CALGARY - Scotiabank is no longer a member of the oil and gas lobby group Canadian Association of Petroleum Producers. The bank has had a long-running relationship with CAPP and was the title sponsor of the group's annual energy symposium for many years. Scotiabank declined to provide a reason for its exit, but confirmed in an email that it did not renew its associate membership in CAPP in 2022. Scotiabank was the only major Canadian bank to hold a membership in CAPP. At its most [Read more]
Suncor uninterested in selling Petro-Canada, CEO says despite shareholder pressure
CALGARY - Suncor Energy Inc. is not interested in selling off its Petro-Canada retail network, the oil giant's chief executive said Tuesday, in spite of pressure from an aggressive activist investor. Speaking publicly for the first time since U.S.-based Elliott Investment Management called for changes to Suncor's board and a review of its executive leadership as well as the possible sale of Petro-Canada, company CEO Mark Little told analysts that the 1,800-location retail chain is a key [Read more]
CAOEC raises drilling forecast for the year
CALGARY - The Canadian Association of Energy Contractors (CAOEC) is raising its forecast for oil and natural gas drilling following what it said was a robust first quarter due to stronger than expected oil and gas prices. The association says it now expects 6,902 wells to be drilled this year, up 6.9 per cent from its original forecast in November last year for 6,457. Oil and gas prices soared earlier this year after Russian invaded Ukraine and a ban on Russian oil imports by U.S. [Read more]
Alberta Court of Appeal to rule whether federal assessment law is unconstitutional
CALGARY - Alberta's highest court is set to release a decision today on the province's attempt to declare the federal government's environmental assessment act unconstitutional. The Alberta government has called the Impact Assessment Act a "Trojan Horse" that attempts to invade provincial powers by a back door. The act, given royal assent in 2019, allows the federal government to consider the impacts of new resource projects on issues such as climate change. Alberta claims the law uses [Read more]
Surging gas prices compound inflation’s toll on Canadians, hurt consumer sentiment
Gas prices in Canada are continuing to smash records, setting the stage for potentially lasting consequences on everything from the cost of goods to consumer behaviour. The price of a litre of gasoline jumped to an eye-watering 222.9 cents per litre in Vancouver Monday as prices at pumps across the country trended up over the weekend. Experts say rising gas prices are compounding inflation's economic toll on Canadians as higher fuel prices have a knock-on effect throughout the economy, [Read more]
Definition of ‘inefficient fossil fuel subsidy’ still elusive in Canada
OTTAWA - Canada is still working on defining an "inefficient" fossil fuel subsidy, some 13 years after it signed an international agreement to eliminate them and four years since launching a peer review with Argentina to identify what subsidies exist. In general, subsidies are considered to be government aid to fossil fuel companies, but Ottawa draws a distinction between those that encourage more production or consumption and those that help the sector cut greenhouse gas emissions. But it [Read more]
Still ‘non-negotiable:’ Canada’s natural resources minister redraws line on Line 5
WASHINGTON - Natural Resources Minister Jonathan Wilkinson is doubling down on Canada's assertion that the continuing operation of the Line 5 pipeline is "non-negotiable." Wilkinson made the comments in the House of Commons today following media reports that the cross-border pipeline is facing yet another court challenge. On top of efforts by the state of Michigan to shut down the line, an Indigenous band in Wisconsin is now asking a judge there to do the same. The Globe and Mail [Read more]
Record profits for oil companies should be invested in climate action: Guilbeault
OTTAWA - Environment Minister Steven Guilbeault says Canada's big oil companies should be investing some of their record profits into projects to curb their greenhouse gas emissions. Guilbeault says he is disappointed in comments made last week by Cenovus CEO Alex Pourbaix that the new federal tax credit for carbon capture and storage systems isn't generous enough. Those comments came the same day Cenovus reported a record first-quarter profit of $1.6 billion. Cenovus is not alone, with [Read more]
Sections of B.C. LNG line complete, partnership on disputed portion
VANCOUVER - The company behind the Coastal GasLink liquefied natural gas pipeline across northern British Columbia says it is nearing 65 per cent overall completion of the project. A statement from TC Energy says workers have completed two of eight sections of the 670-kilometre pipeline running from the Dawson Creek area to the LNG Canada processing and exporting facility being built in Kitimat. The statement says all pipe is installed on section 1 west of Dawson Creek and section 4 north [Read more]
Opposition wants Saskatchewan to share more of its oil wealth with residents
REGINA - Saskatchewan's Opposition says the government needs to share more of the wealth coming in from oil prices that continue to surge above what was forecast in the province's budget. The NDP is urging the Saskatchewan Party government to raise royalty rates by one per cent when benchmark oil prices exceed US$90 a barrel. Finance critic Trent Wotherspoon says that increase — along with a similar one for higher potash prices — would add $250 million to provincial coffers this year [Read more]