NANAIMO, B.C. - The Tsleil-Waututh Nation will be presenting Indigenous oral traditional evidence to the National Energy Board at a hearing in Nanaimo, B.C. A news release says the board is hearing new evidence about the environmental effects of Trans Mountain pipeline expansion including adverse effects of shipping to species at risk such as southern resident killer whales. The oral traditional evidence will focus on potential impacts the project would pose to the [Read more]
Suncor assessing impact of Alberta’s move to cut oil production next year
CALGARY - Suncor Energy Inc. says it's assessing the impact of the Alberta government's move to curtail oil production next year. The company says the specific impact of the production cut will be provided when it issues its 2019 capital and production guidance. The Alberta government announced a plan Sunday to impose across-the-board oil production cuts to reduce a glut of oil that has helped increase the discount the province's oil fetches compared with the North American [Read more]
Alberta orders 8.7 per cent oil production cut to help deal with low prices
EDMONTON - Alberta Premier Rachel Notley is ordering a mandatory cut in oil production to deal with a price crisis that she says is costing Canada an estimated $80 million a day. Notley says as of January there will be an 8.7 per cent reduction ordered in oil production. Output of raw crude oil and bitumen will be reduced by 325,000 barrels per day. That figure is expected to shrink as a glut of oil in storage is reduced. The mandated cut ends on Dec. 31, 2019 and will be [Read more]
New N.B. premier hopes to bring Energy East pipeline back from the dead
FREDERICTON - New Brunswick's new premier is trying to revive the Energy East pipeline — even though the original proponent says the project is dead. TransCanada Corporation abandoned the $15.7-billion project more than a year ago, after the National Energy Board modified the environmental assessment process. But Premier Blaine Higgs, along with some other premiers and federal politicians, are again pushing the proposed pipeline as a way to get more western crude to refineries in [Read more]
Notley to announce next steps for dealing with oil backlog on Sunday
EDMONTON - Premier Rachel Notley discusses the case for imposing industry-wide oil production cuts in a letter to Albertans ahead of a scheduled news conference. The provincial government says Notley will speak to reporters Sunday evening about the next steps to ensure Albertans get the best possible value for their energy resources. The premier has also released an op-ed piece where she says the province must act now to deal with a growing glut of oil she blames on a lack of [Read more]
Overflowing oil production continues to dampen oilpatch outlook, prices
CALGARY - Oil market analyst Kevin Birn likens Western Canada's crude supply to a bathtub with a drain that's too small to keep up with the increasing volume pouring out of the tap. As barrels of surplus oil lap the edge of the tub, desperate producers are forced to sell at rock-bottom prices to avoid a big mess. Meanwhile, no one seems to agree on how to either turn down the tap or install a bigger drain. "You can think of it as a bathtub that's full. And as long as the bathtub is [Read more]
Paramount Resources CEO backs calls for production cuts to support oil prices
CALGARY - A rift in the western Canadian oilpatch over how to best deal with a glut of oil blamed for wide discounts in local spot prices continues to widen despite the province's vow this week to buy locomotives and railcars to help drain the surplus. Alberta Premier Rachel Notley said in speeches in Ottawa and Toronto this week that the province has decided to buy as many as 80 locomotives and 7,000 rail tankers — expected to cost hundreds of millions of dollars — to move the province's [Read more]
Woodfibre LNG moves to next step with approval from Squamish First Nation
SQUAMISH, B.C. - The Squamish Nation has approved economic benefit agreements for Woodfibre LNG, a project worth up to $1.8 billion in British Columbia's Howe Sound. The approval of the agreements by an eight to six vote means the First Nation could receive cash and contract benefits worth almost $1.1 billion. Woodfibre LNG is licensed to export about 2.1 million tonnes of liquefied natural gas a year for the next 40 years from a former pulp mill about seven kilometres south of [Read more]
Alberta revises deficit to $7.5 billion, grapples with oil price differential
EDMONTON - Alberta's finance minister says the widening gap in the price Canadian oil is fetching won't affect this year's budget, but if left unchecked will mean hard times ahead. Joe Ceci released the province's second-quarter update for this year's provincial budget. The revised forecast predicts a further slight drop in the projected deficit to $7.5 billion when the fiscal year ends March 31. That's due mainly to higher-than-expected revenue from personal income taxes [Read more]
Vermilion to operate Irish natural gas project for CPPIB, Norwegian energy giant
CALGARY - Vermilion Energy Inc. says it's now the operator of the Corrib natural gas project in Ireland on behalf of partners that include a subsidiary of the Canada Pension Plan Investment Board and Norway's Equinor. The CPPIB's Nephin Energy Holdings Ltd. is expected to hold a 43.5 per cent interest in the Corrib project after a series of transactions, with Equinor (formerly known as Statoil) owning 36.5 per cent and Vermilion holding 20 per cent. The project had formerly been [Read more]
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