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]
Key dates in 2016 for the federal government’s energy policy decisions
OTTAWA - A timeline of important dates in the federal government's 2016 energy and climate policy making:Jan. 27 — Natural Resources Minister Jim Carr and Environment Minister Catherine McKenna announce a new, interim policy for major resource project approvals that includes assessing upstream GHG emissions and wider consultations with indigenous peoples.March 3 — First ministers agree in Vancouver to set up four working groups on climate policy that will report back by September on policy [Read more]
Fall 2016 shapes up as decision time for feds to rule on long-term energy policy
OTTAWA - Natural Resources Minister Jim Carr says he anticipates the federal cabinet will make a decision on the proposed Pacific NorthWest LNG export terminal in Prince Rupert, B.C., by the end of September. The $36-billion project by Malaysian state-owned Petronas is considered a linchpin of B.C. Premier Christy Clark's plan for a provincial liquefied natural gas industry, but has raised the ire of environmental opponents. Carr, speaking to reporters from a clean energy technology [Read more]
Wildfires, refinery outage behind Petro-Canada fuel shortages in the West
CALGARY - Suncor's Petro-Canada stations across Western Canada are running short on fuel because of a refinery outage in Edmonton and the Fort McMurray wildfires.Suncor spokeswoman Sneh Seetal said the cumulative effects of lower crude production because of the fires and the Edmonton outage mean the company has been producing less diesel and especially less gasoline for its retail operations."Given the prolonged duration of the fires and its impact on the supply for our refinery, as well as [Read more]
Calgary oil and gas company blames order protecting grouse for its demise
CALGARY - A junior oil and gas company in Calgary is blaming an order aimed at protecting a rare Prairie bird for its insolvency.LGX Oil + Gas (TSX:LGX) says its daily operations and drilling plans were significantly disrupted when an emergency order under the federal Species At Risk Act took effect in February 2014 to protect the greater sage-grouse.The company's Manyberries oilfields in Alberta were subject to that order.In its order, Environment Canada restricts noise on 1,700 square [Read more]
Numbers on energy industry growth, climate commitments don’t add up: report
EDMONTON - Canada can't reach growth projections for the energy industry as well as meet its greenhouse gas commitments without damaging the rest of the economy, a study suggests.David Hughes, former research director at the Geological Survey of Canada, says other industries will have to reduce emissions by huge margins if Canada tries to expand oilsands and LNG exports while living up to the climate change promises it made in Paris."If you factor in the expansion that's planned in oil and gas [Read more]
Canadian Western Bank Q2 profit plunges 37% due to shaky loans to oil-gas sector
EDMONTON - Canadian Western Bank says its second-quarter profit was down 37 per cent from the same time last year, mostly due to previously announced increases to its provisions for bad loans to the energy sector.The Edmonton-based bank (TSX:CWB) says its net income for the three-month period fell to $32.2 million or 40 cents per share from $51.5 million or 64 cents per share a year earlier.The bank's pre-tax provision for credit losses was $39.7 million, up from $7.4 million in the quarter [Read more]
National Energy Board could decide fate of Mackenzie Gas Project today
CALGARY - The National Energy Board is giving Imperial Oil until the end of 2022 to start building the long-delayed Mackenzie Gas Project, a pipeline that would ship natural gas from the Northwest Territories to northern Alberta.The board originally approved the project in December 2010 and the federal cabinet of then-prime minister Stephen Harper sanctioned it the next year.But one of the conditions was that construction had to start by the end of 2015.Last year, Imperial Oil (TSX:IMO) asked [Read more]
NEB recommends approval for expansion of TransCanada’s Alberta natural gas system
CALGARY - The National Energy Board is recommending that the federal government approve TransCanada Corp.'s proposed expansion of its NOVA gas pipeline system.However, the federal regulator set 48 conditions that TransCanada (TSX:TRP) subsidiary NOVA Gas Transmission Ltd. has to meet if the project goes ahead.Five of those conditions related to the protection and restoration of caribou habitat since the project would run though the territory of the threatened boreal woodland caribou.The proposed [Read more]
Wildfire delay pushes full ramp-up of Husky’s Sunrise oilsands project into 2017
CALGARY - Husky Energy has pushed back the date to achieve full production at its Sunrise oilsands project to early 2017 from late this year because of the wildfires last month in Fort McMurray, Alta.The Calgary-based company says the project was restarted in the past week after it was forced to shut down on May 7.Husky wouldn't say how much Sunrise is currently producing, though it was more than 30,000 barrels per day before the fires.Sunrise was commissioned last year and is expected to reach [Read more]
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