CALGARY - Junior oil and gas company Trident Exploration Corp. says it is ceasing operations and will turn over care of its 4,700 wells to the Alberta Energy Regulator. In a news release, the privately held Calgary-based company says its abandonment and reclamation obligations are estimated to be $329 million and it doesn't expect any financial recovery for shareholders or unsecured creditors. It says it terminated 33 employees and 61 contractors on Tuesday. In the [Read more]
Association cuts oil and gas drilling forecast again as slowdown deepens
CALGARY - The Petroleum Services Association of Canada is again lowering its forecast for how many oil and gas wells will be drilled in Canada this year. It says it now thinks just 5,300 wells will be drilled, down from a revised estimate of 5,600 wells in January and well off the pace of last year when 6,948 were drilled. It originally called for 6,600 wells in November. PSAC CEO Gary Mar says the slowdown is due to decaying investor confidence as export pipeline projects are [Read more]
Morneau insists LNG export terminal shows Canada can deliver big projects
OTTAWA - Finance Minister Bill Morneau argues that a $40-billion project to eventually ship liquefied natural gas to Asia from Canada's west coast shows the country can still get big things done. The federal Liberals have been facing criticism from some political foes and business leaders over Canada's regulatory hurdles, including those blamed for holding back the construction of oil pipelines out of Alberta. Morneau insists work is already underway on the LNG Canada project in British [Read more]
Alberta law allows oil cuts to B.C.; Premier Kenney says won’t use right away
EDMONTON - Alberta Premier Jason Kenney says his government now has the power to reduce oil flows to British Columbia in the fight over the Trans Mountain pipeline expansion. Kenney says he called B.C. Premier John Horgan after the cabinet proclaimed a bill into law on Tuesday. He says it was a cordial discussion and he emphasized to Horgan that it's not Alberta's intention to use the legislation right away, but that the province will defend its interests. The bill was [Read more]
Feds to exempt oilsands from new reviews unless Kenney lifts emissions cap
OTTAWA - The federal government is warning the new government in Alberta not to scrap the province's legal limit on total emissions from oilsands of 100 million tonnes a year. Ottawa has issued a proposed list of projects that will be subjected to a controversial new environmental-impact assessment process, including major interprovincial pipelines, large hydro dams and offshore wind farms. The list indicates new in situ oilsands projects won't have to go through the new review as long the [Read more]
Canadian Natural cuts output expectations in wake of Scotford Upgrader fire
CALGARY - Canadian Natural Resources Ltd. is cutting production expectations as damage is repaired from a fire at the Scotford Upgrader northeast of Edmonton two weeks ago. The Calgary-based oilsands producer owns 70 per cent of the facility, which is operated by Shell Canada. Canadian Natural says it expects average production at the northern Alberta Albian oilsands mines — which supply raw bitumen feedstock for the upgrader to turn into synthetic crude oil — to be reduced to [Read more]
‘Besieged’ B.C. farmland needs protection from oil and gas sector: report
VICTORIA - An independent report on agricultural revitalization in British Columbia is calling for a task force to address the "imbalance" between oil and gas development and agriculture in the province's northeast. The Agriculture Ministry released the final report today that makes 32 recommendations related to the province's Agricultural Land Commission and Reserve. It calls for the proposed task force to review how to balance the surface rights of farmers and ranchers with [Read more]
Crude by rail a ‘temporary’ solution to pipeline shortage: CN Rail CEO
MONTREAL - The head of Canada's largest railway says ferrying crude remains a lucrative, albeit temporary solution to Canada's pipeline quandary. "The role of the rail industry is a recent role and probably a temporary role. We’re not here to replace pipelines; we’re here to be a compliment for a period of time," Canadian National Railway Co. chief executive Jean-Jacques Ruest told The Canadian Press in an interview. "We're in a position to be a bridge, if you will, between now [Read more]
‘We will keep our commitments:’ Jason Kenney takes over as Alberta premier
EDMONTON - Jason Kenney, a former federal cabinet minister who united Alberta's two estranged conservative parties and led them to victory, officially became the province's 18th premier on Tuesday. Kenney and 22 members of his United Conservative caucus were sworn in as cabinet ministers in a ceremony at Government House. They met for the first time immediately after. Kenney had said the first order of business would be to proclaim into law a bill that gives Alberta the power to [Read more]
Tensions with China ‘do not play out in our project at all’: LNG Canada CEO
OTTAWA - The head of LNG Canada says Ottawa's trade and diplomatic frictions with Beijing have had no impact on the massive project that will one day ship liquefied natural gas from British Columbia to major Asian economies — including China. In an interview today, Andy Calitz says the tensions between Canada and China have never been raised at any of LNG Canada's executive committee meetings. The state-controlled Chinese energy firm, PetroChina, owns a 15-per-cent stake in the $40-billion [Read more]
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