CALGARY - Suncor says it expects to restore more of its oilsands production by the end of this week.The Calgary-based company says start up activities have begun at its oilsands base plant north of Fort McMurray, Alta.Suncor also expects its MacKay River extraction site will be producing by the end of this week.It has already restarted its Firebag extraction facility, 120 kilomitres northeast of the base plant.Suncor says it has moved more than 4,000 employees and contractors back into the [Read more]
Alberta Energy Regulator to appeal ruling on oil and gas cleanup obligations
CALGARY - The Alberta Energy Regulator says it will appeal a court ruling that would allow oil and gas companies to avoid cleanup costs if they enter bankruptcy protection.The court case centres on bankrupt Redwater Energy Corp., whose trustees want to sell off its remaining producing wells.But the energy regulator wants to use those wells to cover cleanup expenses the company is responsible for.The Alberta Court of Queen's Bench said May 19 that provincial regulations are in conflict with the [Read more]
Ban on fracking in New Brunswick will continue indefinitely: minister
FREDERICTON - A moratorium on hydraulic fracturing, imposed by New Brunswick's Liberal government in December 2014, will remain in place indefinitely, the province's energy minister announced Friday."We have been clear we would not allow this activity to go forward unless our five conditions were met," Donald Arseneault said."Creating jobs is our number one priority, but not at any cost. It is clear that our conditions cannot be satisfied in the foreseeable future."The Liberal government's [Read more]
Wynne, Ontario, ridiculed by opposition Wildrose in Alberta legislature
EDMONTON - Ontario Premier Kathleen Wynne came to Alberta to talk environment but instead found herself publicly ridiculed on the floor of the legislature as the leader of a failed, debt-ridden enterprise.As Wynne looked on from the Speaker's gallery during question period Thursday, the opposition Wildrose party demanded to know why Wynne, a Liberal, was invited while right-centrist and next-door-neighbour Saskatchewan Premier Brad Wall was not."Invite Premier Wall here! Invite Premier Wall," [Read more]
Canadian banks set aside more money for bad loans to oilpatch, consumers
TORONTO - Canadian banks are setting aside more money for sour loans as the oil price shock continues to take its toll on borrowers in Western Canada. Royal Bank (TSX:RY) said Thursday it has boosted its provision for credit losses to $460 million, up $178 million from a year ago, while CIBC (TSX:CM) earmarked $324 million for bad loans in the second quarter, an increase of $197 million from a year earlier. Laura Dottori-Attanasio, CIBC's chief risk officer, says the bulk of the increase [Read more]
New emission requirement will result in more costs for Trans Mountain: company
CALGARY - The company behind the Trans Mountain expansion says an unprecedented requirement to account for and offset greenhouse gas emissions for pipeline construction will add millions of dollars in costs to the $6.8-billion project. But Ian Anderson, president of Kinder Morgan Canada, says he still welcomes the new condition because it gives the company a chance to reduce its environmental footprint. Last week, the National Energy Board gave a conditional blessing to the project. But [Read more]
Bubblin’ crude: A look at what is driving the recent rise in oil prices
CALGARY - Benchmark oil prices averaged below US$35 per barrel in the first three months of this year, but since then they've strengthened to the point where they were trading above US$50 on Thursday. What's driving the rally in West Texas Intermediate and other types of crude? Put simply, it's supply and demand.Here are five reasons why oil prices are making a comeback:U.S. OIL PRODUCTION IS DOWN: The U.S. Energy Information Administration reported Wednesday that crude oil production in the [Read more]
New B.C. oil discovery takes province’s crude output to a nine-year high
In Premier Christy Clark's vision of British Columbia's economic future, natural gas is the headliner as the province gears up to export billions of tonnes of liquefied natural gas from proposed West Coast projects.But the premier may have to make room on the bill for another fossil fuel — thanks mainly to a Calgary-based company drilling in the northeastern part of the province, B.C.'s daily crude oil production is at a nine-year high and expected to steadily increase.Oil analysts at Raymond [Read more]
Alberta brings in carbon levy legislation, estimates higher cost to families
EDMONTON - Alberta has put forward legislation to implement its multibillion-dollar carbon levy, with new estimates hiking the cost to families to as much as $443 next year.Opponents, however, estimate it will be about double that.Environment Minister Shannon Phillips introduced Bill 20 for first reading in the legislature Tuesday.She said the levy will provide an incentive to go green and will be reduced as Alberta becomes more environmentally friendly.Notley also noted with lower and [Read more]
Athabasca Oil restarts Hangingstone project as wildfire risk recedes
CALGARY - Alberta oilsands workers forced to flee the ferocious Fort McMurray wildfire are returning to begin the tricky process of restarting their projects in northern Alberta, reassured by colder weather and a forecast of rain.In a Tuesday morning update, provincial emergency officials said the Fort McMurray wildfire had grown to 523,000 hectares, almost the size of Prince Edward Island, and was still out of control but moving farther east and northeast away from the city and industrial [Read more]
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