OTTAWA - The Canadian economy slightly exceeded expectations in the third quarter to grow at its fastest pace in more than two years and rebound from a second-quarter contraction. The country's real gross domestic product expanded at an annual rate of 3.5 per cent with help from a strong performance in energy exports, Statistics Canada said Wednesday. Experts had long predicted a bounce back from a second-quarter slump, which was largely due to oil-production shutdowns linked to [Read more]
Trans Mountain pipeline approval prompts anger, promises to protest in B.C.
VANCOUVER - The federal cabinet's decision to approve Kinder Morgan Canada's Trans Mountain pipeline expansion has prompted a flood of outrage and promises of protests, court challenges and civil disobedience in British Columbia. Vancouver Mayor Gregor Robertson said he was "profoundly disappointed," calling the decision a "big step backwards" for Canada's environment and economy. "I — along with the tens of thousands of residents, local First Nations, and other Metro Vancouver [Read more]
Financial centre of oilpatch hails approval of Trans Mountain expansion, Line 3
CALGARY - The financial centre of the oilpatch applauded Ottawa's approval of two massive pipeline developments, saying the decisions send a message that Canada is open to investment at a time when the economy sorely needs it. "Canada's reputation as a place that can move projects forward took a step forward today," said Tim McMillan, head of the Canadian Association of Petroleum Producers at a press conference. "We have seen today that our governments support energy projects [Read more]
QuickFacts: What you need to know about Kinder Morgan’s Trans Mountain project
CALGARY - A quick look at the Trans Mountain pipeline expansion project proposed by Kinder Morgan (NYSE:KMI): Estimated Cost: $6.8 billion Route: 1,150 kilometres between Strathcona County, Alta., east of Edmonton, to Kinder Morgan's Westridge Marine Terminal in Burnaby, B.C. The expansion would add about 980 kilometres of new pipeline and 12 new pump stations. Capacity: Would twin an existing pipeline, increasing capacity from 300,000 barrels a day to 890,000 barrels a [Read more]
QuickFacts: What you need to know about Enbridge’s Northern Gateway project
CALGARY - A quick look at the Northern Gateway project proposed by Enbridge (TSX:ENB): Estimated Cost: $7.9 billion Route: 1,177 kilometres from Bruderheim, northeast of Edmonton, to a tanker port in Kitimat on the northern coast of B.C. Capacity: A westbound pipeline would ship up to 525,000 barrels of oil per day to Kitimat for export to Asian markets. A second pipeline heading east would carry 193,000 barrels per day of natural gas condensate, which is used to dilute [Read more]
QuickFacts: What you need to know about Enbridge’s Line 3 pipeline project
CALGARY - A quick look at the Line 3 oil pipeline replacement project proposed by Enbridge (TSX:ENB): Estimated Cost: $7.5 billion Route: 1,660 kilometres between Hardisty, Alta., to Superior, Wisc. Crosses through Saskatchewan, Manitoba, North Dakota and Minnesota. Capacity: Would restore the pipeline's original regulated capacity of 760,000 barrels of oil per day and allow for further expansion to 915,000 barrels per day. The line is almost half a century old and its [Read more]
Pipeline pronouncement: Liberals to pass judgment on Line 3, Northern Gateway
OTTAWA - The federal government says a news conference will take place today in Ottawa after markets close in order to announce the fate of at least two major pipeline proposals. The news conference is scheduled to take place at 4:30 p.m. ET with Prime Minister Justin Trudeau. Trudeau's Liberal government had promised decisions on two Enbridge projects by last Friday, but delayed the announcement until after cabinet met with Prime Minister Justin Trudeau in the capital this morning. The [Read more]
Donald Trump’s former campaign manager coming to Alberta in January
EDMONTON - A top adviser to U.S. president-elect Donald Trump is visiting Alberta in January. Kellyanne Conway will speak at a private fundraising dinner hosted by the Alberta Prosperity Fund on Jan. 12 in Calgary, and also tour the oilsands. Heather Forsythe, chair of the Alberta Prosperity Fund, says Conway's visit sends a strong signal about the importance of Alberta and Canada to the incoming Trump administration. Trump's victory in November's U.S. presidential [Read more]
Less hiring planned after 65% of oil and gas companies trim staff, survey finds
CALGARY - Nearly a third of oil and gas industry employers are expecting another tough year in 2017 after 65 per cent of them were forced to cut staff this year, according to a survey by recruitment firm Hays Canada. About 28 per cent of energy sector employers expect to hire fewer people in 2017 than in 2016, while 15 per cent expect some growth and about half predict stability, the Canadian arm of U.K.-based Hays reported in its annual sample of hiring intentions released Tuesday. [Read more]
Junex moves to begin oil production in Quebec, reports record testing output
MONTREAL - A battle is brewing in Quebec as Junex attempts to become the province's first oil producer in a century. Environmentalists say they'll strongly oppose the company's (TSXV:JNX) application for a provincial permit to begin production by next spring. Junex announced Tuesday that it's recovered through eight months of testing nearly 18,000 barrels of light, sweet crude produced at its Galt No. 4 horizontal well. "What we see here is the most significant oil [Read more]
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