update on its website, the refinery northeast of Edmonton is "now fully operational," having switched to bitumen feedstock in April for its production of diesel and other fuels. Construction was completed on the refinery in the fall of 2017 and it was to begin processing as much as 80,000 barrels [Read more]
Alberta Energy Regulator suspends environment monitoring for oilpatch over COVID
CALGARY - The Alberta Energy Regulator has suspended a wide array of environmental monitoring requirements for the province's entire energy industry. According to decisions posted on its website, the suspensions include all conventional oil and gas operators as well as in situ oilsands mines. A previous decision only affected open-pit oilsands mines. The regulator says the suspensions are being made because of public health requirements during the COVID-19 pandemic. Suspensions [Read more]
RCMP investigating burned truck, theft of fuel at Trans Mountain work site
MERRITT, B.C. - The RCMP says it's investigating a suspicious blaze and alleged vandalism at a Trans Mountain pipeline work site near Merritt, B.C. Mounties say in a news release that a piece of heavy equipment on the pipeline expansion project was the target of vandalism and theft one day, and the fire on another. They received a report in the early hours of Tuesday morning after crews discovered a rope truck at the site had burned, resulting in a total loss of the vehicle. RCMP say [Read more]
Oilpatch M&A expected to pick up after pandemic’s dampening of demand eases
CALGARY - The financial stress caused by low oil prices from plummeting fuel demand during the COVID-19 pandemic will result in a wave of Canadian energy mergers and acquisitions — but not until after the world begins to return to normal, observers say. Benchmark U.S. oil prices so far this year have ranged from over US$61 per barrel in early January to less than zero on April 20 and the uncertainty has resulted in a very quiet marketplace, said Tom Pavic, president of M&A firm Sayer [Read more]
Alberta backing offsets higher risk after Biden vows to kill Keystone XL: analyst
CALGARY - A financial analyst says Alberta government backing means TC Energy Corp. can be more comfortable continuing construction of the Keystone XL pipeline this summer despite Joe Biden's vow to kill it if he is elected president in November. Jennifer Rowland of Edward Jones says it's not surprising that the campaign for the leading U.S. Democratic Party candidate said Monday that he would cancel the presidential permit for the project issued by President Donald Trump. She says the [Read more]
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