HOUSTON - Boosting confidence in both the energy industry and the environmental regulators that oversee it will help attract investment in Canadian natural resources over the long run, Prime Minister Justin Trudeau said Friday as he wrapped up two days in the U.S. energy heartland. "The one thing I have heard consistently from leaders in the energy industry is the need for clarity," Trudeau said Friday in Houston, Texas, where he attended an influential gathering of politicians and [Read more]
Environment Minister McKenna says U.S. trade ‘number 1’ focus of government
CALGARY - The federal environment minister says Canada's image has been burnished internationally by federal and provincial plans to combat climate change. Catherine McKenna told a Calgary Chamber of Commerce luncheon Thursday that within weeks of Alberta announcing a sweeping plan to tackle carbon emissions in late 2015, she heard people at international gatherings switch from derisively calling the oilsands "tarsands" to much more positive language. "I think our reputation has [Read more]
U.S. Secretary of State recuses himself from Keystone XL decision.
WASHINGTON - U.S. Secretary of State Rex Tillerson says he won't be involved in the decision-making process for the Keystone XL pipeline after a lengthy career in the oil industry that included investments in Alberta's oilsands. His department sent a letter Thursday to Greenpeace announcing that he moved last month to recuse himself from any involvement in the Keystone file and had not participated since then. The file technically belongs to his office — the State Department [Read more]
A look at what was said about massive deal in Alberta’s oilsands
CALGARY - A massive deal that would see Royal Dutch Shell and Marathon Oil sell Alberta oilsands assets to Canadian Natural Resources elicited a wide range of responses: "The pipeline situation didn't play into our thinking at all. We believe that we will have adequate pipeline capacity. This was a decision based on, as I said earlier, on our strategy around simplifying the portfolio, focusing in on parts of the business where we thought we could reach globally competitive scale." — [Read more]
Oilsands deal latest sign cheap crude driving away international majors
CALGARY - Royal Dutch Shell's deal to sell off most of its Canadian oilsands holdings shows the waning appeal of the higher-cost sector for foreign investors at a time of soft crude prices and abundant global supply. The megadeal announced on Thursday has Netherlands-based Shell and Houston-based Marathon Oil both making big divestments of their Alberta oilsands assets. Canadian Natural Resources is spending $12.74 billion in cash and shares to snap them up, a price it says is still less [Read more]
Kinder Morgan ups Trans Mountain cost to $7.4 billion, confirms shipper interest
CALGARY - Kinder Morgan has increased the estimated cost of the Trans Mountain pipeline project to $7.4 billion and says it has confirmed shipping interest from producers. The cost is up from the $6.8 billion previously estimated, with Kinder Morgan citing increased compliance costs including the National Energy Board's 157 conditions, thicker pipe walls, additional drilled water crossings, and the Burnaby Mountain tunnel. The company said shippers have reconfirmed all but three [Read more]
PM Trudeau to talk balancing oil with the environment at Houston energy summit
HOUSTON - Prime Minister Justin Trudeau made it clear he is flatly against a proposed U.S. border adjustment tax, telling a global gathering of politicians and energy sector executives it would hurt the economy in both countries. "Recognizing, of course, how much the Canadian economy depends on close collaboration and integration with the American economy, anything that creates impediments at the border — extra tariffs or new taxes — is something we're concerned with," Trudeau said [Read more]
NewsAlert: Royal Dutch Shell signs two deals to sell oilsands assets
CALGARY - Canadian Natural Resources has struck a blockbuster $12.74-billion deal to buy Alberta oilsands assets from Royal Dutch Shell and Marathon Oil, boosting its exposure to the higher-cost sector even as soft crude prices prompt some large foreign players to exit. The deal announced Thursday would see Canadian Natural (TSX:CNQ) buy Shell's 60 per cent stake in the Athabasca Oil Sands Project, which includes a mine north of Fort McMurray, Alta., and the Shell-operated Scotford [Read more]
Alberta Energy regulator says court upholds ruling about Lexin Resources
CALGARY - The Alberta Energy Regulator says a court has upheld its decision to prevent equipment from being removed from Lexin Resources Ltd. sites. Last month the regulator took the unusual step of shutting down all Lexin operations, accusing the Calgary-based oil and gas producer of ignoring orders and regulations. Lexin was ordered to shut down its estimated 1,660 sites, including 1,380 wells and 201 pipelines across the province. The regulator says it submitted [Read more]
Concerns over oilsands river contamination overstated, scientist says
EDMONTON - New research from the University of Alberta suggests concerns about contaminants in the Athabasca River from the oilsands may be overstated. "Absolutely — no question," said Bill Shotyk, a soil and water scientist involved in three recently published papers that question much recent science conducted on the effects of the oilsands on the local watershed. His results are already being criticized by the authors of some of that research. Shotyk says the [Read more]
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