CALGARY - Vermilion Energy Inc. has signed an agreement to sell its assets in the U.S. for $120 million in cash. The company says the deal includes about 5,500 barrels of oil equivalent per day of production and about 10 million barrels of oil equivalent of proved developed producing reserves. Vermilion says net proceeds from the sale will be used to repay debt. The deal has an effective date of Jan. 1 and is expected to close in the third quarter. The company also updated its 2025 [Read more]
Meta becomes the latest big tech company turning to nuclear power for AI needs
WASHINGTON (AP) — Meta has cut a 20-year deal to secure nuclear power to help meet surging demand for artificial intelligence and other computing needs at Facebook’s parent company. The investment with Meta will also expand the output of a Constellation Energy Illinois nuclear plant. The agreement announced Tuesday is just the latest in a string of tech-nuclear partnerships as the use of AI expands. Financial details of the agreement were not disclosed. Constellation's Clinton Clean [Read more]
Premiers heap praise on meeting with Carney, but no specific projects identified
SASKATOON - Ontario Premier Doug Ford said Monday's gathering of the country's premiers to talk over nation-building projects with Prime Minister Mark Carney was the "best" they have had in the last decade. The comments amount to a lightly veiled jab at former prime minister Justin Trudeau, who frequently had frosty relations with the group, especially prairie premiers looking to build out their energy sectors. Ford said the premiers, and the whole country along with them, stand united as [Read more]
Ontario, Saskatchewan sign agreement to free up trade ahead of meeting with Carney
SASKATOON - Ontario and Saskatchewan signed an agreement Sunday to remove trade barriers ahead of a meeting with Prime Minister Mark Carney to hash out a plan they hope will supercharge the economy. The memorandum of understanding sees both provinces mutually recognize each other's goods, workers and investment. They are also working to advance measures that would see willing provinces allow the sale of alcohol directly to consumers. Ontario Premier Doug Ford told reporters the move helps [Read more]
Cenovus shuts in oilsands production at Christina Lake operations due to wildfires
CALGARY - Cenovus Energy Inc. says only essential personnel are at its Christina Lake oilsands operations where it has shut production due to the wildfires in northern Alberta. The company says it began the work to shut in production at Christina Lake on May 29. Based on its inspections so far, Cenovus says it is not aware of any damage to its infrastructure and expects a full restart of its Christina Lake operations once it is safe. About 238,000 barrels per day of production have been [Read more]
Carney discusses “partnerships” with oil and gas executives in Calgary
CALGARY - Prime Minister Mark Carney sat down with oil and gas executives in Calgary Sunday to discuss partnerships and to get their input for his plans to make Canada an energy superpower. Carney, in his first visit to Calgary since being sworn in as prime minister, held a closed door roundtable with more than two dozen members of the energy sector. Attendees included Tourmaline Oil CEO Michael Rose, Pathways Alliance President Kendall Dilling, ATCO CEO Nancy Southern, Imperial Oil [Read more]
Trans Mountain could take on more pipeline projects if private sector can’t: CEO
CALGARY - The CEO of Crown-owned pipeline operator Trans Mountain Corp. says it could take on other market-expanding pipeline projects if necessary, but that it would be preferable for the private sector to take the lead. Trade tumult in recent months with the United States — Canada's biggest customer for its crude oil — has intensified calls for Canada to build infrastructure that would allow its resources to flow to other global buyers. When the expanded Trans Mountain pipeline began [Read more]
Strathcona formally launches takeover bid for oilsands peer MEG Energy
CALGARY - Strathcona Resources Ltd. has begun its formal takeover bid for fellow oilsands producer MEG Energy. Its offer comprises 0.62 of a common share of Strathcona and $4.10 in cash for each MEG share it doesn't already own. The offer is open until Sept. 15. MEG says its board and legal and financial advisers will consider the offer, and that a special committee of independent directors will assist. The target company is urging shareholders to take no action until it has made a [Read more]
CPP Investments and partner sell Encino Acquisition Partners stake in US$5.6B deal
TORONTO - Canada Pension Plan Investment Board says it and Encino Energy are selling their holdings in an Ohio oil and gas producer for US$5.6 billion including debt. CPP Investments says EOG Resources is the buyer of Encino Acquisition Partners, which CPP Investments and Encino Energy established in 2017 with the aim of building it into a leading buyer of U.S. oil and gas assets. CPP Investments held a 98 per cent stake in Encino Acquisition Partners alongside Encino Energy. Bill [Read more]
Government moves to purge consumer carbon pricing from law
OTTAWA - The federal government has moved to purge consumer carbon pricing from law, effectively putting an end to what was once the keystone of the Liberals' climate policy. Prime Minister Mark Carney ended the consumer carbon price in March in his first official act after being sworn into office. Parliament was not sitting at the time so Carney used regulations to set the price to zero. But the Conservatives claimed Carney would just bring back consumer carbon pricing after the [Read more]
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