CALGARY - TransCanada Corp. (TSX:TRP) is negotiating the sale of a 49.3 per cent interest in the Iroquois natural gas transmission system that connects its main Canadian pipeline system to markets in the U.S. Northeast, including New York City. The Calgary-based company says it has offered to sell the Iroquois system to TC PipeLines, LP (NYSE:TCP), an affiliated limited partnership. TransCanada would also sell its remaining 11.8 per cent interest in the Portland Natural Gas [Read more]
Cleanup of oil spill in Saskatchewan cost $107 million, Husky Energy says
CALGARY - A major oil pipeline spill last year in Saskatchewan cost $107 million to clean up, a $17-million increase from a September estimate of $90 million, according to pipeline operator Husky Energy (TSX:HSE) of Calgary. The pipeline rupture last July allowed 225,000 litres of heavy oil mixed with diluent to spill onto the bank of the North Saskatchewan River, with about 40 per cent or 90,000 litres reaching the river. "We haven't put the pipeline back in service because we [Read more]
Alberta energy regulator releases rules on heavy oil odours
CALGARY - Alberta's energy regulator has set new rules to deal with long-standing complaints about powerful, gassy smells from heavy oil operations in the Peace River region. The rules, released late Thursday, grew out of a 2014 inquiry held by the regulator after years of complaints from people in tiny communities neighbouring the operations. Residents had complained for years that the odours gave them headaches, nausea and diarrhea. They said their livestock was similarly [Read more]
Well fracking companies say oilfield services prices still too low for profits
CALGARY - The two largest publicly traded Canadian oilfield fracking companies say prices for their services continue to be unsustainably low despite rising activity spurred by higher oil and gas prices. Calfrac Well Services (TSX:CFW) and Trican Well Service (TSX:TCW), both based in Calgary, say they don't expect a return to normal pricing levels until the second half of this year. The companies work for oil and gas producers to provide well completion services such as [Read more]
Vancouver seeking judicial review of Trans Mountain pipeline expansion
VANCOUVER - The City of Vancouver is launching another court case in a bid to derail Kinder Morgan's proposed pipeline expansion. Council members have voted to go ahead with a judicial review of the provincial government's environmental assessment of the Trans Mountain project. In June, the city filed another court challenge aimed at quashing the National Energy Board's recommended approval of the $6.8-billion project. The federal government has already approved the [Read more]
TransCanada asks shippers to support new natural gas pipeline tolls
CALGARY - TransCanada (TSX:TRP) is proposing a new pipeline tolling system it says will allow western Canadian natural gas to be shipped to Ontario at lower rates to better compete with growing American supplies. The Calgary-based energy transport company is inviting shippers to sign long-term binding commitments by March 9 to move gas on its underutilized Canadian Mainline system from a shipping centre in Alberta to a hub in southern Ontario. Financial analysts say they expect [Read more]
Companies raise concerns that new AER reporting could be misleading
CALGARY - Some oil and gas companies are raising concerns that information in a new reporting program launched by the Alberta Energy Regulator could be misleading. The regulator launched the pipeline performance report web page Tuesday in an effort to make it easier for the public to see which oil and gas companies are falling behind on pipeline safety, and to push companies to improve. But in laying out the data in simple charts and rankings, some companies fear the information [Read more]
Alberta Energy Regulator names companies falling behind on safety in new report
CALGARY - The Alberta Energy Regulator is making it easier for the public to see which oil and gas companies are falling behind on pipeline safety. The regulator launched a new pipeline reporting website Tuesday that lays out several pipeline safety ratings for all operators in the province over the past two years. David Helmer, director of pipelines in industry operations at the regulator, said making the ratings public should help push companies to improve. "Some [Read more]
Veresen selling power generation business for $1.18B in series of transactions
CALGARY - Veresen Inc. (TSX:VSN) is selling its power generation business to several buyers for a total of $1.18 billion. The Calgary-based company didn't identify the buyers in its announcement. According to its website, Veresen's power business includes a combination of gas-fired, hydro-electric, wind and other types of alternative energy sources across Canada and in the United States. Veresen says its power assets would be sold in three separate packages, with closings [Read more]
Big banks said to be more open to making loans to oil and gas industry
CALGARY - Credit has started to flow more freely to Canada's battered oil and gas sector, though some executives say lenders are favouring larger and more financially secure producers. Many Canadian energy companies had their credit lines cut in recent years as crude prices crashed, with benchmark West Texas Intermediate oil prices hitting a 12-year low of US$26.05 per barrel last February. Oil prices have doubled since then as OPEC producers scale back output. "The bank [Read more]
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