MONTREAL - Opponents of oil and gas development in Quebec say they're prepared to ramp up their fight amid expectations that the provincial government could release new regulations on resource extraction in the coming weeks. At the end of last year, the government passed legislation to enable production of oil and natural gas. In May, Natural Resources Minister Pierre Arcand said rules governing that activity would be released a month later and since then, both industry and opponents [Read more]
Oil and gas, border taxes and a vanishing deadline: federal politics this week
OTTAWA - Even as Ottawa was overrun with tourists hoping to catch a glimpse of two giant robots shaped like a dragon and a spider strolling through the capital this week, there were enough politicos left around Parliament Hill to natter for days about Rolling Stone. Prime Minister Justin Trudeau graced the magazine's latest issue on Monday, and was gifted a gushing profile that compared him ever-so-positively to U.S. President Donald Trump. The heap of flattering international [Read more]
Quebec government puts end to oil and gas exploration on Anticosti Island
QUEBEC - The Quebec government announced Friday there won't be any further oil and gas exploration on Anticosti Island, putting the controversial drilling project to rest. Natural Resources Minister Pierre Arcand said a decision was taken to protect the island's natural character and support its bid to become a UNESCO World Heritage Site, which the province has formally backed. "It was clear to us that it was very difficult both to exploit the hydrocarbons and at the same time to [Read more]
TransCanada looks to expand natural gas exports east and south as LNG dream fades
CALGARY - TransCanada Corp. is looking to boost its capacity to export natural gas east and south from the rich reserves of Western Canada as dreams of sending the gas to Asia fade further into the distance. The company (TSX:TRP) announced Friday a modest $160-million program to add capacity with more compressors on its Canadian Mainline system in southern Ontario so it can bring more gas to the province and Atlantic Canada, adding to the $2-billion commitment in June to expand its [Read more]
Oilsands developers abandon nearly one million hectares of exploration leases
CALGARY - In another sign the bloom is off the boom for the oilsands, the industry has returned almost one million hectares of northern Alberta exploration leases to the province over the past two years — abandoning an area far bigger than P.E.I. The total area covered by oilsands leases remained constant at about nine million hectares between 2011 and 2014. But it fell to 8.5 million hectares in 2015 and 8.1 million in 2016, following the crash in world oil prices from over US$100 to [Read more]
Imperial Oil reports $77-million second-quarter loss, revenue up from year ago
CALGARY - Imperial Oil Ltd. (TSX:IMO) reported a smaller second-quarter loss compared with a year ago due to higher oil prices and reduced refinery turnaround activity. The company says it lost $77 million or nine cents per diluted share in the quarter compared with a loss of $181 million or 21 cents per diluted share a year ago. Revenue totalled $7.03 billion for the quarter, up from $6.25 billion. Imperial said production averaged 331,000 gross oil-equivalent barrels [Read more]
Prevention, disaster management key lessons from Fort McMurray wildfire: report
FORT MCMURRAY, Alta. - A report on lessons learned from the Fort McMurray wildfire recommends improved prevention measures along with better disaster management and evacuation planning. The Regional Municipality of Wood Buffalo commissioned the KPMG review following the fire in May 2016 that forced about 88,000 people to flee the area in northeastern Alberta. Mayor Melissa Blake said other communities in Canada facing the threat of wildfires can learn from Fort McMurray's [Read more]
TransCanada seeking more Keystone XL shippers as oilsands growth slows
CALGARY - TransCanada Corp. said Thursday that it's looking for more oil shipment commitments for its Keystone system, as expected oilsands growth slows and major international players continue to retreat from the region. Company spokeswoman Jacquelynn Benson said the company is looking for 225,000 barrels a day of commitments on the controversial Keystone XL project, which would have capacity to ship about 830,000 barrels a day from Hardisty, Alta., to markets in Cushing, Okla., and the [Read more]
Total, Suncor Energy in funding dispute over Fort Hills oilsands project
CALGARY - French oil giant Total and Suncor Energy are in a dispute over funding the Fort Hills oilsands project, the $17-billion development set to begin production later this year. The standoff is not expected to affect the overall cost or schedule of Fort Hills. Still, Steve Williams, CEO of Fort Hills operator Suncor Energy (TSX:SU), told financial analysts on a conference call Thursday that he's "disappointed." "Our partner, Total, has chosen not to approve or provide [Read more]
Cenovus Q2 profit boosted by ConocoPhillips deal, revenue up from year ago
CALGARY - Cenovus Energy Inc. (TSX:CVE) reported a profit in its second quarter, boosted by its purchase of most of the Canadian assets of ConocoPhillips. The company reported a quarterly profit of $2.64 billion or $2.37 per share, including a $1.8-billion non-cash revaluation gain on its interest in an oilsands joint venture with ConocoPhillips that it acquired full ownership in. The profit compared with a loss of $267 million or 32 cents per share in the same quarter last year. [Read more]
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