CALGARY - Lightstream Resources Ltd. (TSX:LTS) says it was unable to meet a deadline for lining up bridge financing but its key backers haven't pushed for a court-supervised restructuring of the oil and gas company. The Calgary-based firm says it's continuing to seek commitments for a new credit agreement even though the Wednesday deadline has passed. Creditors agreed last month to wait until Friday before taking actions that could require the company to seek court protection and [Read more]
Temporary water line flowing to North Battleford after Husky oil spill
NORTH BATTLEFORD, Sask. - A temporary water line is now flowing to a city that was forced to close its water intakes after an oil spill on the North Saskatchewan River. The city of North Battleford says the latest water samples taken from the temporary line between the city and the neighbouring town of Battleford are clear. North Battleford closed its drinking water intakes after a Husky Energy pipeline leak detected July 21 spilled up to 250,000 litres of oil mixed with a [Read more]
Environment minister urges confidence in process after NEB revelations
OTTAWA - Environment Minister Catherine McKenna urged Canadians on Tuesday to have confidence in the evaluation process of large-scale energy projects like Energy East. McKenna declined to comment directly on new revelations surrounding the National Energy Board, the body responsible for conducting consultations on TransCanada's proposed pipeline project. The National Observer revealed last week that the NEB's chairman and two of its commissioners met with ex-Quebec premier Jean [Read more]
Suncor Energy buys 30 per cent stake in proposed North Sea oilfield
Calgary-based Suncor Energy is adding another United Kingdom offshore oil and gas project from the North Sea to its portfolio. The company says it will pay an initial US$50 million to Vienna-based OMV to buy a 30 per cent interest in the proposed Rosebank project. OMV would retain a 20 per cent stake. Suncor (TSX:SU) says it could pay an additional US$165 million to OMV if the partners in the Chevron-led project agree to proceed with development following engineering and [Read more]
Inter Pipeline to spend $1.35B on Williams oil and gas assets in Alberta
Calgary-based Inter Pipeline Ltd. says it will spend $1.35 billion to buy the Canadian oil and gas assets of the Williams pipeline companies. Williams' infrastructure in Alberta include two plants near Fort McMurray that extract natural gas liquids, a gas processing plant near Redwater, and a 420-kilometre pipeline system connecting the two. Oklahoma-based Williams says it spent about $2.5 billion on the development of its Canadian business over 16 years. In the deal, [Read more]
North Battleford still waiting for temporary water line go ahead after oil spill
NORTH BATTLEFORD, Sask. - A Saskatchewan city that had to close its water intakes after an oil spill will have to wait a little longer for a temporary water source to come online. The city of North Battleford had hoped to start pumping water down a temporary line today, but a sample has tested positive for contamination. The line was flushed again Sunday as a precaution and officials hope to have a clear test result back Tuesday. North Battleford, along with the cities of [Read more]
Low oil prices keep oilsands project shuttered long after wildfire put out
CALGARY - One of Canada's oldest oilsands projects, which was shut down during the wildfires in Fort McMurray, Alta., will remain closed until benchmark oil prices rise above US$50 per barrel, its operator said Monday. The Hangingstone thermal oilsands project, operated by Japan Canada Oil Sands Ltd. since 1999, was shuttered in May as a precaution when staff were evacuated due to the wildfires. Satoshi Abe, the company's executive vice-president, said the facility won't be [Read more]
Trump campaign: If elected, he’d ask TransCanada Corp. to reapply for Keystone XL
WASHINGTON - Bleeding support from his own party, Donald Trump attempted to salve the gusher Monday with the balm of traditional Republican economic medicine: wide-ranging deregulation and tax cuts. The Republican nominee proposed a plan to shrink government and grow the economy with an across-the-board regulatory reduction and tax cuts that would apply to wealthy estates, companies and several classes of individuals. He would end American participation in the global climate [Read more]
National Energy Board opens hearings on Energy East Pipeline in New Brunswick
SAINT JOHN, N.B. - TransCanada Corp. stressed its commitment to the safety of oil shipments as three days of hearings into the proposed $15.7 billion Energy East pipeline project opened in New Brunswick on Monday. "We are committed to delivering this oil safely, responsibly, and reliably, and our goal is to have zero incidents," said John Van der Put, vice president of eastern oil pipeline projects for TransCanada Corp. (TSX:TRP). He told a three-member National Energy Board [Read more]
NEB hearings on Energy East Pipeline set to begin in Saint John, N.B.
CALGARY - The National Energy Board is set to begin public hearings Monday into the Energy East Pipeline in New Brunswick, a province where the prospect of oil and gas development has led to fierce, and sometimes violent, protest in the past. A three-member panel tasked with deciding the fate of the controversial $15.7 billion development will start the hearings in Saint John, where the oil that would be shipped through the proposed 4,500-kilometre project would be refined. In [Read more]
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