CALGARY - In the high stakes world of high-technology oilfield services, low oil and gas prices are hitting Calgary's two largest publicly traded players, Pason Systems (TSX:PSI) and Computer Modelling Group (TSX:CMG), in vastly different ways.Pason, which builds and rents sensitive instrumentation systems attached to most of the drilling rigs in North America, has eliminated 350 employees, about 38 per cent of its staff, in the past 12 months, to cope with severe cutbacks in drilling [Read more]
Too many unknowns to recommend fracking in western Newfoundland: review panel
ST. JOHN'S, N.L. - There are too many science, technology and risk-assessment gaps to green-light fracking in western Newfoundland, says a panel that studied the contentious oil-extraction process.In a report released Tuesday, it recommends the province continue its freeze on fracking applications until major questions are answered."The science, the studies that have been done, have been somewhat limited — certainly limited compared to what we'd expect to have done in order to plan this kind of [Read more]
Saskatchewan facing $1B resource revenue shortfall, says Premier Wall
REGINA - Saskatchewan Premier Brad Wall says the province is facing a $1 billion shortfall in resource revenue.Wall made the comment in the legislature Monday while defending cuts to heritage language schools as part of a review of all spending.The premier says the government has to focus on core services.Finance Minister Kevin Doherty says that billion-dollar shortfall in resource revenue is a big hole to fill.Doherty says everything is on the table and the government has had to make some tough [Read more]
Suncor restoring more oilsands operations, additional 3,500 workers to return
CALGARY - Suncor says it expects to restore more of its oilsands production by the end of this week.The Calgary-based company says start up activities have begun at its oilsands base plant north of Fort McMurray, Alta.Suncor also expects its MacKay River extraction site will be producing by the end of this week.It has already restarted its Firebag extraction facility, 120 kilomitres northeast of the base plant.Suncor says it has moved more than 4,000 employees and contractors back into the [Read more]
Alberta Energy Regulator to appeal ruling on oil and gas cleanup obligations
CALGARY - The Alberta Energy Regulator says it will appeal a court ruling that would allow oil and gas companies to avoid cleanup costs if they enter bankruptcy protection.The court case centres on bankrupt Redwater Energy Corp., whose trustees want to sell off its remaining producing wells.But the energy regulator wants to use those wells to cover cleanup expenses the company is responsible for.The Alberta Court of Queen's Bench said May 19 that provincial regulations are in conflict with the [Read more]
Ban on fracking in New Brunswick will continue indefinitely: minister
FREDERICTON - A moratorium on hydraulic fracturing, imposed by New Brunswick's Liberal government in December 2014, will remain in place indefinitely, the province's energy minister announced Friday."We have been clear we would not allow this activity to go forward unless our five conditions were met," Donald Arseneault said."Creating jobs is our number one priority, but not at any cost. It is clear that our conditions cannot be satisfied in the foreseeable future."The Liberal government's [Read more]
Wynne, Ontario, ridiculed by opposition Wildrose in Alberta legislature
EDMONTON - Ontario Premier Kathleen Wynne came to Alberta to talk environment but instead found herself publicly ridiculed on the floor of the legislature as the leader of a failed, debt-ridden enterprise.As Wynne looked on from the Speaker's gallery during question period Thursday, the opposition Wildrose party demanded to know why Wynne, a Liberal, was invited while right-centrist and next-door-neighbour Saskatchewan Premier Brad Wall was not."Invite Premier Wall here! Invite Premier Wall," [Read more]
Canadian banks set aside more money for bad loans to oilpatch, consumers
TORONTO - Canadian banks are setting aside more money for sour loans as the oil price shock continues to take its toll on borrowers in Western Canada. Royal Bank (TSX:RY) said Thursday it has boosted its provision for credit losses to $460 million, up $178 million from a year ago, while CIBC (TSX:CM) earmarked $324 million for bad loans in the second quarter, an increase of $197 million from a year earlier. Laura Dottori-Attanasio, CIBC's chief risk officer, says the bulk of the increase [Read more]
New emission requirement will result in more costs for Trans Mountain: company
CALGARY - The company behind the Trans Mountain expansion says an unprecedented requirement to account for and offset greenhouse gas emissions for pipeline construction will add millions of dollars in costs to the $6.8-billion project. But Ian Anderson, president of Kinder Morgan Canada, says he still welcomes the new condition because it gives the company a chance to reduce its environmental footprint. Last week, the National Energy Board gave a conditional blessing to the project. But [Read more]
Bubblin’ crude: A look at what is driving the recent rise in oil prices
CALGARY - Benchmark oil prices averaged below US$35 per barrel in the first three months of this year, but since then they've strengthened to the point where they were trading above US$50 on Thursday. What's driving the rally in West Texas Intermediate and other types of crude? Put simply, it's supply and demand.Here are five reasons why oil prices are making a comeback:U.S. OIL PRODUCTION IS DOWN: The U.S. Energy Information Administration reported Wednesday that crude oil production in the [Read more]
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