TORONTO - The Canada Pension Plan Investment Board will pay nearly $1.4 billion to become the largest partner in the Corrib offshore natural gas field, 83 kilometres off the coast of Ireland. The Toronto-based fund manager will initially buy a 45 per cent interest in the project from a unit of the Shell energy business for 830 million British pounds. After that deal closes, CPPIB plans to transfer a 1.5 per cent interest in the project to Calgary-based Vermilion Energy Inc. [Read more]
Oil, lumber companies mobilize to protect pipelines, mills from B.C. wildfires
VANCOUVER - Kinder Morgan Canada and other companies are working to keep some of the more than 200 wildfires burning across British Columbia away from their infrastructure, while a number of firms have suspended or reduced operations for the indefinite future. "At this time, I think that we're fine, but each day brings a new set of circumstances," said Steve Robertson, vice-president of corporate affairs at Imperial Metals Corp. (TSX:III). The company's Mount Polley open-pit [Read more]
Pengrowth arranges $300-million sale of production assets, lowers output target
CALGARY - Pengrowth Energy Corp. (TSX:PGF) says it has a new agreement to sell producing assets in the Olds-Garrington area of central Alberta for $300 million cash. The Calgary-based oil and natural gas company says due to the sale, it now expects to produce an average of between 41,500 and 43,500 oil-equivalent barrels per day in 2017, down from the previous estimate of between 43,500 and 45,500 barrels per day. Pengrowth says a previously announced deal to sell an asset [Read more]
‘Disappointing’ results: Statoil says exploration wells off Newfoundland empty
ST. JOHN'S, N.L. - Statoil says two exploration wells drilled about 500 kilometres off Newfoundland's east coast have come up empty. Trond Jacobsen of Statoil Canada says the results are "disappointing" as the company and its partner Husky Energy (TSX:HSE) assess next steps for drilling near the Bay du Nord field. It's estimated the frontier field contains about 300 million barrels of recoverable oil. Statoil says the two exploration wells were safely drilled in the [Read more]
Alberta credit rating maintained but DBRS concerned about growing debt
EDMONTON - An agency is maintaining Alberta's credit rating but says the outlook for the long-term is negative because of the NDP government's unwillingness to tackle its deficit and growing debt. DBRS Limited says the rating remains at AA-high, but the trend on long-term ratings has been changed to negative from stable and the province could face a downgrade within a year. "The negative trend reflects that Alberta continues to erode its low debt advantage through sustained [Read more]
Apache Corp. sells off Canadian assets in strategic exit from country
CALGARY - Apache Corp. says it has sold its assets in British Columbia, Alberta and Saskatchewan for close to $1 billion in a strategic exit from Canada. The Houston-based oil and gas company said late Thursday that leaving Canada was part of its goal of streamlining its portfolio to focus on projects in the United States, United Kingdom and Egypt. Apache said the sell-off will mean a significant reduction in asset retirement obligations and annual overhead costs, as well as [Read more]
Alberta Energy Regulator lays charges against Nexen Energy for 2015 pipeline spill
CALGARY - The Alberta Energy Regulator has laid five charges against Nexen Energy for a pipeline spill two years ago that was one of the largest in provincial history. About five million litres of emulsion — estimated to be roughly a third bitumen and two-thirds water and sand — leaked into muskeg near the company's Long Lake oilsands facility southeast of Fort McMurray. The charges include releasing a substance that may have caused an adverse effect and disturbance to public [Read more]
Alberta energy regulator turns to Supreme Court on well abandonment ruling
CALGARY - Alberta's energy regulator has asked the Supreme Court of Canada to review a ruling that could allow energy companies to walk away from cleaning up abandoned oil wells and affect industrial sites across the country. In documents filed Tuesday, the regulator formally applied to the top court for leave to appeal the so-called Redwater decision. In May 2016, an Alberta Queen's Bench judge ruled in favour of the bankruptcy trustee of Redwater Energy Corp. The court ruled [Read more]
Fort McMurray wildfire raised fuel supply concerns in Ottawa: documents
CALGARY - Federal officials raised the possibility of relaxing competition and fuel quality rules to ensure a stable supply of fuel while the Fort McMurray wildfire raged and forced several northern Alberta oilsands projects to shut down. Documents obtained by The Canadian Press under the Access to Information Act highlight some of the options Ottawa was examining if shortages got bad enough during Canada's most expensive natural disaster, which drove more than 80,000 Fort McMurray [Read more]
Trudeau, Notley welcome B.C.’s Horgan despite Trans Mountain pipeline rift
VICTORIA - British Columbia premier-designate John Horgan said he spoke with Prime Minister Justin Trudeau on Friday about the softwood trade dispute with the United States and he is planning meetings in Ottawa and Washington, D.C. Horgan, who will head a minority NDP government, said he expected the meeting with Trudeau will happen before the recall of B.C.'s legislature, now expected shortly after Labour Day. "We talked about housing," he said. "We talked about transit. We [Read more]
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