Western premiers say the SNC-Lavalin affair is distracting Prime Minister Justin Trudeau at a time he should be focused on jobs in their region. Saskatchewan Premier Scott Moe has taken aim at the prime minister's comments about the 9,000 jobs tied to the Quebec company. Moe says Trudeau needs to be reminded he is not the premier of Quebec and that thousands of jobs have been lost in the energy sector. Alberta Premier Rachel Notley released a statement this week about [Read more]
Crescent Point hit by one-time charge, reports $2.39B fourth-quarter loss
CALGARY - Crescent Point Energy Corp. lost $2.39 billion in its latest quarter as the company took a one-time charge related to its plant and equipment. The oil and gas company says the loss amounted to $4.35 per share for the quarter ended Dec. 31 compared with a loss of $56.4 million or 10 cents per share a year earlier. The most recent quarter included a $3.69-billion impairment charge related to plant and equipment. On an adjusted basis, Crescent Point says it lost [Read more]
Pengrowth launches review after debt refinancing fails amid plunging oil prices
CALGARY - Pengrowth Energy Corp. has launched a strategic review of options that could include the sale of the company after failing to renegotiate its high debt load amid plunging western Canadian oil prices late last year. The Calgary-based company, which has reduced production at its key Lindbergh steam-driven heavy oil project in eastern Alberta to comply with the province's oil curtailment program, said Wednesday it has hired advisers to assist with the process. Shares in [Read more]
STEP Energy Services cuts staff as Canadian oilfield spending slump continues
CALGARY - Another Calgary-based oilfield services company is reporting job cuts as activity in Canada slows due to lower oil and gas producer spending. STEP Energy Services Ltd. says it cut 13 per cent of its administrative staff in early 2019 and has reduced field staff by 12 per cent since Oct. 1. In a regulatory filing last year, the company indicated it had 1,120 employees at the end of 2017, most in Canada. It added about 400 U.S. staff with its $350-million [Read more]
Climate change chaos making politics more toxic: Obama tells Calgary crowd
CALGARY - Former United States president Barack Obama says failure to transition to cleaner energy sources would lead to global chaos that would be hard to reverse, but he's optimistic fossil-fuel-centric economies such as Alberta's can make the necessary changes. Obama spoke Tuesday to a near-full arena in Calgary, home to several oil and gas company headquarters that are replete with empty office space due to a years-long industry downturn. "All of us are going to have to [Read more]
Enbridge:Line 3 replacement likely won’t be in service until second half of 2020
CALGARY - A pipeline that Alberta has been counting on to ease the bottleneck in moving its crude oil to foreign markets won't be in service for at least another year, according to its owners. Enbridge Inc. says in a news release that the timeline for construction of the Line 3 replacement likely won't see the pipeline operational until the second half of 2020. Just two weeks ago, the Calgary-based company expressed confidence that the project would be in service by the end of [Read more]
New impact assessment bill for energy projects to get major changes in Senate
OTTAWA - The federal government's promised overhaul of environmental evaluations for energy projects is poised for a major Senate surgery, but the upper chamber must race to pass the bill before an election guillotine sends it to the shredder. Bill C-69, the Impact Assessment Act, fulfils a Liberal campaign promise to change how major energy projects get reviewed for their environmental, social and economic effects, with the aim of speeding up reviews and making their criteria [Read more]
Alberta to ease oil production cut again, cites lower storage levels
EDMONTON - Premier Rachel Notley says Alberta will again ease mandatory oil production cuts due to lower storage levels. The province says it will allow increased production by 25,000 barrels per day in April. This will be the second increase since December when the government ordered production of raw crude oil and bitumen to be cut by 325,000 barrels per day to deal with low prices. The first increase was on Jan. 30 when Notley announced the province would allow [Read more]
Notley says new energy assessment bill conflicts with purchase of pipeline
OTTAWA - Alberta Premier Rachel Notley says it makes no sense for Ottawa to use one hand to buy the Trans Mountain pipeline for $4.5 billion, and another to push legislation that would deter investors from future energy projects. Notley was in Ottawa Thursday giving the Senate her take on Bill C-69, the Impact Assessment Act, which overhauls the way energy projects are assessed for their effects on the environment as well as contributions to the country's social and economic well-being. [Read more]
Federal government to regulate controversial Alton Gas cavern project
HALIFAX - The federal government is stepping in to regulate a company's controversial plan to use water from one of Nova Scotia's major rivers to create huge underground caverns to store natural gas. Environment and Climate Change Canada says the proposed regulations for the Alton Gas project will be aimed at managing potential threats to fish, fish habitat and human health — but the impact of these new rules remains unclear. Federal officials could not be reached for comment, [Read more]
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