CALGARY - Royal Dutch Shell says it's shifting away from growing its liquefied natural gas business, a move that raises fresh doubts about the future of its proposed LNG Canada project in Kitimat, B.C.The company said Tuesday the pace of new investment in LNG will slow as it moderates growth and prioritizes cash flow generation and returns on existing projects.Shell said while its integrated gas business was previously a "growth priority," it has now reached a critical mass after completing the [Read more]
Oil settles above US$50 a barrel for first time since July 2015
TORONTO - Oil prices settled above US$50 a barrel for the first time in nearly a year on Tuesday, a sign that traders are confident that a balance can be struck between supply and demand in the global crude market.The July benchmark contract for West Texas Intermediate crude closed 67 cents higher to US$50.36 a barrel, marking the first time oil has settled above the US$50 mark since July 21, 2015."$50 is a big psychological hurdle for crude oil, and it's one that it's been bumping up against [Read more]
Sun on the rise as opposition MLAs battled proposed Alberta climate change bill
EDMONTON - Premier Rachel Notley's New Democrats have used their majority to pass the first part of Alberta's landmark climate-change plan in the legislature.Notley says she is extremely proud and adds that taking action on climate change was long overdue.The legislation gives the province the power to levy a carbon tax on home and business heating bills and on gasoline at the pumps.It was, at times, a bitter fight in the house.Politicians stayed up until almost dawn today debating amendments to [Read more]
Newfoundland and Labrador introduces greenhouse gas legislation to cut emissions
ST. JOHN'S, N.L. - New greenhouse gas legislation in Newfoundland and Labrador stops short of B.C.'s carbon tax but is aimed at cutting onshore industrial emissions with flexible carbon pricing.Environment Minister Perry Trimper said it strikes a balance to take at least some action while not blunting the competitive edge of vital manufacturers.Even with the new measures — which don't apply to offshore oil sites jointly regulated with Ottawa — the province will still miss its 2020 reduction [Read more]
Suncor says Fort McMurray oilsands operations to be back up by end of June
CALGARY - Suncor Energy Inc. says it expects its oilsands operations in Fort McMurray, Alta., to be back at full production by the end of this month.Production was cut back by the wildfire that hit the city — forcing the evacuation of more than 80,000 people — in early May.Suncor (TSX:SU) says the fire did not cause any damage to its oilsands facilities.The company also says it plans to have its Edmonton refinery back in operation by the end of this week.Suncor's Petro-Canada stations across [Read more]
Ex Bank of Canada’s Carney lauds Alberta plan linking resources with climate
EDMONTON - The former governor of the Bank of Canada says Alberta is on the right track by tying its energy policy to its environmental plan. Mark Carney says the two need to go hand in hand as the global economy adapts to carbon reduction measures. "The two work together in reinforcing fashion in a way that uses the market to achieve results," Carney told reporters at the legislature Monday. Carney is the governor of the Bank of England and the chairman of the Financial Stability [Read more]
TransCanada files first part of Energy East impact study with Quebec
MONTREAL - TransCanada says a draft impact study for its Energy East pipeline project has been submitted as requested by the Quebec government.The 10-chapter document wasn't released publicly, but an analysis of technological risks will be added once it is completed, the company said Monday.The Calgary-based company said the submission meets the requirements of the provincial department of sustainable development, environment and the fight against climate change.Quebec government officials [Read more]
Oilsands giant Syncrude loses court fight against rules on renewable diesel
OTTAWA - Syncrude has lost its court battle against federal rules on renewable diesel in a case that some suggest could have handcuffed national efforts to fight climate change.The oilsands company, of which Suncor owns the majority, had argued that it was unconstitutional for Ottawa to require that at least two per cent of diesel fuel be from renewable sources such as ethanol. That demand interfered with provincial jurisdiction over resources by changing markets for non-renewables, Syncrude [Read more]
Decline in spending on offshore oil projects in Newfoundland hitting East Coast
HALIFAX - An economic think tank says overall spending on major projects on the East Coast is expected to fall overall in 2016 by about two per cent compared to the year before.The Atlantic Provinces Economic Council says investment will be down to $12.8 billion, due in part to a decrease in Newfoundland and Labrador's offshore oil projects and despite higher-than-expected spending on the Muskrat Falls hydroelectricity project in Labrador.The council says Newfoundland and Labrador is being hit [Read more]
Husky asset sales point to uneven growth in energy mergers, acquisitions
CALGARY - A two-tier marketplace is developing for western Canadian oil and gas properties, with bidders starting to line up to buy crude-producing properties — although companies marketing natural gas wells are finding few takers.Volatility in oil and gas prices over the past year have scared many buyers out of the market while making valuations difficult for buyers and sellers to agree upon, observers say.Benchmark West Texas Intermediate oil rose above US$50 per barrel recently, the highest [Read more]
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