CALGARY - Disappointment was the word of the day for those who had pushed for federal funding to help clean up the backlog of thousands of out of service oil wells that dot the Prairies."I think it's a missed opportunity to put people back to work and fix a problem," said Greg Clark, leader of the Alberta party.Clark has been asking for funding to clean up the roughly 700 orphaned wells in Alberta, where the company that owns the well can't be found or has gone bankrupt."It would be instant job [Read more]
Conservatives win Calgary byelection; NDP come in fourth behind Liberals
CALGARY – The Tories managed to hang onto one of their handful of seats in the provincial legislature in a byelection Tuesday that some observers described as a barometer of whether the party is still a force in Alberta politics. It was a nail-biter of a night, with the race at times too close to call. But a short time before all 67 polls were reported, the Wildrose’s Devinder Toor, a local businessman, conceded defeat to PC candidate Prab Gill, a real-estate appraiser, who won by a 335-vote [Read more]
Veresen lines up sales contract for proposed Jordan Cove LNG project
CALGARY - Veresen Inc. has breathed new life into its proposed Jordan Cove liquefied natural gas project after reaching a deal to sell about 25 per cent of its output to Japanese utilities.The Calgary-based company (TSX:VSN) says it has signed a preliminary agreement to sell at least 1.5 million tonnes a year of LNG from the project to JERA, a joint venture between Tokyo Electric Power Company and Chubu Electric Power Co.“This agreement signals strong market support for the Jordan Cove LNG [Read more]
Small oil and gas producer Terra Energy shuts down after bank calls in loan
CALGARY - A small energy producer with wells and facilities in Alberta and B.C. says it has shut down production, laid off all non-executive employees and its directors and officers have resigned after a bank called in a loan.Calgary-based Terra Energy Corp. has long been struggling to turn a profit, first as low natural gas prices cut into earnings and then as the collapse in crude prices derailed its plans to switch focus from natural gas to oil.But the final blow came last week, when Terra [Read more]
B.C. LNG decision faces three-month delay to review project details for environmental review
VICTORIA - Potential delays by the federal government on deciding the fate of a liquefied natural gas project in British Columbia appeared to be causing a concern overseas even before the latest setback on Monday, with the Japanese ambassador warning that putting off a decision could mean Canada missing out on a rare opportunity.But Environment Minister Catherine McKenna said Monday she expects the federal cabinet to be ready to make a decision after another 90 days on the proposed $36-billion [Read more]
KBR to do engineering, design work for proposed Woodfibre LNG project in B.C.
VANCOUVER - A Houston-based company has been selected to do engineering and design work for the proposed Woodfibre liquefied natural gas project north of Vancouver.KBR Inc. (NYSE:KBR) said Monday it will book the first phase of its work for the project as an order backlog for its engineering and construction segment.It didn't disclose the value of that work, which will be managed from KBR's Houston office.Federal Environment Minister Catherine McKenna announced Friday that an assessment done by [Read more]
Penn West Petroleum to withdraw from one of its core areas, selling Slave Point
CALGARY - Penn West Petroleum Ltd. (TSX:PWT) says it has negotiated the sale of an additional $230 million of assets, including a formerly core property in the Slave Point area of northern Alberta.The Slave Point transaction is worth $148 million. The sale of non-core assets will add a further $80 million in cash.Penn West says the sale of Slave Point will reduce its overall operating costs.It also expects to have room to develop and grow through its Cardium play south of Slave Point and its [Read more]
China-based Geo-Jade offers $575 million cash to take over Bankers Petroleum
CALGARY - Bankers Petroleum Ltd. (TSX:BNK) has received a friendly takeover offer that values the Calgary-based company at $575 million, excluding debt obligations.The directors and management of Bankers are fully supporting the offer from Charter Power and a numbered Alberta company, which are affiliates of China-based Geo-Jade Petroleum Corp.Under the proposal, Bankers would maintain a corporate and technical headquarters in Calgary and operational offices in Albania, Hungary and Romania.David [Read more]
Alberta Energy Regulator to release report into 2013 Primrose oilsands leak
CALGARY - Excessive steaming was one of the factors that caused more than one million litres of oily water to ooze to the surface at an eastern Alberta oilsands site nearly three years ago, an investigation by the Alberta Energy Regulator has concluded.The AER's report released Monday also said the bitumen-water emulsion was able to travel from deep underground through old unused wellbores, natural fractures and faults as well as man-made cracks in the rock."This is one of the most complex [Read more]
Tensions high during Quebec’s environmental hearings into Energy East pipeline
LEVIS, Que. - As Luc Villeneuve begins talking to a reporter about his renewable energy foundation, he is abruptly interrupted outside the conference room where public hearings on Energy East are taking place."You didn't come here in an electric car, did you?" truck driver Michel Morin asks in a taunting voice.Villeneuve, 46, a little shaken, replies he would love to buy such a car."But there is oil in the car you drove here, isn't there?" Morin aggressively counters, before storming off into [Read more]
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