CALGARY - Federal agencies responded Tuesday to an oil spill at an Enbridge Inc. (TSX:ENB) storage site that contaminated a creek in an area east of Edmonton. The National Energy Board said staff are on site monitoring the company's response, while the Transportation Safety Board of Canada said it's deploying a team of investigators to the spill. The TSB rarely dispatches teams to pipeline-related incidents, with none sent last year and only one in 2015. The agency, which [Read more]
Canadian natural gas producers in for more losses as U.S. competition ramps up
CALGARY - The Conference Board of Canada says natural gas producers are in for more losses as they face flat North American demand and increased U.S. competition. In its five-year outlook, the Conference Board says Canadian production will decline as the U.S. becomes more self-sufficient thanks to an abundance of shale gas projects. Years of supply increases to the south, coupled with a warm winter, led to the lowest prices since the late 1990s last year and pre-tax losses of [Read more]
TransCanada seeks to start building B.C. gas pipeline without LNG project’s OK
CALGARY - TransCanada Corp. (TSX:TRP) is seeking regulatory approval to start construction of a pipeline that would help feed a proposed liquefied natural gas export terminal on B.C.'s north coast even though a final decision hasn't been made whether to build the terminal. The Calgary-based company has conditional federal and provincial approvals for the North Montney Mainline, but they are subject to a positive financial investment decision for the proposed Pacific Northwest LNG project [Read more]
Alberta oilsands production outlook bright despite gloomy headlines
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]
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