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]
New B.C. oil discovery takes province’s crude output to a nine-year high
In Premier Christy Clark's vision of British Columbia's economic future, natural gas is the headliner as the province gears up to export billions of tonnes of liquefied natural gas from proposed West Coast projects.But the premier may have to make room on the bill for another fossil fuel — thanks mainly to a Calgary-based company drilling in the northeastern part of the province, B.C.'s daily crude oil production is at a nine-year high and expected to steadily increase.Oil analysts at Raymond [Read more]
Alberta brings in carbon levy legislation, estimates higher cost to families
EDMONTON - Alberta has put forward legislation to implement its multibillion-dollar carbon levy, with new estimates hiking the cost to families to as much as $443 next year.Opponents, however, estimate it will be about double that.Environment Minister Shannon Phillips introduced Bill 20 for first reading in the legislature Tuesday.She said the levy will provide an incentive to go green and will be reduced as Alberta becomes more environmentally friendly.Notley also noted with lower and [Read more]
Athabasca Oil restarts Hangingstone project as wildfire risk recedes
CALGARY - Alberta oilsands workers forced to flee the ferocious Fort McMurray wildfire are returning to begin the tricky process of restarting their projects in northern Alberta, reassured by colder weather and a forecast of rain.In a Tuesday morning update, provincial emergency officials said the Fort McMurray wildfire had grown to 523,000 hectares, almost the size of Prince Edward Island, and was still out of control but moving farther east and northeast away from the city and industrial [Read more]
Alberta wildfire expected to have relatively modest macro-economic impact: Morneau
OTTAWA - Finance Minister Bill Morneau says he expects the Alberta wildfires to have a relatively modest impact on the broader economy.Morneau also says the economic fallout from the disaster will be largely contained to the current quarter of the fiscal year.A huge wildfire forced the evacuation of Fort McMurray as well as the shutdown of some economically important oilsands operations.The blaze also destroyed 2,400 buildings in Fort McMurray.Morneau says investments over the coming months in [Read more]
‘Relatively aggressive’ change needed to lift Canada’s economy, Barton warns
MONTREAL - The man hand-picked to help revive the Canadian economy enters the job with a lot of hope, but he's adamant that the country needs to act — and soon. Dominic Barton, the global managing director of consulting giant McKinsey & Co., was tapped by Finance Minister Bill Morneau to chair a federal advisory council responsible for drawing up a plan to lead Canada out of its cycle of feeble economic growth. Barton spoke to The Canadian Press in a wide-ranging interview about his [Read more]
Connacher Oil gets court OK to put oilsands leases, plants up for sale
CALGARY - Connacher Oil and Gas Ltd. and its court-appointed monitor are seeking offers for its oilsands leases and extraction plants.The Calgary-based company says prospective buyers have until June 30 to submit initial non-binding letters of intent.Connacher's assets include two extraction facilities that produced about 14,500 barrels per day in 2015. Currently, their output has been reduced to 8,000 barrels per day due to low commodity prices.The company also has 87,000 net acres (35,200 [Read more]
Despite regulator approval, more hurdles await Trans Mountain pipeline:Observers
CALGARY - Canada's national pipeline regulator has signed off on a proposal to triple the capacity of the Trans Mountain pipeline from Alberta's oilsands to the West Coast but neither opponents or supporters consider its construction a fait accompli.The National Energy Board said Thursday that the controversial $6.8-billion project proposed by Kinder Morgan is in Canada's best interest, provided 157 conditions are met. It forwarded its recommendation to the federal cabinet for a decision [Read more]
Reaction to the National Energy Board’s approval of the Trans Mountain pipeline
VANCOUVER - The National Energy Board has recommended that the federal government approve the contentious $6.8-billion Trans Mountain pipeline expansion with 157 conditions. The federal regulator issued its long-awaited report Thursday on the project after a two-year debate.Here's some reaction to the decision:"We can't build more pipelines and meet the international climate commitments that Canada agreed to in Paris. With more and more extreme weather events endangering communities, it's clear [Read more]
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