CALGARY - The head of the largest energy company in the country is discounting the likelihood that the United States, Canada's largest market for oil and gas, will bring in a border adjustment tax as suggested by some Republican lawmakers. Steve Williams, CEO of oilsands giant Suncor Energy (TSX:SU), said Thursday he sees more positives than negatives with President Donald Trump, adding that promised corporate tax reductions in the U.S. could benefit Suncor's businesses there. [Read more]
Suncor blames wildfire, plan changes for rising cost of Fort Hills oilsands mine
CALGARY - Suncor Energy (TSX:SU) is blaming delays caused by last spring's devastating Fort McMurray, Alta., wildfire, along with construction changes to boost capacity, for a $1.4-billion to $1.9-billion increase in the estimated cost of its Fort Hills oilsands mining project. The company says the project, which was 76 per cent complete as of Dec. 31, is now expected to cost $16.5 billion to $17 billion, up from the previous estimate of $15.1 billion. It says that the cost per [Read more]
More people calling Prairies home, despite lower oil prices, economic downturn
REGINA - At the peak of the last oil boom, there were so many people living in the southeastern Saskatchewan city of Estevan that there was nowhere to stay. "We had people sleeping in trailers — sleeping in vehicles, if you can believe that," recalled Estevan Mayor Roy Ludwig. Then oil prices fell, drilling activity slowed to a crawl and Ludwig figures the community lost about 2,000 people, mostly transient workers. By last fall, Estevan had a vacancy rate of 27.6 per cent, [Read more]
Statoil announces plans to drill two exploration wells in Newfoundland offshore
ST. JOHN'S, N.L. - Statoil is planning to drill two exploration wells in the Flemish Pass Basin east of Newfoundland later this year. The Norwegian energy giant's announcement Tuesday builds upon a light oil discovery in 2013 in the Bay du Nord offshore reservoir, about 500 kilometres northeast of St. John's, N.L. The drilling program comes two months after Statoil sold off all of its oilsands operations to Athabasca Oil Corp. Statoil is a major player in Newfoundland's [Read more]
Panel looking at future of the NEB heading to a skeptical Vancouver
CALGARY - A cross-country tour of the panel looking into the future of the National Energy Board heads to Vancouver this week, where many expressed dismay at the workings of the regulator following its approval of the Trans Mountain pipeline expansion last year. The five-member panel tasked with making recommendations on modernizing the NEB are looking to hear about potential changes to its structure, mandate and role that have been left largely unchanged since it was created in 1959. [Read more]
Premier Brad Wall warns Saskatchewan deficit has climbed to $1.2 billion
SASKATOON - Saskatchewan Premier Brad Wall says the provincial deficit is up to about $1.2 billion and wage freezes or job cuts are on the table for public-sector workers. Wall delivered the grim financial news to delegates at the Saskatchewan Urban Municipalities Association convention. "(A) non-essential hiring freeze has been in place now in government for some time and we've made some progress, but we're not anywhere near close to having dealt with this gap," Wall said [Read more]
Saskatchewan premier concerned about Tundra Energy’s latest oil spill
SASKATOON - Premier Brad Wall says two recent oil spills in Saskatchewan are unfortunate, but the response by the company involved has been promising. Wall was responding to a 5,000-litre crude oil spill earlier this week at a Tundra Energy terminal 270 kilometres southeast of Regina. The leak came just weeks after 200,000 litres of oil seeped onto low-lying agricultural land belonging to the Ocean Man First Nation. Wall said Calgary-based Tundra has cleaned up almost all [Read more]
Canada’s oilpatch fears U.S. rejection of methane limit will hurt competitiveness
CALGARY - A vote Friday by the U.S. House of Representatives to axe new limits on methane emissions from drilling threatens to harm the competitiveness of Canada's energy industry, says the Canadian Association of Petroleum Producers. The move to eliminate an initiative from former U.S. president Barack Obama means the Canadian oilpatch will be on its own when it comes to taking on additional costs from reducing methane, said Alex Ferguson, vice-president of policy for CAPP. Last [Read more]
Pipeline progress means crude-by-rail slowdown could be much more long-term
CALGARY - Big moves by the Canadian and U.S. governments on oil pipelines in recent months are threatening the long-term future of the main alternative: crude shipped by rail. First the federal government approved both Enbridge's Line 3 replacement and Kinder Morgan's Trans Mountain expansion last November, while just last week TransCanada reapplied to have its Keystone XL project approved after being invited to do so by U.S. President Donald Trump. All of the projects still face [Read more]
Premier in conflict of interest over Trans Mountain pipeline approval: groups
VANCOUVER - A decision by the government of British Columbia to approve the Trans Mountain pipeline is "tainted" because of a conflict of interest that saw the premier and her political party receive more than $500,000 from the project's proponents, a court petition alleges. Democracy Watch and PIPE UP Network filed legal documents Tuesday asking the B.C. Supreme Court to overturn an environmental assessment certificate granted earlier this year for Kinder Morgan's $6.8-billion oil [Read more]
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