News that a deal was finalized by OPEC and other oil producing nations to cut production by nearly 10 million barrels per day is being welcomed in Canada, where provinces have suffered drastic revenue losses due to rock-bottom crude prices. "This is good. We welcome any news that brings stability to global oil markets," Natural Resources Minister Seamus O'Regan said in an emailed statement Sunday. The agreement between the cartel, Russia and other countries came late last week and followed [Read more]
Canada won’t tip hand on possibility of import tariffs on Saudi oil
OTTAWA - Canada's energy minister will speak to his U.S. and Mexican counterparts Thursday in a bid to generate a common front ahead of talks by the world's biggest economies aimed at ending the global oil price wars. But Deputy Prime Minister Chrystia Freeland refuses to say whether Canada would consider slapping import duties on oil from Saudi Arabia or Russia if they can't reach an agreement to curb production to respond to the drastic drop in global demand for oil. U.S. President [Read more]
Financier predicts new respect for oilpatch as Canada recovers from pandemic
Calgary energy investor Mac Van Wielingen says there's an opportunity for the oil and gas sector to regain public and government respect when Canada tries to restore its economy after the COVID-19 pandemic ends. The co-founder of ARC Financial Corp. says the industry has suffered through six years of slow crisis started when global oil prices tumbled in 2014 and made worse by national policies that show "sometimes hellish hostility" toward the fossil fuel industry. Van Wielingen predicts [Read more]
COVID-19 plan key part of Keystone XL construction acceleration, says CEO
The CEO of TC Energy Corp. says the company is fine-tuning its plan to guard against the spread of COVID-19 as it moves ahead with site preparation for the US$8-billion Keystone XL Pipeline project. Russ Girling says crews are working on right-of-way clearing and moving pipe and equipment into position while starting to drill river crossings and constructing the border crossing into Canada from northern Montana. Major pipe-laying activity on the route from Hardisty, Alta., to Steele City, [Read more]
Work starts in Montana on disputed Canada-US oil pipeline
BILLINGS, Mont. - A Canadian company said Monday that it's started construction on the long-stalled Keystone XL oil sands pipeline across the U.S.-Canada border, despite calls from tribal leaders and environmentalists to delay the $8 billion project amid the coronavirus pandemic. A spokesman for TC Energy said work began over the weekend at the border crossing in northern Montana, a remote area with sprawling cattle ranches and wheat fields. About 100 workers will be involved in the [Read more]
Alberta minister says patience running short for federal energy industry aid
Alberta's energy minister says patience in her province is wearing thin for a promised aid package from the federal government for the oil and gas sector. Sonya Savage, speaking at the Canadian Association of Petroleum Producers conference, says the industry doesn't want a bailout, it just needs help to cope with short-term liquidity problems caused by steeply lower oil prices that have reduced investment plans and activity levels. The annual conference, held in Toronto for the past few [Read more]
Premier Kenney predicts 25 per cent unemployment in Alberta due to COVID-19
CALGARY - Alberta Premier Jason Kenney has a grim prediction for workers in his province. He says there may well be 25 per cent unemployment as a result of the COVID-19 pandemic. He has told an energy industry conference that the total could be even higher. And he says the figure doesn't fully account for the impact of the oil-price collapse on Alberta's fossil-fuel-powered economy. At the same time, he told energy industry leaders that Alberta is doing well in its fight against the [Read more]
Group of First Nations want to launch fight of Trans Mountain pipeline approval
VANCOUVER - A group of British Columbia First Nations says it will appeal a decision on the the Trans Mountain pipeline expansion project to the Supreme Court of Canada. The Squamish Nation, Tsleil-Waututh Nation and Coldwater Band say they have fought and challenged the project through every federal court, and now want to take it to the next step. They're holding a news conference today to discuss the appeal, and say they're challenging the adequacy of Indigenous consultation leading up [Read more]
Athabasca Oil to shut down Hangingstone SAGD oilsands project and cut staff
CALGARY - Athabasca Oil Corp. is suspending operations at its Hangingstone SAGD oilsands operation due to the drop in oil prices and the COVID-19 pandemic. The company says it's also reducing its corporate staff by 15 per cent The shutting down of Hangingstone involves shutting in the well pairs and halting steam injection to the reservoir as well as ensuring that the processing facility and pipelines can be re-started in the future. Athabasca says the project has an operating [Read more]
Big Oil’s interest in renewable energy investments expected to waver: report
CALGARY - Budget cutting in response to the twin challenges of COVID-19 demand destruction and low oil prices mean the world's oil and gas industry will likely spend less on renewable energy going forward. But a report from consultancy Wood Mackenzie says that won't likely slow the overall investment in renewables — fossil fuel players really weren't putting much money into it anyway. "In a US$60 per barrel oil price environment, most companies were generating strong cash flow and could [Read more]
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