REGINA - The head of SaskPower says the corporation expects revenue of $15 million to $20 million a year from its carbon-capture plant if it keeps operating well. SaskPower had to pay $7.3 million in penalties to Cenovus Energy (TSX:CVE) last year because the plant wasn't operating enough to deliver all the captured carbon dioxide promised to Cenovus. "In 2015, there were what was called shortfall payments made to Cenovus because of our inability to meet the contractual amount," [Read more]
Regulator says new rules will eliminate toxic oilsands tailings ponds
CALGARY - The Alberta Energy Regulator has introduced new rules that it says will ultimately remove unsightly and toxic tailings ponds from the oilsands mining region of northeastern Alberta. CEO Jim Ellis says companies with tailings ponds will face new reporting and progressive reclamation requirements, with all ponds required to be ready to be reclaimed within 10 years of the end of a mine's life. The AER's new directive replaces tailings ponds regulations, put in place in [Read more]
Alberta Energy Regulator urges companies to step up detection of pipeline leaks
CALGARY - The Alberta Energy Regulator is urging pipeline operators to do a better job of developing and maintaining programs to discover leaks after it examined nearly two-dozen spills over the last three years. The AER said Thursday that after reviewing 23 major spills on pipelines carrying mostly oil well effluent and produced water, it found poor training and a lack of monitoring led to delays in detecting leaks in about a third of cases. In a bulletin, the regulator said in [Read more]
‘Need to raise the bar:’ Alberta names oilsands climate advisory panel
EDMONTON - One of Canada's most prominent environmental activists has been named by the Alberta government to co-lead an advisory panel on how the oilsands can meet greenhouse gas reduction goals. Tzeporah Berman — who has protested against new oilsands pipelines — will join well-known energy executive David Collyer and aboriginal leader Melody Lepine as part of the province's Oilsands Advisory Group. "There's going to be creative tension on this group, no question," said [Read more]
CPPIB, Wolf to pay $1.4 billion for 50% of Devon Energy’s Access pipeline
CALGARY - The $1.4-billion purchase of a stake in an Alberta oilsands pipeline is the latest deal in an ongoing garage sale of non-core assets by oil and gas producers struggling to survive. On Thursday, privately held Wolf Midstream of Calgary announced it would buy a 50 per cent stake in the Access Pipeline from Oklahoma City-based Devon Energy with debt and $825 million provided by the Canada Pension Plan Investment Board. The pipeline delivers diluted bitumen from Devon's [Read more]
Lightstream Resources proposes to pay down $1.175 billion in debt with stock
CALGARY - Lightstream Resources said Wednesday it's been granted preliminary court protection from creditors as it pursues a plan to reduce its debt by $1.175 billion — a move that would see secured creditors receive 95 per cent of the struggling oil and gas company's equity. Current shareholders would end up with 2.25 per cent of the equity in a revitalized Lightstream, which has been unable to keep up with its interest payments due to the collapse in oil prices that began in late 2014. [Read more]
Alberta moving industry slows down as troubles in the oilpatch deepen
CALGARY - Amid the dozens of Calgarians posting online moving sale ads in the aftermath of the oil price crash, Lora and Danny Major's story is typical, even if their relocation destination isn't. Next month, the couple plans to move with their three preteen children to Cuenca, Ecuador. Until that moment arrives, they'll be selling almost everything they own in garage sales and leaving an uncertain future in the oilpatch. Lora, 37, says the idea of moving overseas grew out of a [Read more]
New Alberta oil and gas royalty framework accepting earlier applications
CALGARY - The Alberta government is now allowing oil and gas producers to make applications for new projects under its modernized royalty framework that had been scheduled to begin next January. Provincial energy minister Marg McCuaig-Boyd says the decision to speed up implementation has been made because the industry wants to be able to begin working on new projects under the new system without having to wait until the end of the year. She says some wells might not be drilled if [Read more]
LNG Canada delay means dark clouds growing over industry in B.C.: experts
VANCOUVER - Premier Christy Clark's dreams of a booming liquefied natural gas industry in British Columbia have been dealt another blow after a Shell-backed venture delayed a final investment decision indefinitely. LNG Canada's decision to put the project in Kitimat on hold amid weak global prices isn't surprising, but it adds to the pessimistic mood around the future of the sector in B.C., experts say. "It just creates a dark cloud over what is already a bunch of dark clouds for [Read more]
Finance Department memo says no new oil pipeline needed ‘until at least 2025’
OTTAWA - Alberta Premier Rachel Notley is telling Ottawa there's no more time to "dither" on pipeline approvals, but an internal federal analysis may indicate why the Liberals are content to consult widely before making a decision. A memo to the deputy minister of finance says low oil prices mean there is enough transport capacity in Canada to move oil without any new pipelines for another decade. Among the key points in the heavily redacted December memo, under the subject line [Read more]
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