VANCOUVER - During his first visit to British Columbia since the controversial approval of the Trans Mountain pipeline expansion, Prime Minister Justin Trudeau grappled with two major issues facing the province — tanker traffic and the opioid crisis. Trudeau toured a commercial tugboat on Tuesday in Vancouver, where he announced that two emergency towing vessels that were promised as part of a federal plan to protect Canada's oceans will operate on the West Coast. "Both of these [Read more]
Saskatchewan sets record for natural gas use amid extreme cold snap
REGINA - Extreme cold temperatures over the weekend led to a new record for daily natural gas consumption in Saskatchewan. SaskEnergy says it set a 24-hour record on Friday of delivering 1.33 petajoules of natural gas to customers — three per cent higher than the record set in January of this year. A petajoule is a unit of measurement equivalent to one million gigajoules of natural gas and the average home in Saskatchewan uses about 105 gigajoules of natural gas a year. [Read more]
Breaking the boom and bust: A look at how Alberta is trying to diversify economy
CALGARY - As Alberta struggles to emerge from one of its worst economic downturns, Premier Rachel Notley has been pushing to make the province less reliant on oil and the boom and bust cycle that comes with it. The government has launched various grants and incentives in an effort to lure investment from a wide range of industries. Critics have instead called for lower taxes and a delay on environmental policies as a way of stimulating the province's moribund economy. Here's a [Read more]
Shareholders vote in favour of Enbridge’s $37B Spectra Energy takeover
CALGARY - Shareholders have voted in favour of Enbridge's $37-billion takeover of Spectra Energy in what will be the largest acquisition of a foreign company in Canadian history. The all-stock deal, if approved by regulators, will bring together Enbridge's extensive oil-focused pipeline portfolio with Spectra's sizable natural gas pipelines and infrastructure to form a company that was projected to have a combined value of $165 billion when it was announced in September. Enbridge [Read more]
Analysts praise Athabasca Oil for bargain price paid for Statoil oilsands assets
CALGARY - Athabasca Oil Corp. (TSX:ATH) is paying a bargain price for Statoil's northern Alberta oilsands assets, observers say. Statoil, a Norwegian national oil corporation, has likely invested billions of dollars in the oilsands, financial analysts said. It bought an early stage Alberta oilsands company in 2007 and opened its 24,000-barrel-per-day Leismer thermal oilsands project in 2010. The sale announced after markets closed Wednesday will see Athabasca pay up to [Read more]
Canadian Natural to spend less on Horizon oilsands in 2017, more on exploration
CALGARY - Canadian Natural Resources Ltd. (TSX:CNQ) has set out a $3.9-billion capital budget for the year ahead, while emphasizing the potential to ramp up or retreat on spending depending on the market. "A trademark of Canadian Natural is our capital flexibility," said president Steve Laut during a Thursday conference call with analysts. Laut said there's room to increase spending on exploration and drilling by up to $525 million and to spend $70 million to debottleneck [Read more]
Notley says open to talks on child care panel as legislature wraps up
EDMONTON - Alberta Premier Rachel Notley says she's open to negotiating with the opposition to rescue a fractious all-party panel exploring ways to keep kids safe in government care. "There are elements of what the opposition put forward that I think we can absolutely incorporate," Notley told reporters at a legislature news conference Wednesday. "Not everything that they're asking for will necessarily be included but we're certainly open to working with them." The panel [Read more]
NewsAlert: Statoil sells oilsands assets to Athabasca Oil in deal worth up to $832 million
Calgary-based Athabasca Oil Corp. (TSX:ATH) has struck a deal to buy the northern Alberta oilsands assets of Norwegian oil giant Statoil ASA for up to $832 million. The surprise sale agreement announced Wednesday includes Statoil's six-year-old Leismer thermal oilsands project, which uses steam to produce 24,000 barrels per day of bitumen from wells, and its proposed Corner oilsands project, plus associated infrastructure. “This transaction corresponds with Statoil’s strategy of [Read more]
Two Texans who love Canadian oil offered pipeline-policy roles in Trump cabinet
WASHINGTON - Donald Trump's prospective cabinet is now stacked with friends of Canadian oil, with vocal proponents of the Keystone XL pipeline his picks to run key posts in the State and Energy departments. Both are from the state where the pipeline concludes: Texas. Trump announced Tuesday that he'll ask Congress to approve Exxon CEO Rex Tillerson as the U.S's top diplomat — and the decision on international pipeline permits belongs to the secretary of state. And Rick [Read more]
Husky Energy plans increased capital budget, higher daily output for 2017
CALGARY - Husky Energy (TSX:HSE) says it will spend an extra $100 million next year to connect additional wells at its underperforming Sunrise oilsands project to spur it to design capacity of 60,000 barrels per day by 2018. The new spending is included in the Calgary-based company's 2017 capital budget of between $2.6 billion and $2.7 billion, revealed Tuesday. Husky's spending this year is expected to come in at about $2 billion, down $100 million from previous estimates due to cost [Read more]
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