LIMA, Peru - Prime Minister Justin Trudeau will return to Ottawa on Sunday following a three-day trip to Peru hoping to calm tempers and find a peaceful resolution to the Trans Mountain pipeline crisis that has pitted Alberta and B.C. against each other. The prime minister is scheduled to sit down with Alberta Premier Rachel Notley and B.C. Premier John Horgan on Parliament Hill, marking the first time the three will be in the same room together to discuss the pipeline since Horgan threatened [Read more]
B.C. issues Trans Mountain pipeline permit update as premier heads to Ottawa
VICTORIA - British Columbia's government has issued a progress report on permits for the Trans Mountain pipeline expansion, just as Premier John Horgan readies to travel to Ottawa for a meeting on the controversial project. The Energy, Mines and Petroleum Resources Ministry says the $7.4-billion project requires 1,187 provincial permits, many of which involve Indigenous consultations. The ministry says in a statement that 587 permit applications have been submitted to various permitting [Read more]
Canada increases oil exports, finding buyers in the U.S. despite shale oil boom
CALGARY - The National Energy Board says Canadian oil exports rose by 6.5 per cent last year to 3.3 million barrels per day despite an increase in light shale oil production in the United States, Canada's biggest customer and competitor. The federal regulator says heavy crude made up 77 per cent or 2.5 million bpd of Canadian exports, continuing a trend that has resulted in such exports rising by 48 per cent over the past five years as new oilsands projects come on stream in Alberta. Light [Read more]
Feds have options to cut risk for Trans Mountain pipeline investors, says Carr
OTTAWA - Natural Resources Minister Jim Carr says Canada is considering several ways to reduce the financial risk for Kinder Morgan investors spooked by the uncertainty plaguing the planned Trans Mountain pipeline expansion. Carr says the government is still examining its options, but won't commit to a course of action before Sunday, when Prime Minister Justin Trudeau is to meet with the premiers of British Columbia and Alberta. Ottawa's options include buying a stake in the pipeline to [Read more]
Crescent Point criticizes dissident’s nominees in lengthy letter to investors
CALGARY - Crescent Point Energy Corp. is doubling down in its battle with an activist investor, criticizing the company, its leader and even the ages of two of the four directors it has nominated for election at the annual general meeting next month. A lengthy letter to shareholders asking them to reject the dissident slate repeats criticism Crescent Point levelled Monday of activist Cation Capital Inc.'s "unreasonable" bid to have four new directors elected, saying it will disrupt the [Read more]
Alberta premier ready to talk but wants action at Trans Mountain meeting
EDMONTON - Alberta Premier Rachel Notley says she will attend a meeting about the Trans Mountain pipeline in good faith and with an open mind, but the bottom line is the expansion project must get built without delay. Notley also says she will bring in legislation next week that would allow her to curtail oil shipments to British Columbia — regardless of the outcome of her Sunday meeting with Prime Minister Justin Trudeau and B.C. Premier John Horgan. Such action is expected to cause gas [Read more]
Trinidad Drilling sells rigs to Saudi Arabia instead of moving them to U.S.
CALGARY - Trinidad Drilling Ltd. says it has struck a deal to sell its three drilling rigs in Saudi Arabia for about $114 million instead of moving them to the United States as it announced earlier this year. The Calgary-based drilling company says it will realize about $69 million from the sale of the rigs, with the rest payable to a partner. Trinidad says it will upgrade three wholly-owned rigs already in the United States for about $16 million to meet customer demand in Texas, [Read more]
Meeting with PM won’t force B.C. to off its pipeline stand: environment minister
VICTORIA - British Columbia Environment Minister George Heyman says he doesn't expect the province to back down on its battle against the Trans Mountain pipeline expansion during a meeting Sunday with the prime minister and Alberta's premier. Heyman says the government is trying to defend the B.C. coast, its environment and jobs from the potentially disastrous impacts of an oil products spill. He says the federal government has rejected B.C.'s invitations to join its attempt to ask the [Read more]
Oil industry to return to profitability this year after three years of losses
CALGARY - Canada's oil industry is expected to be back in the black this year thanks to higher oil prices and more production after registering three years of losses. But the Conference Board of Canada says the recovery will be modest and ongoing pipeline capacity problems will likely continue to result in Western Canada's oil production selling for discount prices. Michael Burt, director of industrial economic trends, says the oil industry will register pre-tax profits of about $1.4 [Read more]
Trudeau meeting Sunday with B.C., Alberta premiers over Trans Mountain impasse
OTTAWA - Prime Minister Justin Trudeau will sit down Sunday with B.C. Premier John Horgan and Alberta Premier Rachel Notley in an effort to hash out a solution to the ongoing dispute over the Trans Mountain pipeline project. Trudeau, who is on his way to Peru for the Summit of the Americas, will return to Ottawa for the meeting before resuming his travels to Paris and London, spokesperson Chantal Gagnon said Thursday, just moments before the prime minister's flight took off. Tensions over [Read more]
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