CALGARY - Imperial Oil Ltd. is cutting its crude-by-rail shipments from 168,000 barrels per day in December to "near zero" this month and its CEO is placing the blame squarely on the Alberta government's oil production curtailment order. The collapse in discounts on western Canadian crude oil prices since the cuts were announced in early December has ruined the economic case for shipping oil by rail to customers in the United States, Rich Kruger told a conference call Friday. [Read more]
Toronto stock market gains 8.5 per cent in January on surging crude oil prices
TORONTO - Canada's main stock index rebounded from December's selloff by gaining 8.5 per cent in January, fuelled by a surge in crude oil prices. North American markets as a whole performed well in the month, led by the Nasdaq composite, which ended 9.7 per cent higher. The gains were pretty impressive especially since the month started with investors unsure if there would be a temporary or so-called dead cat bounce or a sustainable rally, says Colin Cieszynski, chief market [Read more]
Bankrupt energy companies can’t abandon old wells, top court rules
OTTAWA — The Supreme Court of Canada says the trustee for a bankrupt Alberta energy company cannot simply walk away from unprofitable wells on agricultural land without having to clean up. The high court’s 5-2 ruling overturns an Alberta Court of Appeal ruling that upheld a 2016 decision in the Alberta Court of Queen’s Bench that effectively allowed a bankrupt energy company to sever its connection with unprofitable and unreclaimed wells when the company’s assets were sold off to [Read more]
Feds paid on high end for Trans Mountain pipeline, spending watchdog says
OTTAWA - Canada's parliamentary budget watchdog says the Liberal government paid the "sticker price" when it bought the Trans Mountain pipeline from Kinder Morgan for $4.5 billion. Parliamentary Budget Officer Yves Giroux estimates the Trans Mountain pipeline and planned expansion project are worth between $3.6 billion and $4.6 billion. This means government's purchase price of $4.5 billion was on the high end of the project's total calculated value. Giroux also estimates [Read more]
Husky finalizing repair plan as some oil production resumes off N.L. after spill
ST. JOHN'S, N.L. - Husky restarted oil production off Newfoundland this week, but the company hasn't yet determined how to repair the connector responsible for November's oil spill. The company halted production for more than two months in the White Rose oil field following a Nov. 16 oil spill of an estimated 250,000 litres. Earlier this week, the Canada-Newfoundland Offshore Petroleum Board approved Husky's restart at one drill centre that uses a separate flowline from the one [Read more]
Supreme Court to rule on whether energy companies can abandon old wells
OTTAWA - The Supreme Court of Canada is set to rule today on whether energy companies can walk away from unprofitable wells on agricultural land without having to clean up behind them. A 2016 ruling in the Alberta Court of Queen's Bench allowed a bankrupt energy company to sever its connection with unprofitable and unreclaimed wells when their assets were sold off to creditors. The Alberta Court of Appeal upheld the ruling. Since the case came to court, an estimated 1,800 wells [Read more]
U.S. and Canadian Indigenous groups want sea health study, marine traffic halt
VANCOUVER - Indigenous groups in Canada and the United States are calling for a study of how human activity has degraded the waters off British Columbia's coast before any new vessel traffic is allowed in the area, where port and pipeline activities are on the rise. Members of the Tsleil-Waututh Nation in B.C. and the Tulalip Tribes and Lummi Nation in Washington state say they want a halt to any more marine traffic in the Salish Sea until the impact study is complete. "We're [Read more]
Alberta to ease oil production cuts by 75,000 barrels per day
EDMONTON - Alberta Premier Rachel Notley says the province is easing mandatory oil production cuts as the value of oil increases. Last month, the province ordered production of raw crude oil and bitumen to be reduced by 325,000 barrels per day to deal with low prices. Notley says Alberta is allowing increased production in February and March by 75,000 barrels per day. Notley says the December decision has helped draw storage levels of oil down. The premier says Alberta is not out of [Read more]
Husky resumes oil production off Newfoundland following November spill
ST. JOHN'S, N.L. - Husky is resuming oil production work off Newfoundland, two months after operations were suspended following a spill of about 250,000 litres. The Canada-Newfoundland Offshore Petroleum Board gave Husky's plan to plug the failed flowline connector its seal of approval this week, along with several conditions. Production began to restart on Wednesday at a section of the White Rose oil field separate from the area where the spill originated in November. Key operations [Read more]
Mexico, Iraq expected to fill Venezuelan oil gap ahead of Canada, analysts say
CALGARY - A lack of export pipeline capacity means Canada will not be able to boost shipments to take advantage of U.S. sanctions against Venezuela's national oil company, analysts say. The sanctions announced Monday against PDVSA are designed to interrupt the flow of oil money to the government of President Nicolas Maduro, putting pressure on him to step aside and allow opposition leader Juan Guaido to fill in as interim president. Mexico and Iraq are instead most likely to benefit in the [Read more]
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