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]
Panel poses six questions for federal approval of Trans Mountain pipeline
CALGARY - A panel struck last May to identify gaps in reviews of the proposed Trans Mountain pipeline expansion says the government must answer six key questions before deciding the fate of the $6.8-billion project. In its report released Thursday, the three-member panel, which heard from thousands of people from Alberta and B.C. at meetings and via an online questionnaire, says its mandate doesn't include making conclusions or recommendations. Instead, it said the government [Read more]
Alberta government fleshes out plan to meet its renewable power targets
CALGARY - The Alberta government plans to use revenues from its carbon levy on large emitters to help spur investment in green power. Environment Minister Shannon Phillips outlined details of the Renewable Electricity Program on Thursday as she announced proposed legislation aimed at getting the province to its 30 per cent renewable target by 2030. Currently, 10 per cent of the province's power comes from renewables such as wind, solar and hydroelectric. "Albertans are [Read more]
Nova Scotia gets no bids for offshore exploration for third time in four years
HALIFAX - Oil companies have passed on exploration parcels put out for bid by Nova Scotia's offshore regulator for the third time in four years, a trend the province's energy minister says is symptomatic of a market downturn affecting the industry. The Canada Nova Scotia Offshore Petroleum Board said Thursday that the 2016 parcels are located in shallow water on the Scotian Shelf adjacent to the Sable offshore natural gas project. The call for bids was issued on May 2 and the [Read more]
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