CALGARY - A new report says Alberta's current recession is expected to shrink the economy by more than double the average of the past four recessions. The TD Bank report released Monday said it estimates Alberta's economy will contract 6.5 per cent over 2015 and 2016, which would widely exceed the 2.7 per cent average retreat of previous economic downturns going back to the early 1980s. The estimate came after TD tripled this year's expected GDP decline to three per cent, after [Read more]
Private equity firms zeroing in on Western Canada oilpatch bargains
CALGARY - The largest energy-focused private equity firm in Calgary is ramping up its oilpatch investing pace to take advantage of bargain prices and an expected recovery in oil prices next year. ARC Financial Corp. has been more active than usual in 2016, fuelled in part by $1.5 billion pledged a year ago to a new investment fund, said co-CEO Lauchlan Currie in a recent interview. ARC has $5.3 billion in investor commitments through eight energy funds and has invested in over 180 [Read more]
Four major trade unions back Energy East oil pipeline citing job creation
OTTAWA - Four major trade unions have joined forces with TransCanada Corp. to push the proposed Energy East oil pipeline as a "nation-building" exercise. The alliance, symbolized by a memorandum of understanding signed Thursday, gives the 4,600-kilometre pipeline from Alberta to New Brunswick a rare public relations boost after many months of public protests and highly publicized rejections. "What we know is that there's a silent majority of folks that understand the need for [Read more]
SaskPower not expecting more penalties if carbon capture plant operating well
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]
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