OTTAWA - Prime Minister Justin Trudeau says it's full steam ahead for his government's environmental plan — including a national carbon price — despite a Donald Trump presidency that will likely recast America's climate-change priorities. The Liberals have made the fight against climate change one of the motifs of their government since coming to power a year ago, and had a highly sympathetic Democratic partner in Washington under the administration of President Barack Obama. The [Read more]
Trump hostility toward OPEC seen as potential positive for Canadian crude oil
CALGARY - Donald Trump's hostility toward trade with OPEC oil producers and interest in U.S. energy security could boost demand for Canadian oil as he assumes the president's office, says the head of a Calgary commodity trading firm. Canada provided about 43 per cent of the nine million barrels per day of oil imported by the United States last year, versus about 36 per cent by OPEC, says Tim Pickering, founder and chief investment officer of Auspice Capital. "Trump has talked [Read more]
Kinder Morgan president backs off climate change remarks
EDMONTON - The president of the company behind the Trans Mountain pipeline expansion proposal has backed off earlier remarks in which he suggested he was unsure humans are contributing to climate change. "My comments didn't come out quite right," Ian Anderson of Kinder Morgan told the Edmonton Chamber of Commerce on Wednesday. Last week, Anderson said in Vancouver that there was disagreement about the degree to which people are causing global warming and that he didn't know [Read more]
Offshore oil and gas auction brings in $758M for Newfoundland and Labrador
ST. JOHN'S, N.L. - Newfoundland and Labrador has pulled in $758 million in work commitments for offshore oil and gas development in a licence auction that ended Wednesday. The figure is down from the $1.2 billion in commitments the province received in last year's auction in the same region a few hundred kilometres off the east coast of Newfoundland. The Canada-Newfoundland and Labrador Offshore Petroleum Board offered 16 parcels totalling about 3.3 million hectares in the latest [Read more]
TransCanada says it remains fully committed to building Keystone XL
CALGARY - TransCanada Corp. says it's evaluating ways to engage the newly elected Donald Trump administration on the potential benefits of the Keystone XL pipeline. Company spokesman Mark Cooper said Wednesday that TransCanada (TSX:TRP) remains fully committed to building the controversial project that U.S. President Barack Obama rejected last year. President-elect Trump has said he is in favour of the 1,900-kilometre pipeline, and invited TransCanada to reapply for approval as [Read more]
Calgary office vacancy rate headed for 30% as oil price downturn persists
CALGARY - Real estate firm Cushman & Wakefield is ranking Calgary with Moscow, Houston, and Aberdeen, Scotland, as the "oil-centric cities" whose downtown office real estate markets have been hardest hit by the global oil price shock. In a new report, it predicts the vacancy rate for downtown Calgary's Class-A buildings — the best quality offices in the tallest buildings — will hit 27.5 per cent by the end of next year, the highest since the company began tracking numbers in 1985. [Read more]
Liberals name five-person panel to overhaul mandate of National Energy Board
OTTAWA - The Liberal government has named a diverse, five-person panel to make recommendations on overhauling the national energy regulator. The group appointed Tuesday by Natural Resources Minister Jim Carr will examine the structure, role and mandate of the National Energy Board, which has become embroiled in controversy over its reviews of contested oil pipeline proposals. The panel is to report to Carr by March 31 — not by the Jan. 1 deadline initially announced by the [Read more]
Woodfibre LNG to become first LNG export project, but industry doubts persist
CALGARY - Woodfibre LNG is set to become the first liquefied natural gas export project in the country, but whether it marks the launch of a national LNG industry on a mass scale is clouded in doubt. Canada's export ambitions, based largely in B.C., have been hit with a series of setbacks this year. In July, Shell announced it was indefinitely postponing its LNG Canada project. Petronas, the Malaysian state-owned company behind Pacific Northwest LNG, has also delayed a final investment [Read more]
B.C. lays out West Coast spill response needs ahead of expected federal plan
VICTORIA - British Columbia's demands for a world-leading marine oil spill response has a long list of requirements, including a coast guard base at Prince Rupert and a multimillion-dollar price tag for the federal government. The B.C. and federal governments have been in talks for months to develop a West Coast spill response system, and Prime Minister Justin Trudeau's Liberal government is expected to announce its plans on Monday. Trudeau is in Vancouver Monday where he has scheduled a [Read more]
Energy producers get 129 wells approved under new Alberta royalty framework
CALGARY - Alberta Energy says it has already approved applications for 129 new wells under its new royalty regime for oil and gas producers. The NDP government's framework officially kicks in Jan. 1, but it announced in July that companies would be allowed to make early applications under the regime for new wells. Energy Minister Marg McCuaig-Boyd says each new wells supports about 135 direct and indirect jobs and represents about $4.5 million in spending, adding more [Read more]
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