CALGARY - The chief executive of South Bow Corp. says spreading out risk among partners and customers will be key if it goes ahead with a new Alberta-U. S. pipeline project. CEO Bevin Wirzba says that was one of the lessons learned from a past attempt to expand its cross-border system — Keystone XL. The Calgary-based company, which used to be part of TC Energy Corp., has begun gauging customer interest in its Prairie Connector proposal, which would start in Hardisty, Alta., and [Read more]
South Bow gauging shipper interest in new Alberta-to-U. S. pipeline project
CALGARY - Oil pipeline operator South Bow Corp. says it is gauging customer interest in a new project to ship Alberta crude to multiple U.S. destinations. The Calgary-based company says it has begun soliciting binding commitments for long-term transportation service from Hardisty, Alta., to points south including the massive crude storage hub at Cushing, Okla., and the U.S. Gulf Coast. The bid process known as an "open season" is to last until the end of this month, and South Bow will take [Read more]
New coalition targets $100M for Canadian carbon removal projects by 2030
An emerging industry to remove carbon dioxide out of the atmosphere got a boost on Thursday with the launch of an initiative to raise another $100 million for those projects. The federal government, RBC, BMO and Shopify are among the founding members of what's being billed as the Advance Carbon Removal Coalition. The coalition says its members aim to mobilize $100 million in new support for Canadian carbon removal projects by 2030, on top of the $75 million they've contributed to [Read more]
Tourmaline sells Alberta natural gas assets for $765 million
CALGARY - Tourmaline Oil Corp. says it has sold natural gas assets in northwestern Alberta for $765 million. The Calgary-based company says the buyer of the Peace River High assets is a "Canadian senior producer" but did not disclose its identity. The Competition Bureau said in an online notice in late January that it did not plan to challenge a transaction between Tourmaline and Canadian Natural Resources Ltd., one of Canada's top oil and gas producers, but provided no further [Read more]
Ottawa agrees to cover Bay du Nord oil project’s UN fees, which could hit $1 billion
ST. JOHN'S - The Canadian government has agreed to cover fees for a proposed deepwater oil project that could come due under a United Nations convention, and officials say the tab could hit $1 billion. Federal Fisheries Minister Joanne Thompson confirmed the commitment Tuesday night at an event announcing Newfoundland and Labrador's benefits arrangement with Equinor for its Bay du Nord offshore oil development. The project would be built in an area about 500 kilometres off the east coast [Read more]
S&P/TSX composite tumbles 2 per cent, U.S. markets also down on Mideast war fears
TORONTO - Canada's main stock index dived, then pared back some of its losses to finish the day 2.2 per cent lower on Tuesday as investors worried about a widening of the war between Iran and the United States and Israel. “The big fear with this conflict, the social ramifications aside, is what's the impact going to be on energy and oil prices and how is that going to potentially translate into inflation?” said Michael Greenberg, head of Americas portfolio management at Franklin Templeton [Read more]
Bay du Nord oil project hits key milestone as N.L., Equinor sign benefits agreement
ST. JOHN'S - A proposed deepwater oil project off Canada's east coast has reached a key milestone. The Newfoundland and Labrador government announced an agreement today with Norwegian energy company Equinor on how to divvy up the development's anticipated rewards. Premier Tony Wakeham unveiled the benefits agreement at a St. John's hotel alongside Tore Loseth, Equinor Canada's country president. The province says the agreement provides up to $6.4 billion in direct revenue to the [Read more]
Alberta’s premier says conflict in Iran underscores need for new Canadian pipeline
LETHBRIDGE - Alberta Premier Danielle Smith says the war in Iran underscores the need for a new pipeline connecting her province's oil reserves to the West Coast. The threat of shipping disruptions have seen global oil prices jump since American-Israeli attacks on Iran over the weekend. Smith says any disruption in the Strait of Hormuz, a key oil choke point at the mouth of the Persian Gulf, only underscores the need for a new pipeline that could bring her province’s pivotal export to [Read more]
Five things to watch for in the Canadian business world in the coming week
TORONTO - Five things to watch for in the Canadian business world in the coming week: Carney road show Prime Minister March Carney is on the road this week, looking to grow Canada's economic ties to countries other than the United States. He began his trip by flying to India and landing in Mumbai before heading to New Delhi. Carney will also visit Australia this week with stops in both Sydney and Canberra before heading to Tokyo on Friday. Macklem chat Bank of Canada governor Tiff [Read more]
TransAlta signs Alberta data centre deal with CPP Investments and Brookfield
CALGARY - Electricity generator TransAlta Corp. has announced plans to power a new data centre west of Edmonton in partnership with the Canada Pension Plan Investment Board and Brookfield, which comes as the Alberta government aims to grow that nascent industry without overburdening its grid. TransAlta said Friday that the memorandum of understanding with the two investment firms sets out a framework for the development of a data centre at its Keephills power plant, which was retooled to run [Read more]
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