CALGARY - Connacher Oil and Gas Ltd. (TSX:CLC) has extended the bid deadlines for the sale of its oilsands leases and extraction plants by two weeks, at the request of interested parties. The Calgary-based company is operating under court protection from creditors as it deals with depressed prices for oil and its limited ability to raise capital. Prospective buyers originally had until June 30 to submit initial non-binding letters of intent. That has been extended to July 14, [Read more]
TransCanada takes next step to get $15 billion for Keystone XL rejection
CALGARY - TransCanada Corp. is moving forward with its attempt to seek more than $15 billion compensation under the North American Free Trade Agreement following the U.S. government's rejection of the company's proposed Keystone XL pipeline. The Calgary-based company made a formal request for arbitration from the International Centre for Settlement of Investment disputes under the trade deal on Friday, after giving notice of its intention to make the claim back in January. The [Read more]
Alberta’s Notley speaks about climate plan to Trans Mountain Pipeline panel
EDMONTON - Alberta Premier Rachel Notley says she told an environmental review panel on the Trans Mountain Pipeline that her province is doing its bit to control greenhouse gas emissions. Notley says she told the three-member panel that Alberta's climate plan will cap oilsands emissions to 100 megatonnes and phase out coal-fired electricity by 2030. "Alberta has done its own homework and is on it," Notley told reporters at the legislature Thursday, after meeting with the panel [Read more]
Canada’s oil industry lowers 2030 output estimate but says growth will continue
CALGARY - Canada's oil producers have once again lowered their long-term production estimates as low oil prices take a toll on oilsands growth. The Canadian Association of Petroleum Producers says it now estimates Canada will produce 4.9 million barrels per day by 2030 — a 28 per cent increase from last year's production of 3.8 million barrels per day, but down 400,000 barrels a day from last year's forecast. It's the third year in a row that CAPP has revised its outlook [Read more]
Oilpatch observers add up losses as crude price crash reaches second anniversary
Calgary oil and gas producer Long Run Exploration (TSX:LRE) was riding high two years ago. Fuelled by US$100 per barrel crude prices, the company was committed to reaching "critical mass" by assembling lands in northwestern Alberta that would allow it to become a large, profitable intermediate that could boost production while paying a healthy dividend to investors. On June 12, 2014, it announced the latest in a string of acquisitions, a $357-million deal to buy fellow Calgary [Read more]
Company-wide Fridays off no longer affordable for some oil and gas firms
CALGARY - Getting paid time off is a great perk. Getting one or two paid Fridays off every month of the year is a Calgary oilpatch-style perk. Or at least it used to be. As oil prices plunged over the past two years, so too have the storied perks, including the much-envied "Golden Fridays" that some large oil and gas companies offered their office workers to ensure a healthy work-life balance. In October, oilsands giant Cenovus Energy (TSX:CVE) announced employees would [Read more]
Oilpatch CEO says Brexit would be a mistake
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]
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