OTTAWA - The federal Liberal government has thrown its weight behind an Opposition motion backing Kinder Morgan's Trans Mountain pipeline expansion, even as political turmoil in British Columbia threatens the project's future. The motion, introduced in the House of Commons by Conservative MP Mark Strahl, affirms that the project has social licence to proceed, is critical to the economy, is environmentally sound and should proceed as planned. It passed Tuesday by a vote of 252-51, [Read more]
Shell Canada budget drops by half a billion dollars after oilsands sale
CALGARY - Royal Dutch Shell will forge ahead with its energy development plans in British Columbia regardless of the uncertainty swirling around the province's political future, says the company's Canadian country chair. Energy investments in B.C. have been cast into doubt after the May 9 provincial election that saw the Liberals win 43 seats and the NDP take 41— a situation that gives the Green party the balance of power with their three seats. Last week, the NDP and Greens [Read more]
Auditor calls for better pipeline regulations, monitoring in Saskatchewan
REGINA - Saskatchewan's provincial auditor says the government isn't doing enough to effectively regulate oil and gas pipelines. Judy Ferguson says in her annual report that as of the end of March, the Ministry of the Economy did not have written policies and procedures to evaluate existing pipeline operations. "Effective pipeline regulation helps to prevent leaks, explosions and other hazards," Ferguson said Tuesday. She also says the ministry hasn't developed a [Read more]
Junior oil and gas players go missing, not seen recovering any time soon
CALGARY - Canada's publicly traded junior oil and gas sector has shrunk to a shadow of its former self and isn't seen recovering any time soon, hit by the combination of soft energy prices, disinterested investors and higher-cost projects that favour large companies. The trend marks a significant shift for an industry in which these smaller players traditionally played an outsized role in discovering and developing new oil and gas pools, often becoming takeover targets that helped grow [Read more]
No further concessions on Trans Mountain, Kinder Morgan Canada president says
TORONTO - Kinder Morgan Canada won't make further concessions on its Trans Mountain pipeline expansion, the company's president said Friday, setting the stage for a showdown with British Columbia's potential government-in-waiting. Ian Anderson said he is willing to meet with the provincial NDP and Greens, who have vowed to immediately stop the $7.4-billion development should they oust the Liberals from power through an alliance. But moments after toasting Kinder Morgan Canada's [Read more]
Kinder Morgan Canada says Trans Mountain moving forward after extensive review
CALGARY - The president of Kinder Morgan Canada (TSX:KML) has defended the Trans Mountain project as having gone through rigorous assessments in his first comments since the B.C. NDP-Green party alliance resolved to stop the pipeline expansion. Ian Anderson said in a statement Wednesday that the expansion has been reviewed, analyzed, discussed and considered thoroughly over many years, and now has approvals from the National Energy Board, the Government of Canada and a B.C. environmental [Read more]
Business leaders express concern about promises in B.C. NDP-Green agreement
CALGARY - Some business leaders in Canada expressed concerns Wednesday that the fallout from British Columbia's election is discouraging the private sector from investing in the province. Promises by B.C.'s NDP and Greens to hike the minimum wage and carbon tax could further jangle investor nerves after both parties also committed to immediately stopping the Trans Mountain pipeline expansion project. "The election outcome, and the vow of the Green-NDP alliance to obstruct that [Read more]
B.C. government shake-up puts federally-approved pipeline project in jeopardy
OTTAWA - Federal Liberals are nervous about the future of the Trans Mountain pipeline project as a political shake-up in British Columbia seems likely to produce a provincial government that opposes the plan. Liberals waited anxiously throughout the day for details of a deal between B.C. NDP Leader John Horgan and Green Party Leader Andrew Weaver and were greeted at day's end by news the deal had not only been signed, but specifically included a plan to oppose the pipeline. The [Read more]
Going public: A look at some of the biggest Canadian IPOs by value since 2000
TORONTO - Rarely has an IPO drawn as much political attention as Kinder Morgan's sale of its Canadian unit, a deal designed to fund the Trans Mountain pipeline expansion. At $1.75 billion, the public market debut of Kinder Morgan Canada (TSX:KML) is on track to be the fourth most valuable in Canadian history. Here's a look back at some of the biggest IPOs in Canada since Manulife Financial went public for $2.49 billion in 1999. The figures, based on data provided by Thomson Reuters, [Read more]
Five-year plan provides Husky Energy growth despite modest crude oil prices
CALGARY - Husky Energy (TSX:HSE) released a new five-year plan Tuesday that braces for lower oil prices while forecasting average production to grow by nearly five per cent annually. The Calgary-based company said it will aim to reduce its break-even price point by 2021 to US$32 per barrel from the current US$33.50. Crude settled Tuesday at $49.66 per barrel. "Over the next five years we see average production growth of about 4.8 per cent annually, approaching 400,000 barrels (of [Read more]
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