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]
Nexen to lay off 350 workers, releases findings of pipeline spill investigation
CALGARY - Nexen Energy is placing some of the blame for a fatal January explosion on the two workers who died in the blast, something at least one of the families has called a "disgrace." Ron Bailey, head of Canadian operations at Nexen, said that after an extensive investigation the company found that the explosion at the Long Lake oilsands facility in Alberta was caused by staff doing work they weren't supposed to be doing. Damage by the blast is expected to result in 350 layoffs. [Read more]
ATB Financial predicts slow economy, more oilpatch layoffs this year in Alberta
CALGARY - ATB Financial is predicting more tough times for Alberta in the second half of the year. The provincially-owned lender says the economy is set to fall by 1.9 per cent this year after a four per cent contraction in 2015. It says the Fort McMurray, Alta., wildfires will stall economic growth this year, but rebuilding will help boost the numbers in 2017 to a positive two per cent. Chief economist Todd Hirsch says the slowdown in Alberta's energy sector over the summer will [Read more]
LNG Canada delays final decision on Kitimat project, no new timeline set
VANCOUVER - Instability in global energy markets has caused international partners in a proposed liquefied natural gas project in Kitimat, B.C., to delay their final decision on the venture. LNG Canada CEO Andy Calitz said in a conference call Monday that a drop in natural gas prices around the world, particularly in Asia, has made the project too expensive for now. "The whole global energy industry is in turmoil," he said. The LNG Canada project would export up to 24 [Read more]
Oilsands companies not expected to make insurance claims from Fort McMurray fire
CALGARY - Oilsands producers are not expected to be among the recipients of a record insurance payout arising from the wildfire in Fort McMurray, Alta., in May even though some of them had to halt production for weeks at a cost of millions of dollars. Suncor Energy (TSX:SU) said Friday it doesn't intend to claim an insurance payout despite losing more than three-quarters of its total oil production for about a month. "My understanding is that business interruption policies [Read more]
Premier Rachel Notley says no unnecessary federal delays for oil pipelines
CALGARY - Premier Rachel Notley says there can't be any unnecessary federal delays when it comes approving a new pipeline — any pipeline — to transport Alberta's oil to international markets. The future of the Northern Gateway pipeline proposal is now in the hands of Prime Minister Justin Trudeau's government after the Federal Court of Appeal on June 30 quashed a permit issued for the project. "We're just going to continue to work hard to make the case for why all of Canada needs [Read more]
Study says natural gas exports to continue decline as U.S. ramps up production
CALGARY - A new report says Canada's natural gas exports will continue to decline over the next few years with no sign of a return to the highs of the past decade. The Canadian Energy Research Institute says exports will drop because of the steep increase in cheaper natural gas production in the U.S. where Canada has traditionally exported its gas. The report Tuesday says the U.S., already the world's largest gas producer, could become a net exporter of gas by next year and is [Read more]
Calgary businesses hoping for Stampede boost as energy downturn drags on
CALGARY - When Warren Connell decided to take the reins at the Calgary Stampede two years ago, the world was a very different place. "When I applied for this job, oil was at $105 a barrel and the same government in the province had been in place for 44 years," said Connell. "So I undertook a pretty big change when I took over." As CEO of the Stampede, Connell has had to steer one of Canada's largest festivals through one of the worst economic downturns Calgary has ever [Read more]
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