CALGARY - Oil companies are in for at least another year of pain, according to Scotiabank's latest commodity price index.West Texas Intermediate crude is expected to stay below US$50 a barrel for the next 12 months, vice-president and commodity market specialist Patricia Mohr said in the report Monday.She sees some recovery to around US$55 a barrel by the end of next year."Global oil demand in 2015 has advanced at the fastest pace in five years... but a supply-side adjustment — necessary to [Read more]
Syncrude says no environmental effect from a fire at an Alberta processing plant
FORT MCMURRAY, Alta. - Syncrude says there was no environmental impact after an explosion and fire at an Alberta processing site near Fort McMurray.The company says the fire was quickly extinguished at its Mildred Lake upgrader and there were no injuries.It adds that it's investigating the cause of the incident.Syncrude says synthetic crude oil production has been temporarily suspended while a recovery and repair strategy is being developed. [Read more]
Nexen Energy collecting required information to re-start pipelines
CALGARY - Nexen Energy says it is "preparing to comply" with requirements from the Alberta Energy Regulator following the agency's order that the company cease operations of 95 pipelines in the province.A news release Saturday from the company says it's working to collect the information and documentation the regulator needs, and is looking forward to continuing to work with the regulator to resolve the issue.The regulator issued the order late Friday due to what it called non-compliance [Read more]
Alberta Energy Regulator orders Nexen to suspend operations on 95 pipelines
CALGARY - Alberta's energy regulator has ordered Nexen Energy to immediately cease operations of 95 pipelines in northeastern Alberta.It issued the order late Friday due to what it calls non-compliance surrounding pipeline maintenance and monitoring in its Long Lake oilsands project.Alberta Energy Regulator spokesman Bob Curran said every oil and gas company is required to monitor, inspect and maintain records for all of their pipelines.Nexen couldn't demonstrate that those activities have [Read more]
Scotiabank reports $1.847-billion profit; CEO touts positives of cheap oil
TORONTO - Concerns about the prolonged decline in the value of crude have left a dark cloud hanging over the banks, but the chief executive of Scotiabank is stressing the positive effects of oil prices on parts of the country's economy."Mining and oil and gas make up less than eight per cent of Canada's GDP," Brian Porter told analysts during Scotiabank's (TSX:BNS) quarterly earnings conference call Friday."Many of the other industries that make up more than 90 per cent of Canada's GDP will [Read more]
Alberta government to flesh out details of royalty review panel
CALGARY - Alberta oil and gas companies can put together their budgets for next year knowing at least one variable — royalty rates — will stay steady through the end of 2016, Energy Minister Marg McCuaig-Boyd said Friday."I talk to owners and workers in the oil industry and gas industry daily and I recognize their concerns," she said. "They want certainty, particularly given how tough times are in the oil and gas sector right now."It's been a tumultuous time in the oilpatch. Crude prices have [Read more]
Alberta Environment Minister Shannon Phillips, U.S. lawmakers, tour oilsands
EDMONTON - Alberta's environment minister is refuting opposition allegations that she wouldn't meet with a delegation of U.S. lawmakers who toured the oilsands.Shannon Phillips says she met with the delegation, including Republican Senator Lindsey Graham, who wants to become the party's presidential candidate in the 2016 U.S. election.Phillips says it was a productive tour and they all agreed that Canadian energy and the oilsands are part of a strong relationship between the two countries.The [Read more]
New NEB figures show crude-by-rail exports plunging so far this year
CALGARY - New figures compiled by the National Energy Board show a sharp decline in the amount of crude exported by rail so far this year.Nearly 84,000 barrels a day moved south of the border on trains in the second quarter.But that's about 30 per cent less than the nearly 120,000 barrels a day that were exported by rail in the first quarter.It's an even sharper drop from the roughly 159,000 barrels a day in the last three months of 2014.The plunge in crude-by-rail exports comes amid a severe [Read more]
Imperial has hopes for long-dormant Mackenzie Gas project in Canada’s Arctic
CALGARY - Imperial Oil is hanging on to hope that its long-dormant plan to tap into natural gas fields in the Far North may eventually come to fruition.The lead partner in the Mackenzie Gas Project has written to the National Energy Board seeking a seven-year extension to a sunset clause attached to federal regulatory approval granted in 2011.The clause requires Imperial and its partners to break ground on the project by the end of this year. But that's not feasible in today's market [Read more]
Revenues could be down more than previous government predicted: Alberta premier
CALGARY - Alberta Premier Rachel Notley says continued oil-price volatility could be affecting the province's bottom line even more than the former Tory government predicted.The NDP premier isn't sharing much about what might be in the 2015-16 budget when it comes down in October.But she does says keeping on top of oil prices remains a priority.The price per barrel hovered around US$60 when Notley's New Democrats were elected in May, but has since fallen to below US$40 a barrel.The budget [Read more]
- « Previous Page
- 1
- …
- 349
- 350
- 351
- 352
- 353
- …
- 488
- Next Page »