CALGARY - The Petroleum Services Association of Canada is cutting 1,000 wells from its 2019 drilling forecast due to what it calls deteriorating investor confidence in Canada. The industry group says it now expects 5,600 wells to be drilled in Canada this year, down from its November forecast of 6,600, and 19 per cent behind the 2018 total of 6,948 wells drilled. PSAC CEO Gary Mar says a lack of market access continues to discourage investment in oil and gas exploration and production in [Read more]
TransCanada hires RBC to help sell up to 75% stake in Coastal GasLink pipeline
CALGARY - TransCanada Corp. says it has hired RBC to help it sell as much as a 75 per cent stake in the Coastal GasLink pipeline project designed to supply natural gas from northeastern B.C. to the LNG Canada facility on the West Coast at Kitimat. The Calgary-based company says it is following through with its intention announced in November to eventually reduce its interest in the 670-kilometre, 48-inch diameter natural gas pipeline project to between 25 and 49 per cent. The RBC news is [Read more]
Wet’suwet’en members say pipeline company removed cultural property
HOUSTON, B.C. - Members of the Wet'suwet'en First Nation are alleging the company trying to build a natural gas pipeline through its territory "wilfully, illegally, and violently destroyed" its property this weekend. Coastal GasLink, which is working to build the pipeline from northeastern British Columbia to Kitimat on the coast, said its actions have been permitted and lawful. Jen Wickham, a member of the Gidimt'en clan within the nation, said Coastal GasLink bulldozed three [Read more]
Oilpatch financial results expected to reflect extreme Q4 oil price volatility
CALGARY - Fourth-quarter results from Canada's biggest oil and gas companies will likely feature some surprises, as well as revisions to forward plans, given extreme volatility in commodity prices in the last three months of 2018, financial analysts say. The parade of results begins Friday with Imperial Oil Ltd. and continues next Tuesday with Suncor Energy Inc. During the quarter, U.S. benchmark West Texas Intermediate oil prices fell 16 per cent from the previous period to [Read more]
‘We’re not convinced:’ Draft plan to restore Wood Buffalo National Park panned
The draft for a federal plan to restore Canada's largest national park suggests Ottawa is unlikely to ease international concerns about threats posed to its status as a World Heritage site, say environmental groups and First Nations. "If this is all we've got to save the park, we don't have a very good outlook," said Kecia Kerr of the Canadian Parks and Wilderness Society, one of the groups worried about the impact of development and climate change on Wood Buffalo National Park. [Read more]
No sales tax, but Alberta premier says wait and see for detailed plan
EDMONTON - Alberta Premier Rachel Notley says she won't bring in a sales tax, a health premium or a payroll tax and will wait until closer to the provincial election to outline further details. "Stay tuned for the rest of it," Notley said Friday. She wouldn't say whether she will propose changes to the progressive income tax her NDP brought in to replace the former government's flat tax. "What I will say now is that we are committed to maintaining the tax advantage that [Read more]
Coastal GasLink stops work on pipeline over trapline dispute in northern B.C.
HOUSTON, B.C. - A company building a pipeline has stopped work on the project in northwestern British Columbia where 14 people were arrested earlier this month. Coastal GasLink says in a notice posted on its website on Thursday that it stopped work in an area south of Houston because traps had been placed inside construction boundaries and people were entering the site, raising safety concerns. The company says it was working with the RCMP to address the issue. Earlier [Read more]
Enerplus focuses $600-million budget on growing North Dakota oil production
CALGARY - Enerplus Corp. says it will increase spending and production this year while continuing to focus on its North Dakota Bakken light oil play. The mid-sized producer says it plans to spend between $565 million and $635 million this year, with the mid-point of $600 million set slightly higher than actual spending of $594 million in 2018. Only 7.5 per cent of the funds are to be spent in Canada in 2019. Eighty per cent is allocated to fund a net 42-well drilling program in [Read more]
Indian Act to blame for pipeline gridlock in northern B.C.: federal minister
VANCOUVER - Canada's minister of Crown-Indigenous relations is pointing her finger at the Indian Act for creating a gridlock in northern British Columbia where some hereditary clan chiefs say a liquefied natural gas pipeline doesn't have their consent. Carolyn Bennett would not say whether she believes the hereditary chiefs of the Wet'suwet'en First Nation have jurisdiction over the 22,000 square kilometres they claim as their traditional territory, saying that it is up to each community to [Read more]
‘Not cutting corners:’ Resources minister says no rushing Trans Mountain review
CALGARY - Natural Resources Minister Amarjeet Sohi says the federal government won't cut corners to speed up a full review of the proposed Trans Mountain pipeline expansion. The government bought the pipeline for $4.5 billion last summer only to have the Federal Court of Appeal strike down Ottawa's approval of it. The court said Canada failed to meaningfully consult with First Nations and that the National Energy Board failed to examine how the project would affect the ocean [Read more]
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