REGINA - The Saskatchewan economy has dominated debate in the Saskatchewan legislature for a second day. Opposition critic Warren McCall said Wednesday the billion-dollar deficit is due to mismanagement by the Saskatchewan Party government. He said the government has no plans to get finances back on track, noting the government of Premier Brad Wall is cutting education spending and job training at a time when there are 11,000 more people looking for work. Economy Minister [Read more]
Carbon price won’t be determining factor for oilsands development: report
CALGARY - Alberta's incoming carbon taxes will have a minimal effect on new oilsands development compared with oil prices and market access, says a new report. TD Bank economist Dina Ignjatovic said in the paper released Tuesday that if oil prices rise above US$60 a barrel then a carbon tax likely won't make or break investment decisions at all, while below that price few projects will get approved either way. "Basically US$60 is that threshold, where before that you're not going [Read more]
Saskatchewan deficit balloons to $1B with falling resource, tax revenue
REGINA - The Saskatchewan government is cutting spending and has imposed a hiring freeze as it wrestles with a ballooning deficit of about $1 billion. Finance Minister Kevin Doherty released a fiscal update Tuesday that shows the shortfall is far higher than the $434 million deficit the government projected when it introduced the budget in June. Low oil and potash prices are having a greater impact on revenue than expected, but corporate income tax, personal income tax, [Read more]
Drilling contractors say oil and gas activity will stage a modest rise next year
CALGARY - U.S. president-elect Donald Trump's promise to ramp up energy production soon after he takes office is raising concern in Alberta's oilpatch, where several industry groups say such a move could set Canada back in its ability to compete for investment. In a video posted Monday on YouTube, Trump committed to cancelling "job-killing restrictions on the production of American energy, including shale energy and clean coal" within his first 100 days of power. While his [Read more]
Mayor of Saskatchewan city affected by Husky oil spill still has questions
PRINCE ALBERT, Sask. - The mayor of a city affected by an oil spill in the North Saskatchewan River says a report by the company responsible hasn't answered all his questions. Prince Albert had to shut down its intake from the river and find other water sources for almost two months after the July spill. A Husky Energy (TSX:HSE) report last week said shifting ground caused a pipeline to break and leak 225,000 litres of heavy crude oil and diluent. About 40 per cent ended [Read more]
Liberals set plan to phase out coal by 2030, with flexibility for Nova Scotia
OTTAWA - The federal Liberal government once again earned the scorn of Saskatchewan's premier Monday with the next phase of its clean-energy strategy: pushing provinces to either phase out or clean up their coal-fired power plants. The goal of the Trudeau government is to ensure 90 per cent of Canada's electricity comes from sustainable sources by 2030, up from 80 per cent now, Environment Minister Catherine McKenna said Monday. Coal-fired units are among the largest sources of [Read more]
Calgary dentists, therapists and optometrists hit by energy price slowdown
CALGARY - Thousands of layoffs that have hollowed out many of Calgary's downtown office towers are translating into tough times for health-care businesses that offer services covered by workplace insurance plans. Dentists, massage therapists and optometrists say they're cutting staff and getting by with lower profits as they wait for the economy to turn around and employment levels to bounce back. Meanwhile, a human resources expert says employees who have kept their jobs could [Read more]
ARC sells Saskatchewan oil-producing assets to Spartan for $700 million
CALGARY - Spartan Energy (TSX: SPE) announced it will spend $700 million to buy southeastern Saskatchewan assets from ARC Resources (TSX:ARX). The deal between the two Calgary-based companies involves wells producing 7,500 barrels of oil equivalent per day and related oil batteries and gathering pipelines, Spartan said. It said the purchase will make it one of the largest oil producers in Saskatchewan with expected year-end output of about 20,800 barrels of oil equivalent per [Read more]
Husky Energy says ground movement to blame for spill into N. Saskatchewan River
CALGARY - Husky Energy says shifting ground is to blame for a pipeline burst in July that leaked crude oil into the North Saskatchewan River and jeopardized the drinking water of thousands downstream. "The break was a sudden, one-time event in a section of the pipe that had buckled due to the force of ground movement," Husky said in a summary of a detailed report released Thursday. The break, which happened about 160 metres from the riverbank, spewed out about 225,000 litres of [Read more]
Suncor Energy sees increased production and lower capital spending next year
CALGARY - Suncor Energy Inc. (TSX:SU) says production is expected to increase next year, but the company plans to reduce its capital spending. The energy company says average production for 2017 is expected to be between 680,000 to 720,000 barrels of oil equivalent per day. Capital spending is budgeted for between $4.8 billion and $5.2 billion. Suncor says the midpoints of these ranges represent a year-over-year increase to production of more than 13 per cent and a [Read more]
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