VICTORIA - The manager of a proposed liquefied natural gas export plant on British Columbia's northern coast joined Premier Christy Clark Wednesday in touting two agreements reached with First Nations as important milestones for the project's future. Clark and Wan Badrul Hisham, Pacific NorthWest LNG's chief project manager, said the land, cash and environmental agreements are important steps forward. However, neither was prepared to make an official announcement about the [Read more]
Trudeau-Trump meeting provides measure of comfort for Corporate Canada
CALGARY - The sigh from the C-Suite was one of relief as Canadian business leaders took comfort Monday in the positive tone on trade struck by Prime Minister Justin Trudeau and President Donald Trump. From the forestry industry to the automotive sector to the oilpatch, Corporate Canada kept a close eye on the first one-on-one meeting between the two leaders, parsing every word they uttered for clues on the future of trade between the two countries. Trump, who won the U.S. [Read more]
Superior Plus to buy Canwest Propane from Gibson Energy for $412 million
TORONTO - Superior Plus Corp. (TSX:SPB) has signed a deal to buy the Canwest Propane industrial propane business in Western Canada from Gibson Energy Inc. (TSX:GEI) for $412 million. Canwest is a 30-year-old company with more than 50,000 customers, including international, national and large regional companies, making it one of Canada's largest industrial propane distributors. Toronto-based Superior Plus said it's aiming to find at least $20 million in pre-tax synergies within 24 [Read more]
Survey praises Canadian Arctic companies for respecting indigenous rights
An international survey on resource development in the Arctic has ranked Canadian companies among the highest in the world for their policies on respecting indigenous rights. A report from a member of the Norwegian Institute of International Affairs says that four of the top 10 companies operating north of the Arctic Circle are Canadian. They include miners such as Teck Resources (TSX:TCK.a) and energy majors such as Imperial Oil (TSX:IMO). "Companies operating in Canada and the [Read more]
Statoil shift to offshore over oilsands improves market access, say analysts
CALGARY - A week after Statoil sold off all its assets in Alberta's oilsands, it looked eastward, to Newfoundland's offshore. There, the Norwegian energy giant saw opportunity in the North Atlantic, announcing this week plans to drill two offshore exploratory wells this summer in the Flemish Pass Basin, roughly 500 kilometres east of St. John's, N.L. It is a gamble — pulling out of one area with vast pools of proven oil reserves, while simultaneously launching a drilling program [Read more]
Suncor Energy CEO says he thinks it’s unlikely U.S. will impose border tax
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]
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