OTTAWA - Prime Minister Justin Trudeau says he is overhauling how Canada assesses big energy projects in a bid to ensure new projects can get built without the government having to buy them to make that happen. "We're going to work to make sure that we're creating a system where you don't have to pass a law to get a pipeline built, you don't have to buy an energy project in order to de-risk it," Trudeau said in a recent interview with The Canadian Press. "We want an energy sector [Read more]
Protesters boo Quebec, free trade at Calgary rally supporting oil industry
CALGARY - Angry protesters demanding that Canada build new pipelines interrupted speeches by Calgary's mayor and councillors at a downtown rally on Monday. City council had passed a resolution declaring its support for the oil and gas industry as well as calling for solutions to a low oil price crisis blamed on a lack of pipeline export capacity. But loud boos rose from the protesters at any mention of Quebec or free trade. Rally organizer Cody Battershill of Canada [Read more]
CIBC shrinks event after Whistler tries to bill oil firm for climate change
WHISTLER, B.C. - The ski resort town of Whistler, B.C., is learning that getting involved in the fight between environmentalists and oil companies can result in negative consequences. Part of CIBC's annual investment conference to be held in the community next month has been scrapped after the town council took part in a letter-writing campaign demanding oil companies compensate it for its costs related to climate change. After Whistler sent a letter to Calgary-based oilsands [Read more]
TransCanada sells U.S. power plant in Arizona to Southwest Generation for $623M
CALGARY - TransCanada Corp. has signed a deal to sell its Coolidge Generating Station in Arizona to a subsidiary of Southwest Generation Operating Co. LLC for $623 million. TransCanada chief executive Russ Girling says the sale, worth US$465 million, is part of a plan to help fund the company's capital spending program. The 575-megawatt natural gas-fired power in Coolidge, Ariz., is underpinned by a long-term power purchase agreement. Under the terms of the PPA, Salt [Read more]
Speaker at rally says Alberta oil ‘puts tofu on the table in Toronto!’
GRANDE PRAIRIE, Alta. - A rally in support of Alberta's oil industry drew hundreds of supporters who cheered as speakers delivered a message that the rest of Canada needs to be thankful for the prosperity the province provides. "We aren't just a monumental cash cow for the government. We provide opportunities for families across the country," Bernard Hancock, known as Bernard the Roughneck, told the crowd at a park in Grande Prairie, Alta., on Sunday. "It puts chicken in the pot [Read more]
Quebecers criticize western oil but buy more gasoline, SUVs: report
MONTREAL - Quebec's premier is quick to reject "dirty" oil from Western Canada in favour of hydro power, but new data indicate the province's citizens are buying record amounts of gasoline and increasingly purchasing trucks and bigger homes. Quebecers are widely seen across the country as environmentally conscious, but per capita, they are some of the highest consumers of energy on the planet, according to a report prepared by researchers at Universite de Montreal's business school. [Read more]
Suncor plans 10% production increase for 2019, holds capex spending steady
CALGARY - Suncor Energy Inc. is planning to grow production by about 10 per cent, even after Alberta's mandatory production curtailments. The company says it expects average upstream production of 780,000 to 820,000 barrels of oil equivalent per day, up from about 730,000 boepd this year. Suncor says its guidance assumes the curtailments are in place for three months before falling to 30 per cent of initial levels for the remainder of 2019, in line with the provincial [Read more]
Western oil price rally unlikely to last after curtailments begin: expert panel
CALGARY - It's unlikely a dramatic improvement in western Canadian oil prices since Alberta announced forced production curtailments two weeks ago will continue after the cuts begin on Jan. 1, a panel of experts agreed Thursday. The difference between Western Canadian Select bitumen-blend heavy oil and New York-traded West Texas Intermediate oil prices had widened to as much as US$52 a barrel in October before recovering to about US$25.50 on Dec. 3, the day after the announcement by Alberta [Read more]
Western oil price rally unlikely to last after curtailments begin: expert panel
A panel of experts says it's unlikely a dramatic improvement in western Canadian oil prices since Alberta Premier Rachel Notley announced production curtailments on Dec. 2 will continue after the cuts begin on Jan. 1. The difference between Western Canadian Select bitumen-blend heavy oil and New York-traded West Texas Intermediate oil prices had widened to as much as US$52 a barrel in October and hovered at about US$25.50 on Dec. 3. Calgary trading company Net Energy says the [Read more]
Critics sound alarm over proposed oil and gas exploration around Sable Island
HALIFAX - A call for energy companies to bid for exploration rights around Nova Scotia's iconic Sable Island has prompted swift condemnation from a coalition of environmental, fishing and tourism groups. Gretchen Fitzgerald with the Sierra Club Canada Foundation says oil and gas development would threaten the ecologically sensitive balance of rare birds, grey seals and wild horses on the crescent-shaped island, roughly 300 kilometres southeast of Halifax. The Canada-Nova Scotia [Read more]
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