VANCOUVER - The B.C. Liberals say they will repeal a City of Vancouver plan the party claims prohibits natural gas in some new buildings, but the city says no such ban exists. Andrew Wilkinson, candidate for Vancouver-Quilchena, said on Saturday the city's ban would increase costs to consumers, businesses and residents because it would raise building costs and create a reliance on electricity, which is more expensive. In a statement responding to the announcement, the city said [Read more]
Imperial Oil CEO defends absence from oilsands consolidation trend
CALGARY - CEO Rich Kruger said Friday his company has not been idle while other major Canadian producers snapped up oilsands assets from foreign rivals over the past year. The head of Imperial Oil (TSX:IMO) said the Calgary-based company, one of the top four oilsands producers in Canada, has been busy building and commissioning its Kearl oilsands mining project where the first phase started in 2013 and the second phase in 2015. It has also been dealing with operational issues at its [Read more]
Alberta Energy Regulator says will appeal Redwater case to Supreme Court
CALGARY - The Alberta Energy Regulator said Friday it will appeal to the Supreme Court of Canada a case that pits creditors' rights to oil and gas assets against environmental liabilities. The lawsuit involving bankrupt Redwater Energy Corp. has been closely watched as a precedent-setting case, as financial difficulties continue to afflict the oil and gas industry after more than two years of low commodity prices. On Monday, the Alberta Court of Appeal upheld in a 2-1 decision a [Read more]
Suncor CEO says more oilsands deals may appear in ‘exodus’ of foreign firms
CALGARY — Suncor Energy (TSX:SU) has a potential opportunity to make further purchases in Alberta's oilsands if foreign multinationals continue to exit the sector, the oil and gas company's chief executive said Thursday. Suncor feels no pressure to buy but is watching closely for opportunities and has the financial strength to act, Suncor CEO Steve Williams on a conference call with analysts. Williams said he doesn't think the "exodus" from the Alberta oilsands by big international [Read more]
Industry group raises oil and gas drilling forecast again on price stability
CALGARY - An oil and gas industry group is once again raising its drilling forecast for the year after seeing higher than expected activity. The Petroleum Services Association of Canada now expects 6,680 wells to be drilled across Canada in 2017, up about 60 per cent from what it had forecast in November. Association president Mark Salkeld said the stability of oil prices and lower costs are helping raise the expected number of wells. He said the biggest barriers to [Read more]
Alberta Court of Appeal upholds Redwater Energy decision
A court decision that gave secured creditors priority over environmental cleanup in the case of bankrupt Redwater Energy Corp. has been upheld by the Alberta Court of Appeal. The lawsuit has been closely watched as a precedent-setting case as bankruptcies continue to afflict the oil and gas industry after more than two years of low commodity prices. In a 2-1 decision released Monday, the appeal court upheld the ruling in favour of Grant Thornton, Redwater’s trustee in bankruptcy, and its [Read more]
Cenovus plans to accelerate drilling on acquired ConocoPhillips gas properties
CALGARY - Cenovus Energy (TSX:CVE) plans to ramp up the drilling of conventional gas wells on the lands it is buying from Houston-based ConocoPhillips in a $17.7-billion deal announced last month. The Calgary-based company intends to spend $650 million in 2019 to drill about 120 wells in what is known as the Deep Basin of northeastern B.C. and northwestern Alberta, CEO Brian Ferguson said in an interview on Friday. That's about five times the $120 million ConocoPhillips had [Read more]
TransAlta commits to phase out coal power years ahead of government deadline
CALGARY - TransAlta Corp. CEO Dawn Farrell says the company has committed to phase out its coal-fired power plants years ahead of Alberta government deadlines. Speaking at the company's annual meeting Thursday, Farrell said the company will shut some coal units by 2018, while converting others to natural gas to be free of coal-fired power plants by the end of 2023, six years ahead of a deadline set by the provincial government. The move comes after what the board of directors [Read more]
Full production expected at Syncrude by the end of June after fire repairs
CALGARY - Syncrude's Mildred Lake oilsands upgrader in northern Alberta is expected to return to full operation by the end of June after production was sidelined by a fire on March 14. Suncor Energy (TSX:SU), which owns 54 per cent of Syncrude, says in a statement that a detailed repair schedule and return-to-service plan has been adopted that will allow the facility to complete repairs as well as planned maintenance. It says the plant, which has a maximum capacity of about [Read more]
Oilsands thirst for natural gas grows to nearly one-third of Canadian demand
CALGARY - Nearly one-third of the natural gas burned in Canada last year was used to produce crude from the oilsands, the country's energy regulator said Wednesday, something environmentalists called a "waste" of a cleaner-burning resource. According to a National Energy Board report, nearly 2.38 billion cubic feet per day or a record 29 per cent of purchased natural gas was used for oilsands production in Alberta in 2016. That's up from the 730 million cf/d or 12 per cent of total [Read more]
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