CLARINGTON, Ont. - Ontario's new energy minister is unapologetic about the province's use of natural gas to partly fuel growing energy needs, calling opposition to it "ideological." Stephen Lecce took over the portfolio last week in a cabinet shuffle, when he was moved from the education file that he oversaw for five years. Premier Doug Ford also gave the ministry a new name, dubbing it the Ministry of Energy and Electrification, and Lecce said it is about building the energy [Read more]
Feds release carbon pricing impact data as cost debate rages
OTTAWA - Canada's greenhouse-gas emissions will be 12 per cent lower in 2030 with carbon pricing in place than they would be if it was scrapped, new federal data published Thursday suggest. The data also show that the pricing system for consumers and big industry in place could cause Canada's GDP to take a $25-billion hit at the end of the decade — 0.9 per cent below what it would be without the carbon price. Environment Minister Steven Guilbeault published the data amid accusations the [Read more]
Bank CEOs to testify at parliamentary committee on climate impacts of finance
OTTAWA - The CEOs of Canada's five biggest banks are set to testify before a parliamentary committee later today about the impacts of the financial sector on climate and the environment. The chief executives of Royal Bank of Canada, TD Bank Group, BMO Financial Group, Scotiabank and CIBC are all scheduled to appear by videoconference before the House of Commons standing committee on environment and sustainable development. Banks have faced increased scrutiny for how their lending practices [Read more]
Oil and gas CEOs to testify before House of Commons environment committee
OTTAWA - Executives of some of Canada's largest oil and gas companies are expected to testify before a parliamentary committee Thursday afternoon about their efforts to reduce the sector's greenhouse gas emissions. CEOs and senior executives from Cenovus Energy Inc., Enbridge Inc., Imperial Oil Ltd., Shell Canada Ltd. and Suncor Energy Inc. are slated to appear by videoconference before the House of Commons standing committee on environment and sustainable development. Their appearance [Read more]
Reduction in volumes forces Fort Nelson, B.C. natural gas plant to suspend operations
FORT NELSON - A company that operates a natural gas plant in Fort Nelson, B.C., is suspending operations because of a reduction in gas volumes, which also reduces the city's access to electrical and gas services. The processing plant owned by NorthRiver Midstream has been shut since wildfires threatened the community last month, but now the company says it won't resume production because it hasn't been able to find a stable supply of gas in the region. A statement from NorthRiver says the [Read more]
Carbon capture rollout lags as industry, Ottawa at odds over who shoulders risk
CALGARY - The question of who should bear the financial risk for pricey carbon capture and storage projects has become a stumbling block slowing the technology's adoption in Canada. It has been half a year since privately held Entropy Inc. inked a deal with the federal government that saw Ottawa agree to underwrite much of the risk for the company's proposed carbon capture and storage project. Entropy said it would go ahead with its $49-million second phase of the project — located at [Read more]
ConocoPhillips buying Marathon Oil for $17.1 billion in all-stock deal, plus $5.4 billion in debt
NEW YORK - ConocoPhillips is buying Marathon Oil in an all-stock deal valued at approximately $17.1 billion. The deal is valued at $22.5 billion when including $5.4 billion in debt. Crude prices have jumped more than 12% this year and the cost for a barrel rose above $80 this week. As part of the transaction, Marathon Oil shareholders will receive 0.2550 shares of ConocoPhillips common stock for each share of Marathon Oil common stock that they own, the companies said [Read more]
Lobby group says emissions cap would cost oil and gas sector $75B in lost investment
CALGARY - An oil and gas lobby group says the federal government's proposed emissions cap on the sector combined with its stringent targets for methane reduction could reduce Canada's non-oilsands fossil fuel production by one million barrels per day by 2030. The Canadian Association of Petroleum Producers says it commissioned a study by S&P Global Commodity Insights to see what the economic impact of various proposed emissions-reducing policies would be on Canada's conventional, or [Read more]
University of Calgary looks to relaunch oil engineering program after hiatus
CALGARY - The University of Calgary says it is planning a potential relaunch of its oil and gas engineering program, which it suspended three years ago due to dwindling student demand. The university stopped admitting students to its petroleum engineering bachelor's degree program in 2021, after a multi-year period of low oil prices, corporate consolidation and widespread energy sector layoffs. At the time, U of C said it had seen a dramatic decline in student interest in the program, [Read more]
Imperial starts production at new oilsands project using lower-emissions technology
CALGARY - Imperial Oil Ltd. says it has started production at its new Grand Rapids oilsands project located at its Cold Lake operating site. The Calgary-based company, which is majority owned by U.S. giant ExxonMobil, says the project will use a mixture of steam and chemical solvents to recover the bitumen that is too deep underground to be extracted via mining. While all of the existing facilities at Imperial's Cold Lake oilsands operation use steam instead of mining, the Grand Rapids [Read more]