CALGARY - The National Energy Board says it plans to require companies to publish their emergency management programs by the end of March next year as part of a push for increased transparency. The regulator said Thursday that it's accepting public comments until Oct. 11 on the draft board order that would make the public disclosure on company websites a requirement. Nationally regulated pipeline companies are already required to post their emergency procedure manuals online by [Read more]
Groups write to Trudeau asking him to shut down NEB process pending reforms
MONTREAL - The current federal review process of energy projects needs to be shut down and overhauled immediately, say more than 50 environmental and activist groups in a letter sent to the prime minister. No pipeline projects should go forward until Justin Trudeau reforms the National Energy Board (NEB), says the letter, which was also addressed to Natural Resources Minister Jim Carr. That means the current review of the Energy East pipeline proposal for Eastern Canada and the [Read more]
Drilling association says 2016 on track to be worst for activity on record
CALGARY - The Canadian Association of Oilwell Drilling Contractors expects 2016 to be the worst year for drilling activity in almost four decades of record keeping. The association revised down its forecast for the year on Wednesday, dropping the number of expected well drillings for the year by a quarter to 3,562 compared with its forecast last November. Drilling activity has been on a steep decline as the drop in oil prices has prompted companies to cut back on exploration and [Read more]
Province estimates wildfire put $1-billion dent in 2016 oilsands spending plans
CALGARY - Alberta wildfires that swept through Fort McMurray in May have resulted in the loss of $1 billion in planned capital spending in the oilsands for 2016, according to Alberta's chief energy economist. Matt Foss said Wednesday that he believes those plans are deferred, not cancelled. But he doesn't know when or if companies will resume their spending given benchmark oil prices that remain below break-even levels. Foss said the interruptions have dropped expected oilsands [Read more]
Spill response base planned for Vancouver harbour if Trans Mountain proceeds
VANCOUVER - Western Canada Marine Response Corp. says it's moving ahead with plans to build a new on-water spill response base in Vancouver harbour, even though the project will only proceed if the Trans Mountain pipeline expansion is approved by the federal cabinet. The federal government is set to make a decision on the $6.8-billion Alberta-to-B.C. pipeline expansion in December, but Kinder Morgan Canada's proposal already faces several court challenges, including one filed by the City [Read more]
Enbridge to buy Spectra Energy in all-stock deal worth C$37 billion
CALGARY - Enbridge is making a big bet on natural gas with the C$37-billion friendly takeover of Spectra Energy Corp., as it looks to grow while facing severe pushback on infrastructure projects. The all-stock deal with Houston-based Spectra — the largest-ever foreign acquisition by a Canadian company — will create the biggest energy infrastructure company in North America, with a combined value of about $165 billion. The deal would give Calgary-based Enbridge (TSX:ENB) far more [Read more]
A look at the five biggest foreign takeovers by Canadian companies
CALGARY - Enbridge Inc. has struck a deal to acquire Houston-based Spectra Energy in a friendly, all-stock deal worth US$28 billion in what would be the largest foreign takeover by a Canadian company. Here's a look at how it stacks up to the next five biggest Canadian acquisitions of foreign firms: March 2016: TransCanada Corp. of Calgary announces it's buying Houston-based Columbia Pipeline Group in a US$13 billion deal, including US$2.8 billion in liabilities. June 2015: A [Read more]
Merger facts: a look at Enbridge and Spectra Energy as they merge
Calgary-based Enbridge Inc. said Monday it will buy Houston-based Spectra Energy Corp. in a $37-billion cross-border deal that will create the largest energy pipeline and storage company in North America. The deal is expected to close in the first quarter of 2017, pending regulatory approval. Here is a look at the two companies: Enbridge Inc. Headquarters: Calgary Market capitalization on Sept. 2: $49.7 billion Employees: Nearly 11,000 across Canada and [Read more]
Fort McKay First Nation to put $350 million into oilsands tank farm project
CALGARY - Suncor Energy is bringing in a northern Alberta aboriginal band as partner in a $1-billion storage facility being built to serve its Fort Hills oilsands project. The Calgary-based company says the Fort McKay First Nation will pay about $350 million when its new tank farm becomes operational next spring in return for a 34 per cent interest. Chief Jim Boucher says the band expects long-term benefits from the investment. Closing is dependent on Fort McKay obtaining [Read more]
‘A poke in the ribs:’ Group pitches equalization for pipelines to Ottawa
CALGARY - A group that represents oilfield service and supply companies asked Ottawa earlier this year to use equalization payments as leverage to get reluctant provinces onside with pipeline projects. The Petroleum Services Association of Canada made the pitch last February as part of its federal budget submission, which was obtained by The Canadian Press through an access-to-information request. The association recommended that the federal government "amend equalization [Read more]
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