CALGARY - A Chinese company's $817-million investment in a northern Alberta heavy oil project nine years ago has collapsed in value to less than $80 million, based on the price its Canadian partner has negotiated for the sale of its majority stake. The fall to less than one-tenth of original value is shocking but consistent with the general record of poor performance from China's Alberta oilpatch investments, said Gordon Houlden, director of the China Institute at the University of Alberta in [Read more]
Burnaby mayor wants more action on pipeline after meeting with Trudeau
BURNABY, B.C. - The mayor of Burnaby, B.C., says he met with Prime Minister Justin Trudeau to discuss his concerns about the risk of a fire at a tank farm in his city, which would be the terminus of an expanded Trans Mountain pipeline. Mike Hurley said he told Trudeau on Saturday that the facility on Burnaby Mountain is within five kilometres of forests and a residential area that would put thousands of lives in danger. "I said, 'If it goes ahead, and I sincerely hope it doesn't, we have [Read more]
B.C. sets timelines, funding requirements for orphaned oil and gas wells
VICTORIA BEACH, Man. - British Columbia's Oil and Gas Commission says the province is the first in Western Canada to impose legal timelines for the restoration of oil and gas wells. The commission says the regulation is part of a new liability management plan that ensures all the costs of reclaiming oil and gas sites continues to be paid by industry. Energy Minister Michelle Mungall says the changes address long-standing concerns raised by the public about orphaned wells. The regulation [Read more]
Saskatchewan takes federal carbon tax fight to Supreme Court of Canada
SASKATOON - The Saskatchewan government has filed notice that it is taking its challenge of the federal carbon tax to the Supreme Court of Canada. Justice Minister Don Morgan says the province will ask the high court to rule on whether the tax is constitutional and whether Ottawa has the jurisdiction to impose it. Saskatchewan's Court of Appeal ruled in a split decision earlier this month that the tax is constitutional. It also said that establishing minimum national standards for a [Read more]
Enbridge offers 2024 finish for Great Lakes tunnel project
TRAVERSE CITY, Mich. - Enbridge Inc. said Thursday it could have a proposed oil pipeline tunnel built and operating beneath a crucial Great Lakes channel by early 2024, responding to demands from Michigan officials to expedite the shutdown of existing twin pipelines. The Canadian company said it had sent Gov. Gretchen Whitmer a revised timeline for drilling the $500 million tunnel through bedrock beneath the Straits of Mackinac, the 4-mile-wide (6.4-kilometre-wide) channel linking Lakes Huron [Read more]
Alberta set to pass law to kill provincial carbon tax, as federal tax looms
EDMONTON - The Alberta legislature is expected to pass a bill today to kill the province's carbon tax on consumers. And the province says drivers and home and business owners should already be feeling the effects. As part of the bill, Premier Jason Kenney's government announced the carbon tax on gas at the pumps and on fossil-fuelled heating would end as of this morning. The premier's office says that, as with all tax change announcements, it takes effect at the time it's announced, [Read more]
Climate change debate in the focus at Exxon’s annual meeting
DALLAS - Activist shareholders used Exxon Mobil's annual meeting to renew their accusations that the company is failing to confront a future that may include stricter regulations to limit climate change caused by burning fossil fuels. A representative of the Church of England's endowment fund said Wednesday that Exxon has moved more slowly than other major oil companies to disclose information about emissions. Chairman and CEO Darren Woods defended the company, saying it's doing [Read more]
Canadian Natural buying Devon Energy’s Canadian assets for $3.8 billion
CALGARY - Canadian Natural Resources Ltd. has signed a deal to buy the Canadian operations of Devon Energy Corp. for $3.8 billion. The assets include thermal in situ oilsands production and conventional primary heavy crude oil operations located adjacent to existing Canadian Natural assets. The production acquired under the deal totals 128,300 barrels per day, including 108,200 from the thermal in situ operations and 20,100 from the conventional operations. Canadian [Read more]
Is quest for Canadian oil independence more a political pitch than economics?
OTTAWA - Conservative Leader Andrew Scheer says he wants to end Canadian imports of foreign oil by 2030, a move experts say would mostly affect purchases from the United States and could endanger deep trade relationships. Scheer raised the idea in a recent speech, stating Canada shouldn't buy oil from "rogue states" with poor human-rights and environmental records, like Iran, Venezuela and Saudi Arabia. In dollar terms, the vast majority of Canadian oil imports — about 64 per cent — came from [Read more]
Alberta regulator restricts fracking operations near March earthquake zone
CALGARY - The Alberta Energy Regulator is moving to restrict oilfield fracking activity near the Brazeau Reservoir in east central Alberta as a precaution following a 4.4 magnitude earthquake in the area in March. The AER says hydraulic fracturing operations targeting the Duvernay underground formation or deeper are prohibited within five kilometres of the Brazeau dam infrastructure. Hydraulic fracturing or fracking — where water, sand and chemicals are injected under high [Read more]
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