FORT MCMURRAY, Alta. - A mandatory evacuation of employees at work camps north of Fort McMurray, Alta., has expanded and now affects about 8,000 people. The Rural Municipality of Wood Buffalo issued an emergency alert about 10 p.m. on Monday evening, saying the move was prompted by the threat of a quickly spreading wildfire. The evacuation zone now stretches about 50 kilometres north of Fort McMurray to just south of Fort MacKay, and includes Syncrude and Suncor facilities, along with [Read more]
Oilsands producer Connacher seeks court protection 12 months after restructuring
CALGARY - Twelve months after emerging from a court-supervised restructuring, junior oilsands producer Connacher Oil and Gas Ltd. is again seeking court protection from creditors.The Calgary company announced Monday that it had asked the Court of Queen's Bench for shielding under the Companies' Creditors Arrangement Act while it tries to arrange a sale of its business in whole or in part.Its restructuring last May resulted in creditors owed $1 billion taking over almost the entire [Read more]
Penn West says low oil, gas prices have pushed it close to debt default
CALGARY - Concerns mounted in the oilpatch after one of Calgary's oldest oil and gas production companies warned Monday it was facing the possibility of defaulting on its debt by the end of next month.Penn West Petroleum Ltd. (TSX:PWT) said it could be in violation of its agreements with its lenders by June 30 if it can't negotiate some form of loan relief.The firm, the latest member of the oilpatch to face a showdown with lenders amid depressed crude prices, said it has hired investment banking [Read more]
Enbridge pipelines to resume oilsands shipments within days as fire risk falls
CALGARY - Enbridge Inc.'s chief executive said he hopes to restart shipments on its regional oilsands pipelines in the next few days as the wildfire risk in the Fort McMurray, Alta., area diminishes."I would say within the next two or three days, hopefully, we'll be at a point where we'll be in good startup mode," CEO Al Monaco said after the company's annual general meeting Thursday.He said the restart would be gradual because it depends on production flows from oilsands operators and requires [Read more]
Big banks shave 2016 growth outlooks for Canada in wake of Alberta wildfire
OTTAWA - The effects of the enormous Alberta wildfire on the ever-crucial oil sector have prompted forecasters to trim their 2016 economic growth predictions for the entire country.Experts, including those from several big banks, have shaved their outlooks in recent days following the huge blaze that tore through Fort McMurray — the heart of oil country.The emergency forced nearby oilsands facilities to shut down last week, but some have begun to restart their operations. More are expected to [Read more]
Ottawa puts all hands on deck for Fort McMurray in advance of Trudeau visit
OTTAWA - The federal Liberals are putting all hands on deck with a special cabinet committee to co-ordinate Fort McMurray aid and reconstruction efforts in advance of the prime minister's visit to the fire-ravaged region on Friday.Justin Trudeau has received an appeal from Alberta Premier Rachel Notley for enhanced employment insurance benefits for the Edmonton area as a consequence of last week's mass evacuation of more than 80,000 people.But that's just one thread of a multi-government effort [Read more]
AltaGas partner Idemitsu shelves work on Triton liquefied natural gas project
CALGARY - AltaGas Ltd's joint venture partner, Idemitsu Kosan Co., says it has stopped work on the Triton liquefied natural gas project in northern British Columbia.The Japanese conglomerate says in its annual results issued Tuesday that it had suspended all efforts to export LNG from North America.AltaGas's director of finance and communications says that the news doesn't change anything for the company since AltaGas had put Triton on the back burner more than a year ago.Jess Nieukerk says [Read more]
Wildfire’s impact on Alberta oilsands industry measured by the numbers
CALGARY - A by-the-numbers look at the wildfire in Fort McMurray, Alta., and its impact on the oilsands industry:12: Number of surface oilsands mines and thermal or underground oilsands operations forced to close.1.1 million: Peak estimated number of barrels per day of oilsands output taken offline.C$65 million: Estimated reduction in daily revenue for energy companies from decline in production.700 million to 900 million cubic feet per day: The reduction in natural gas demand from shuttered [Read more]
Alberta natural gas producers could lose money because of wildfire: analyst
CALGARY - The first oilsands mine shut down by wildfires in the Fort McMurray region a week ago has been restarted and optimism is building that many of the largest operations will be producing again in a little as a few days.Shell Canada said Tuesday morning that it had resumed production at its Albian Sands mining operations about 95 kilometres north of Fort McMurray after a seven-day closure.The operations, which include the Muskeg River and Jackpine oilsands mines, have the capacity to [Read more]
Enbridge paying $282 million to join large-scale French offshore wind project
CALGARY - Enbridge Inc. (TSX:ENB) says it will pay $282 million to participate in the development of three large-scale wind farms off the coast of France.The Calgary-based company will acquire 50 per cent ownership of Eolien Maritime France SAS, which is building a total of 1,428 megawatts of generating capacity.The other half of the wind farms will be owned by EDF Energies Nouvelles, a subsidiary of Paris-based Electricite de France SA.Each of the three wind projects has been awarded a 20-year [Read more]
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