CALGARY - A dramatic jump in oil prices linked to the promise of lower global production is fuelling hope that the Canadian oil sector may soon recover from a two-year economic slump. Observers say they are optimistic that Saudi Arabia, the top exporter in the Organization of the Petroleum Exporting Countries, is committed to cut exports to reduce a global oil glut that has depressed prices and contributed to thousands of layoffs in Western Canada. They are also taking heart from [Read more]
NewsAlert: Federal government appoints three new bilingual NEB members
OTTAWA - Federal Natural Resources Minister Jim Carr has moved to revive the stalled review of TransCanada's Energy East pipeline by appointing three new, bilingual, temporary members to the National Energy Board. The move came Monday while the dust was still settling on the Liberal government's pan-Canadian climate policy framework, which Prime Minister Justin Trudeau wrestled into reality late Friday in a hard-won and less-than-unanimous agreement with provincial and territorial [Read more]
Trump says Keystone XL news coming soon, blasts F-35 costs and the CIA
WASHINGTON - Donald Trump has suggested he'll move quickly on Keystone XL after taking office, with the incoming president expected to reverse his predecessor's ban on the Alberta-to-Texas oil pipeline. The president-elect made the comments in a lengthy interview with Fox News on Sunday. It was just one remark on a news-filled weekend replete with stories about election-tampering from Russia, potential major changes to U.S. policy on China, fights over cabinet picks and the U.S. [Read more]
PM boasts of national climate change agreement, but without Saskatchewan
OTTAWA - Prime Minister Justin Trudeau declared victory Friday in his campaign to craft a national "framework" agreement on climate change — even though Saskatchewan and Manitoba refused to sign on to the deal and British Columbia claimed a major carve-out. Even as Trudeau was asserting the provinces and territories "are all in this together," it was painfully apparent that major divisions remain. Carbon pricing, said Trudeau, "will apply across 100 per cent of this country" [Read more]
Brad Wall will not be signing national carbon tax framework at ministers’ meeting
OTTAWA—A day-long meeting of first ministers on finalizing a pan-Canadian climate plan is off to a fractious start. Saskatchewan Premier Brad Wall is flatly asserting he won’t be signing any agreement today on a national carbon price, while B.C.’s Christy Clark says elements of the deal may have to be set aside for further assessment. Wall is dead set against a federally imposed tax on carbon dioxide emissions, saying Ottawa has failed to provide an economic analysis of the biggest tax [Read more]
Alberta Crown drilling rights auctions deliver lowest payoff in 39 years
CALGARY - Sales of Crown drilling rights in Alberta have fallen to their lowest levels in 39 years. Statistics posted on the Alberta Energy website this week, following the last auction of 2016, show that oil and gas producers paid $137 million this year for the right to drill oil and gas wells on land where the province owns the mineral rights. That's the poorest showing since the province adopted its current auction system back in 1977 and worse than the previous low of $149 [Read more]
Lightstream Resources asset sale to creditor-owned firm wins court approval
CALGARY - Oil and gas producer Lightstream Resources Ltd. says it has court approval to sell its assets to a new company that will be owned by its creditors. The sale to newly created private firm Ridgeback Resources Inc. is to close by Dec. 29 and represents the final act of the company which will then be wound down. Its creditors will be issued shares in the new firm based on how much Lightstream debt they hold. Lightstream, struggling under close to $1.2 billion in [Read more]
Economists meet with Alberta officials, say worst appears to be over
EDMONTON - Alberta Finance Minister Joe Ceci met with key economists Wednesday to look ahead to 2017, with the consensus being the worst is over for the provincial economy. But Avery Shenfeld, chief economist of CIBC, said how much things will improve is still up in the air and tied to the price of oil. Ceci and the economists discussed a range of issues, including Alberta's looming carbon tax. Shenfeld said while taxes are always a balancing act, the upside of the carbon [Read more]
Cenovus to boost 2017 spending by 24 per cent, resume Christina Lake expansion
CALGARY - Cenovus Energy said Thursday it is reviving an oilsands project it had shelved two years ago due to the downturn in crude prices, the latest sign of a possible rebound in the oilpatch. The Calgary-based oil producer announced Thursday it will go ahead with an expansion of its Christina Lake development in northern Alberta, making it the second oilsands project in as many months to be given new life. The company also said it plans to invest between $1.2 billion and $1.4 [Read more]
Debate over pipeline projects takes centre stage for Assembly of First Nations
GATINEAU, Que. - A First Nations leader from northern Alberta is urging his fellow chiefs to resist buying into the arguments of environmentalists opposed to pipeline projects and the oilsands. Fort McKay Chief Jim Boucher said his small community of 800 Cree and Dene people is dependent on the oil industry for its economic well-being. In the 1980s, Boucher said his reserve turned to the oil industry when its trapping economy was "going in the tank", noting the partnership has [Read more]
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