BOE Report

Newfoundland and Labrador to get word this evening on Atlantic Accord

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ST. JOHN'S, N.L. - Newfoundland and Labrador's premier will update his province tonight on negotiations to revise the Atlantic Accord, a crucial federal-provincial agreement on offshore resource revenues. Premier Dwight Ball and federal cabinet minister Seamus O'Regan are holding a joint media event in St. John's, N.L., at 6 p.m. local time. The review was to assess the extent to which Newfoundland and Labrador has reaped majority benefit from its offshore resources. Ball [Read more]

Kenney and United Conservatives promise $714-million budget surplus by 2023

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CALGARY - The United Conservatives are promising to get Alberta's books out of the red and into a $714-million surplus by 2023 — a year earlier than the NDP. The party also says if it wins the spring election, it will raise Alberta's debt level to $86 billion over that time period, a figure that is well below current government projections. "This is a very mainstream, balanced approach to gradually getting to balance without any absolute reductions in spending," UCP Leader Jason Kenney [Read more]

Bellatrix plunges on proposal to trade debt for 83.5% of its equity value

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CALGARY - Shares in Bellatrix Exploration Ltd. fell by as much as 35 per cent Friday after it proposed a deal that would leave its existing shareholders with just 16.5 per cent of the company. The Calgary-based oil and gas producer says it intends to exchange US$146 million in senior unsecured notes due in 2020 for US$100 million in new debt maturing in 2023, plus common shares totalling 51 per cent of the company's float. It is also offering to trade $50 million in convertible [Read more]

Michigan pipeline replacement setback raises fears for existing conduit

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CALGARY - A move by the governor of Michigan to halt work on a project to replace Enbridge Inc.'s 65-year-old Line 5 pipeline is raising fears that the recently elected Democratic administration could also try to shut down the existing pipeline. Analyst Matthew Taylor of Tudor Pickering Holt & Co. says that could result in crude supply disruptions for refineries in southern Ontario and Quebec and could also reduce oil pipeline takeaway capacity from Western Canada. On Thursday, [Read more]

Potential Trans Mountain pipeline buyer says it agrees with federal principles

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CALGARY - One of the leaders of a First Nations consortium planning to offer $6.8 billion for majority ownership of the Trans Mountain pipeline says federal government principles for Indigenous buyers are "exactly aligned" with its goals. Harrie Vredenburg, a Project Reconciliation executive board member and professor at the University of Calgary's Haskayne School of Business, says the principles unveiled by Finance Minister Bill Morneau on Monday don't affect his group's plan to invite all [Read more]

Alberta Liberal leader would give municipalities veto over oil and gas drilling

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EDMONTON - Alberta Liberal Leader David Khan says he would give municipalities a veto over oil and gas drilling within their boundaries if his party were to win the April 16 election. He says that would allow local governments to plan for safe and sustainable growth and development. Khan also says he would provide municipalities greater autonomy by amending the Municipal Government Act to formally recognize them as "a new order of government." New revenue-generating [Read more]

Alberta NDP’s Notley promises $1.4B to expand network of roads for heavy loads

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FORT MCMURRAY, Alta. - NDP Leader Rachel Notley is promising to spend $1.4 billion to expand Alberta's network of roads that handle large and oversized loads. Notley says the current 6,500-kilometre network is recognized as one of the best in North America, but more needs to be done. She says a re-elected NDP government would work to increase the network to cover 10,000 kilometres over the next six years. Notley says loads such as oil and gas equipment and prefabricated [Read more]

B.C. brings in tax credit to help spur liquefied natural gas investment

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VICTORIA - British Columbia is changing the province's tax structure for liquefied natural gas projects with Finance Minister Carole James saying the government is aiming to encourage more development through a natural gas tax credit. James introduced legislation Monday that she said meets the objectives set out a year ago by Premier John Horgan in a policy framework. "British Columbians are counting on us to attract LNG investment that meets strict conditions: delivering jobs and [Read more]

Morneau unveils principles for Indigenous ownership in Trans Mountain pipeline

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CALGARY - Finance Minister Bill Morneau says the government remains committed to putting the Trans Mountain pipeline and its proposed expansion back in private hands as he unveiled four principles for including Indigenous groups in those discussions. But he says timing and details of the sale of the pipeline depends on when it is "de-risked" and therefore can't be determined until consultations now underway with affected Indigenous groups are completed. The minister says discussions of [Read more]

Canadian oilfield services firms bringing in more revenue from U.S. operations

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CALGARY - Analysts say Canadian oilfield services companies with operations in the U.S. are now earning more of their revenue south of the border than they have for at least six years. In a report, AltaCorp Capital says that trend is expected to continue as ongoing oil and gas spending weakness in Canada is balanced against steady activity in the United States. The analysts say that 12 of the largest Canadian energy services companies with U.S. operations earned 54 per cent of their [Read more]