CALGARY - The sell-off of Alberta oilsands assets by another big international player — along with big reserve writedowns, the introduction of a carbon tax and a stumbling crude price — all suggest a gloomy outlook for production from the world's third-largest proven oil reserves. But Canada's oilsands output is still expected to set new records in 2017 and climb even further in the coming years. Part of this year's boost would come from the Fort Hills project, expected to [Read more]
Husky, AER assessing leak of crude oil into creek in southwest Alberta
BRAGG CREEK, Alta. - Alberta's Energy Regulator says a pipeline has leaked crude oil in southwestern Alberta. AER spokeswoman Monica Hermary says Husky Energy (TSX:HSE) of Calgary reported the spill at Cox Hill Creek on Thursday around 3 p.m. Cox Hill Creek is about 22 kilometres west of Bragg Creek, an area popular for hiking, camping and other outdoor recreation. Hermary says it's not known how much crude has leaked, but adds the oil has affected the creek. She [Read more]
Alberta Energy Regulator rejects Suncor oilsands tailing pond strategy
CALGARY - The Alberta Energy Regulator has rejected an oilsands tailings pond retirement plan submitted by Suncor Energy (TSX:SU). It says in a decision posted Friday on its website that the oilsands giant's application did not satisfy regulatory requirements and it must submit a new proposal. Suncor had proposed using a water cap to contain the tailings — toxic ponds of water mixed with fine clay particles, bitumen and other chemicals left behind after its mining and upgrading [Read more]
Alberta Securities Commission says Poseidon executive’s actions were fraudulent
CALGARY - The Alberta Securities Commission says a former officer of failed oilfield services firm Poseidon Concepts engaged in a deliberate "campaign of disinformation" in reporting U.S. contracts that led to the company overstating its revenue and accounts receivable. The regulator says it has found Joseph Kostelecky, Calgary-based Poseidon's former senior sales executive in the United States, guilty of fraud and will proceed to a hearing later this month to determine punishment. [Read more]
A tale of 11 budgets: Alberta’s road from $1.6B surplus to $10.3B deficit
EDMONTON - Alberta's NDP government tabled its third budget Thursday that includes a $10.3-billion deficit but includes increased spending and contains no tax cuts or increases. Here are the last 11 Alberta budgets: 2008-2009 (tabled April 22, 2008) Slogan: The Right Plan for Today and Tomorrow Premier: Ed Stelmach; Finance minister: Iris Evans Total spending is up 10 per cent to a record $37 billion. Surplus of $1.6 billion. Health premiums, which have generated [Read more]
Winners and losers in Alberta’s 2017 budget
EDMONTON - The Alberta government released its budget Thursday. Here are some of the winners and losers: Winners Grade School Studentsand their parents — The budget will increase funding to match enrolment, build 10 new schools and upgrade or replace another 16. Schools fees paid by parents are also being cut by $54 million. Post-Secondary Students — The government will extend a tuition freeze for a third year. There is also a two per cent hike to operating grants for [Read more]
Some highlights from Alberta’s 2017 budget
EDMONTON - The Alberta government released a budget Thursday that banks on the province's economy rebounding from recent hard times. Here are some of the highlights: — Revenue is forecast to hit $45 billion. — The deficit is pegged at $10.3 billion. — Tax revenue is forecast at $21.8 billion, up almost 6 per cent from year prior. — Bitumen royalties are estimated at $2.5 billion while conventional oil royalties are pegged at $476 million. — Operational [Read more]
Fire at Alberta oilsands site has been extinguished, Syncrude says
FORT MCMURRAY, Alta. - A fire at a Syncrude oilsands facility in northern Alberta has been extinguished, two days after it broke out. The company says it is still investigating the cause of the fire, which started in an oil supply line at the Mildred Lake upgrader. Crews allowed the fire to continue to burn in order to safely dispose of chemicals left in the line. Officials including those with Alberta Occupational Health and Safety remain on site to investigate. [Read more]
Alberta unveils 2017 budget, promising more spending, deficit, and paydown plan
EDMONTON - Cash-strapped Alberta is banking on bad times getting better in a fingers-crossed budget that drips red ink but promises a hospital, new schools and more money for seniors and social services. Critics pounced on it as a selfish and short-sighted blueprint that heralds a looming — and very ugly — day of financial reckoning. "We are laying the foundation for a return to economic growth," Finance Minister Joe Ceci said Thursday prior to tabling his 2017-18 fiscal plan. [Read more]
N.W.T. premier says Arctic drilling ban, emission restrictions hurt oil industry
CALGARY - The premier of the Northwest Territories is blasting federal policies including promises to restrict greenhouse gas emissions that he says will stifle a viable energy sector in the North. Bob McLeod told the Arctic Oil & Gas Symposium on Wednesday that a national carbon price and a five-year ban on drilling in the Arctic's Beaufort Sea have created a "no-win situation" for his territory's efforts to develop a strong resource economy. The federal government is proposing [Read more]
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