CALGARY - Kinder Morgan Canada Ltd. says earnings from its significantly pared-back assets climbed 80 per cent in the fourth quarter compared with a year earlier. The results don't include the Trans Mountain Pipeline, a package of storage terminals and the Puget Sound pipeline that the company sold to the Government of Canada for $4.5 billion last August. The company's remaining assets include Edmonton crude terminal infrastructure, its Cochin distilate pipeline and a Vancouver [Read more]
Alberta crude oil curtailments remain unchanged despite price recovery
CALGARY - Alberta Energy Minister Marg McCuaig-Boyd says the province is leaving its oil curtailment levels at 325,000 barrels per day for now despite discounts for western Canadian crude that have narrowed to three-and-a-half-year lows. According to Net Energy Exchange, the difference between bitumen-blend Western Canadian Select and New York-traded West Texas Intermediate was about US$8.25 per barrel on Wednesday, the last day of the trading cycle for barrels to be delivered in [Read more]
B.C. chief says they didn’t give up rights for pipeline to be built
SMITHERS, B.C. - A Wet’suwet’en hereditary chief told a crowd of First Nation leaders gathered in Smithers, B.C., that no elected band council or Crown authority has jurisdiction over the land. Chief Na’Moks says the rights of the hereditary chiefs to the land have never been extinguished. He says the agreements signed by pipeline builder Coastal GasLink are illegitimate and the support shown by those gathered, and by many people around the world, proves the Wet’suwet’en [Read more]
Indigenous energy summit includes session on pipeline ownership options
CALGARY - First Nations that produce oil and gas in Canada will hear presentations Wednesday at the Indigenous Energy Summit on how they might take ownership of major energy projects, including the Trans Mountain pipeline. Steven Saddleback of the Indian Resource Council says a session will feature presentations on financing models that could be followed to allow ownership of major projects including the oil pipeline from Edmonton to Burnaby, B.C. When the federal government bought Trans [Read more]
BP scales back exploration plans off N.S., gives up half its offshore area
HALIFAX - BP Canada is scaling back its oil and gas exploration plans off Nova Scotia, giving up half the offshore area included in its exploration licence. The Canada-Nova Scotia Offshore Petroleum Board says the energy giant is surrendering 50 per cent of the area included in its licence — a consolidation of four offshore parcels roughly 300 kilometres southeast of Halifax. The move comes after BP failed to drill four wells within the first phase of its exploration licence, required for [Read more]
Crescent Point Energy Corp. cuts quarterly dividend and capital budget
CALGARY - Crescent Point Energy Corp. has cut its capital budget for this year by about $500 million and slashed its dividend. The company said it will now pay a quarterly dividend of a penny per share, down from three cents. However, it says that given its low share price it will buy back up to seven per cent its outstanding shares under a normal course issuer bid. The company says it plans a capital budget of $1.2 billion to $1.3 billion. Crescent Point plans to [Read more]
RCMP to review arrests at B.C. pipeline blockade and create temporary detachment
SURREY, B.C. - The RCMP will review the actions of officers who arrested 14 people at an Indigenous pipeline blockade in northwestern British Columbia, and will also erect a temporary detachment to maintain safety in the area. The Mounties enforced a court injunction Jan. 7 allowing Coastal GasLink workers and contractors access to a work site where a natural gas pipeline is planned near Houston, B.C. Assistant commissioner Eric Stubbs held a news conference Monday to provide more details [Read more]
Alberta premier fed up with federal government for inaction on oil and gas
CALGARY - Alberta Premier Rachel Notley expressed frustration again Monday about a lack of progress in completing the Trans Mountain pipeline. Notley's comments came after a federal cabinet shuffle that left Natural Resources Minister Amarjeet Sohi in his portfolio. She said that's probably a good thing as removing Sohi before the outcome of a court-ordered Indigenous consultation by the National Engery Board would be likely to cause even further delay. "Albertans still need the federal [Read more]
Canada, First Nations express concern over U.S. Arctic drilling plans
The Canadian government, two territories and several First Nations are expressing concerns to the United States over plans to open the calving grounds of a large cross-border caribou herd to energy drilling, despite international agreements to protect it. "Canada is concerned about the potential transboundary impacts of oil and gas exploration and development planned for the Arctic National Wildlife Refuge Coastal Plain," says a letter from Environment Canada to the Alaska office of the U.S. [Read more]
Husky taking steps to resume SeaRose operations two months after oil spill
ST. JOHN'S, N.L. - A Canadian oil and gas company says it's working to reassure regulators that it can resume safe operations, two months after a massive oil spill at one of their offshore oil production sites. Work at the site of Husky Energy's SeaRose production vessel has been halted since an estimated 250,000 litres of oil spilled into the ocean on Nov. 16 at the White Rose oilfield, about 350 kilometres off the coast of St. John's, N.L. In a release on Friday, Husky said the company [Read more]
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