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]
Scheer says it would take Conservatives five years to balance budget
VANCOUVER - Conservative Leader Andrew Scheer says the economy has become such a mess under the Liberals that it would take a Conservative government five years to clean it up. He accused the Liberal government of embarking on a "deficit spree" and spending at a rate that will add $71 billion to the national debt by the end of this year. Scheer made the comments Friday to members of the Canadian Club at the Fairmont Hotel Vancouver, where he also accused the Liberals of stacking a panel on [Read more]
Five takeaways from the Court of Appeal ruling on B.C.’s pipeline law
VANCOUVER - The British Columbia Court of Appeal ruled Friday that the province did not have the authority to restrict shipments of diluted bitumen through its borders. Here are five takeaways from the decision and its impacts: 1. Provinces cannot bring in legislation that interferes with the federal government's exclusive jurisdiction over interprovincial pipelines. While the B.C. government did not dispute that the federal government was responsible for cross-boundary infrastructure [Read more]
Court says B.C. can’t restrict oil shipments
VANCOUVER -- A court has ruled that British Columbia cannot restrict oil shipments through its borders in a decision that marks a win for the Trans Mountain pipeline expansion and Alberta's efforts to get its resources to overseas markets. The province filed a constitutional reference question to the B.C. Court of Appeal that asked whether it had the authority to create a permitting regime for companies that wished to increase their flow of diluted bitumen. A five-judge panel agreed [Read more]
Court to rule on B.C.’s pipeline permit law in crucial case for Trans Mountain
VANCOUVER - A court will rule today if a proposed British Columbia law that restricts diluted-bitumen shipments through its borders is constitutional. The decision is expected to be crucial for the future of the Trans Mountain pipeline expansion and Alberta's efforts to get oilsands crude to overseas markets. A panel of B.C. Court of Appeal judges has been mulling B.C.'s constitutional reference case that asks whether it can create a permit regime for companies that want to [Read more]
Cross-Canada corridor concept getting dusted off ahead of election
OTTAWA - The notion of a pan-Canadian corridor dedicated to rail, power lines and pipelines has been around for at least half a century but it looks like it's about to get a big publicity boost. Last week, Conservative Leader Andrew Scheer used a major pre-election policy speech to dust off a similar idea. Scheer promised, if he wins October's election, that he would to work towards establishing a cross-country "energy corridor." He said planning for the route would be done up [Read more]
Court to rule if B.C. can limit bitumen in key case for Trans Mountain pipeline
VANCOUVER - A British Columbia court is set to rule Friday whether the province can restrict shipments of diluted bitumen through its borders, in what will be a crucial decision for the future of the Trans Mountain pipeline expansion. The province filed a reference question to the B.C. Court of Appeal that asked whether it had the constitutional authority to create a permitting regime for companies that want to increase their flow of oilsands crude. B.C. argued the law is aimed at [Read more]
Toronto stock market has worst day of the year on trade angst and oil price drop
TORONTO - Canada's main stock index suffered its worst day of the year on Thursday as trade uncertainty and a big drop in oil prices weighed heavily on the energy sector. The S&P/TSX composite index closed down 162.74 points to 16,164.61, its lowest level in nearly two months. In New York, the Dow Jones industrial average was down 286.14 points at 25,490.47. The S&P 500 index was down 34.03 points at 2,822.24, while the Nasdaq composite was down 122.56 points at 7,628.28. North [Read more]
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