BOE Report

New Brunswick premier hopes to convince Quebec of Energy East benefits

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FREDERICTON - The premier of New Brunswick says he believes he can convince Quebec's skeptical premier of the benefits of reviving the Energy East pipeline project. Higgs, along with a number of other premiers and federal politicians, are pressing for a restart of the $16 billion Energy East pipeline to get oil from Alberta to refineries in eastern Canada and to an export terminal in Saint John, N.B. The pipeline would have to pass through Quebec, but so far, Premier Francois Legault has [Read more]

Oilsands firm Canadian Natural cuts $1 billion from budget due to low oil price

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CALGARY - Oilsands producer Canadian Natural Resources is setting its 2019 capital budget at $1-billion less than its "normalized" range but says it will ramp up spending if heavily discounted oil prices in Western Canada rebound. The Calgary-based company says it is targeting a 2019 base capital program of $3.7 billion, about 20 per cent below its preferred range of $4.7 billion to $5.0 billion. The program includes about $3.1 billion needed to maintain production and $600 [Read more]

B.C. to introduce clean climate plan as carbon-emitting LNG industry grows

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VANCOUVER - British Columbia is poised to announce its plan to fight climate change while it accommodates the carbon polluting liquefied natural gas industry. Premier John Horgan and Green Leader Andrew Weaver are expected to introduce the government's long-term strategy to reduce greenhouse gas emissions through a wide-ranging provincial transition to a low carbon economy. Environment Minister George Heyman, Energy Minister Michelle Mungall, Weaver and Horgan have scheduled a noon news [Read more]

B.C. chief says one major oil spill could ruin her nation’s economy forever

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OTTAWA - Leaders from several north-coast B.C. First Nations say if the Senate doesn't approve a bill barring super-sized oil tankers from the region their fragile but thriving marine-based economies will die. The legislation would put into law an existing moratorium on tankers carrying more than 12,500 tonnes of crude oil in the waters between the northern tip of Vancouver Island and the Alaska border. The legislation passed the House of Commons last spring and is now being [Read more]

Put oil ‘crisis’ on first ministers’ agenda: Alberta, Saskatchewan premiers

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Alberta and Saskatchewan want issues facing the oilpatch to be on the agenda when premiers meet with the prime minister later this week. Alberta Premier Rachel Notley and Saskatchewan Premier Scott Moe have made the request in an open letter to Justin Trudeau. They say the current agenda does not include any discussion of a crisis facing the energy industry. Alberta's oil is currently fetching bargain basement prices thanks to a growing glut and lack of pipeline capacity to get oil to [Read more]

Enbridge sells distribution business in N.B. to Algonquin Power and Utilities

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CALGARY - Enbridge Inc. has signed a deal to sell its natural gas distribution business in New Brunswick to Algonquin Power and Utilities Corp. for $331 million in cash. Enbridge Gas New Brunswick operates and maintains more than 1,200 km of natural gas distribution pipeline in 12 communities in New Brunswick with 12,000 customers. The company says employees, customers, partners and suppliers can expect no change to the day-to-day operations as it works to complete the deal. [Read more]

TSX gets lift from U.S.-China trade truce and Alberta move helping oil prices

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TORONTO - Canada's main stock index began the week higher as Alberta production cuts helped to lift oil prices to their largest gain since June, while investors felt relief from a preliminary trade truce between the U.S. and China. The January crude contract gained four per cent or US$2.02 to US$52.95 per barrel. Western Canadian Select rose 9.6 per cent or US$1.48 to US$16.93 after Alberta Premier Rachel Notley instructed the province's energy regulator to direct oil producers [Read more]

Gluts, price differential: Six things to know about Canada’s oil-price gap

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EDMONTON - The Alberta government has ordered a mandatory cut to crude oil production next year to deal with historically low prices being paid for Canadian oil. Here are six things to know about Canada's resource: Light or heavy: Each type of oil around the world has its own price. New-York-traded West Texas Intermediate (WTI), delivered at Cushing, Okla., is the benchmark price for light crude oil in North America. Western Canadian Select (WCS) is the reference price for heavy crude [Read more]

Federal government failed to get oil moving, prompted oil cut: Opposition leader

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WINNIPEG - Federal Conservative Leader Andrew Scheer says Alberta's decision to order a cut in oil production is a direct result of Prime Minister Justin Trudeau's failure to get Canadian energy to market. Scheer says there were three pipeline projects in the works when Trudeau became prime minister, and none have come to fruition. He says a Conservative government would ensure pipelines are built by having clear and consistent rules for development, and a special ministerial [Read more]

Maximize existing pipelines’ efficiency to help with oil glut: Sohi

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OTTAWA - Natural Resources Minister Amarjeet Sohi is asking the National Energy Board to make sure Canada's oil pipelines are being used as efficiently as possible. The market price for Alberta oil is rebounding today, a day after Premier Rachel Notley announced plans to cut production by almost nine per cent in January to deal with a glut of oil that can't be moved to buyers, but the discount Canadian producers have to stomach compared to the price their U.S. counterparts get is still north [Read more]