CALGARY - A Calgary CEO whose oil and gas company has extensive holdings in Europe says he thinks it would be a mistake for Britain to vote to leave the European Union in the so-called "Brexit" vote on Thursday. But Tony Marino of Vermilion Energy (TSX:VET) added Wednesday that he doesn't think a "leave" vote would have a big impact on his company, which produces about half of its oil and gas in European countries including Ireland, the Netherlands, Germany and France. "I think (remaining) [Read more]
Shell Canada cleared to resume drilling off Nova Scotia after accident review
HALIFAX - Nova Scotia's offshore regulator has cleared Shell Canada (TSX:SHC) to resume drilling one of two exploration wells after an accident in March that saw two kilometres of pipe break off a wellhead and sink to the ocean floor. High and heaving waves caused the "riser tensioner system" that connected the wellhead deep under the ocean to an offshore drilling rig to break off and sink ahead of a storm on March 5. The Canada-Nova Scotia Offshore Petroleum Board (CNSOPB) [Read more]
First Nations deeply involved in natural resource development: study
Canada's First Nations have a stake worth hundreds of millions of dollars in resource industry development and are likely to call more of the industry's shots in the future, concludes a research paper. "There is not going to be a very substantial expansion of the resource sector in Canada without full partnerships with indigenous Canadians," said Ken Coates of the University of Saskatchewan. Coates wrote the report for the Indian Resource Council, an aboriginal group that [Read more]
Vancouver mayor says ‘more robust review’ needed of Trans Mountain
VANCOUVER - The City of Vancouver is the latest group to launch a court challenge aimed at quashing the National Energy Board's recommended approval of the $6.8-billion Trans Mountain pipeline expansion. The city said in its court application that the energy board's recommendation to approve the expansion of the oil pipeline, subject to 157 conditions, is invalid and unlawful. The board excluded oral cross-examination, provided inadequate information sharing and failed to [Read more]
Enbridge beefing up its equipment just in case of American oil spill
TRAVERSE CITY, Mich. - The Canadian company that owns twin underwater oil pipelines in the area where Lakes Huron and Michigan meet says it's spending US$7 million over the next two years on equipment that could be deployed quickly in the event of a spill. Calgary-based Enbridge Energy (TSX:ENB) says the nearly eight kilometres of pipelines that cross the Straits of Mackinac between Michigan's two peninsulas have never leaked and are safe. But senior emergency manager Stephen [Read more]
Vancouver the latest to ask for court review of NEB’s Trans Mountain approval
VANCOUVER - The City of Vancouver is the latest to launch a court challenge aiming to quash the National Energy Board's recommendation that the federal government approve the $6.8-billion Trans Mountain pipeline expansion.The Squamish Nation, the Living Oceans Society and the Raincoast Conservation Foundation filed their own applications for judicial review in the Federal Court of Appeal last week.The city said in its court application that the energy board's recommendation to approve the [Read more]
Environmental groups launch court challenge of Trans Mountain recommendation
VANCOUVER - A pair of environmental groups are asking the courts to quash a recommendation that the federal government allow the controversial Trans Mountain pipeline expansion project to go ahead.Lawyers for the Living Oceans Society and the Raincoast Conservation Foundation have filed an application for judicial review of the National Energy Board's recommendation in Vancouver's Federal Court of Appeal, arguing that it is unlawful.Documents filed in court Friday allege the NEB did not take [Read more]
Chevron looks to unload more Western Canada assets to bolster cash reserves
CALGARY - Chevron Canada Ltd. is testing the waters for a possible sale of its non-core refining and marketing assets in Western Canada.A company spokesman said Friday that Chevron has asked for expressions of interest on the company's 57,000-barrel-a-day Burnaby, B.C., refinery as well as its marketing assets, but that no final decision has been made to sell.The request for interest does not cover Chevron's lubricants business, its stake in the Kitimat LNG project, or upstream producing assets, [Read more]
Oilfield hopes thin despite $2B in oil and gas producer financings
CALGARY - A flurry of stock sale financings by oil and gas producers in Canada has sparked optimism among investors that the stalled drilling industry will soon go back to work.But analysts warn that's not likely to happen this year, dashing faint hopes of thousands of Western Canadian oilfield workers who have been laid off since benchmark oil prices peaked at over US$107 US per barrel two years ago in June 2014.Since January, nearly $2 billion has been raised by Canadian non-oilsands producers [Read more]
Contractor warns oilsands revenues will fall due to Fort McMurray wildfires
CALGARY - A construction company that does contract work for oilsands producers warns it will report lower revenue and earnings because of the Fort McMurray wildfires that erupted last month.Calgary-based Stuart Olson (TSX:SOX) says revenue for its industrial division will fall by about 30 per cent for the three-month period ended June 30 to between $70 million and $80 million from $107 million in the same period last year. It says adjusted earnings will fall to between $2 million and $3 [Read more]
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