CALGARY - Natural gas prices in Western Canada are so low that a partner in the country's first LNG export project is shutting off money-losing wells and throttling back its exploration program. Malaysian-owned Petronas, which has a 25 per cent interest in the $40-billion LNG Canada project, has been curtailing production by between 50 and 200 million cubic feet per day from wells in northeastern B.C. capable of producing 700 million cf/d, the CEO of its Canadian branch says. The practice [Read more]
More talk than action on increasing caribou protection: federal report
An Environment Canada report says that despite much talk on preserving caribou habitat, little progress has been made to close gaps in the protection of the threatened species. The agency says not much has changed since a coast-to-coast survey in April. "Despite the progress being made, the gaps in protection, as described in the first progress report, remain," says the report issued Friday. "Additional efforts, including those noted in this report, are needed to reverse [Read more]
Exxon Mobil withdraws application to approve $25-billion B.C. LNG project
CALGARY - Exxon Mobil Corp. has withdrawn its environmental assessment application for a $25-billion LNG export facility on the B.C. coast it proposed in 2015. The apparent shelving of the WCC LNG project is the latest blow to the West Coast liquefied natural gas export industry which at one time featured about 20 proposals, but has resulted in only one firm commitment to build. The project had been proposed by Exxon Mobil and its Canadian partner, Imperial Oil Ltd., for Tuck [Read more]
B.C. regulator says fracking caused earthquakes near Fort St. John
FORT ST. JOHN, B.C. - The B.C. Oil and Gas Commission has blamed fracking for three earthquakes in northeastern B.C. last month. The provincial regulator says the events 20 kilometres south of Fort St. John on Nov. 29 occurred because of fluid injections during hydraulic fracturing at a Canadian Natural Resources Ltd. wellsite. The events, which were felt but caused no surface damage, measured 3.4, 4.0 and 4.5 magnitude. Fracking operations within the lower Montney [Read more]
MEG Energy to waive rights plan in takeover fight with Husky Energy
CALGARY - MEG Energy Corp. says it will waive its shareholder rights plan in its fight against a hostile takeover offer by Husky Energy Inc. However, the company says it continues to unanimously recommend shareholders reject Husky's cash-and-share offer . MEG noted that since Husky announced its intention to make its offer on Sept. 30, Husky's share price has fallen more than 30 per cent, eroding the value of the offer. The takeover was worth about $3.3 billion when [Read more]
Transport minister orders new fatigue rules amidst oil-by-rail ramp-up
Transport Minister Marc Garneau has ordered rail companies to update rules to address employee fatigue. Requirements on work-rest periods for rail workers, introduced in 2002 with only minor revisions since then, should reflect the latest science and fatigue management practices, Garneau said. "We now have a better understanding of the extent to which fatigue can affect human performance and ultimately compromise railway safety. We need to make changes now," Garneau said in a [Read more]
Canadian federation is fractured, New Brunswick’s rookie premier says
FREDERICTON - The rookie Tory premier of New Brunswick has declared the Canadian federation fractured — with Ottawa and other provinces seemingly unconcerned about Alberta's slump, and Quebec actively blocking economic development. Blaine Higgs says he was shocked at the recent First Ministers meeting in Montreal to find there is no national urgency or strategy to deal with the 70-per-cent devaluation of oil in Alberta. "Here's a province that has fed many of our kids for years and we've [Read more]
Crude-by-rail exports rise to record level of more than 300,000 barrels per day
CALGARY - The National Energy Board says crude-by-rail exports from Canada rose to a record 327,229 barrels per day in October. That's up more than 21 per cent from 269,829 in September and represents the first time exports by rail have exceeded 300,000 barrels per day — in October 2017, only 137,000 bpd left the country in railcars. Full export pipelines were blamed for a glut of oil in Western Canada that pressed down a the price for a key benchmark oilsands blend. Western Canadian [Read more]
B.C. cities join global movement asking oil companies for climate change costs
Staff and contractors in Victoria have been crunching the numbers on climate change costs for the coastal city and it's not looking good, the mayor says. Lisa Helps says based on a report commissioned by the regional government in 2015, storm surges combined with a one-metre rise in sea level — which is projected by the year 2100 — could result in business disruption losses of $415,557 per day. Victoria was one of the first municipalities in British Columbia to pen a letter to [Read more]
Exxon Mobil withdraws application to approve $25-billion B.C. LNG project
CALGARY - Exxon Mobil Corp. has withdrawn its environmental assessment application for a $25-billion LNG export facility on the B.C. coast it proposed in 2015. The apparent shelving of the WCC LNG project is the latest blow to the West Coast liquefied natural gas export industry which at one time featured about 20 proposals, but has resulted in only one firm commitment to build. The project had been proposed by Exxon Mobil and its Canadian partner, Imperial Oil Ltd., for Tuck [Read more]
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