CALGARY - The Alberta government has released details of its new royalty regime, which is says bring clarity and certainty to conventional oil and gas drilling.The province has simplified the system with a single structure for crude oil, gas and liquids that takes into account the growth of unconventional wells that use horizontal drilling and fracking.Under the new regime, companies will pay a five per cent flat rate royalty until costs are recovered, after which royalty rates will range [Read more]
‘The sky is gonna be blue!’ Conservatives win big majority in Manitoba election
WINNIPEG — An orange dynasty stretching back to the 1990s fell Tuesday as Manitoba voters painted the political landscape a hue of Tory blue. Brian Pallister's Progressive Conservatives routed Premier Greg Selinger and the New Democrats to put an end to 16 years of the NDP in power. Pallister, a former Canadian Alliance MP, joins Premier Brad Wall of Saskatchewan as another voice of conservatism on the Prairies. With all the polls counted, the Tories won 40 of the 57 seats, with the NDP [Read more]
Oil sector market will determine if Canada’s GHGs fall in 2016, says McKenna
OTTAWA - Market conditions in the oil patch will largely determine whether Canada's emissions of greenhouse gases decline this year, says federal Environment Minister Catherine McKenna.Prime Minister Justin Trudeau is poised to sign the Paris climate agreement later this week at the United Nations in New York, after making the fight against climate change a central theme of his new Liberal government.But Trudeau carries with him to New York the latest official government inventory of Canadian [Read more]
Exodus? Newfoundland and Labrador’s bleak finances fuel angst for the future
ST. JOHN'S, N.L. - Newfoundland and Labrador had the world by the tail five years ago when former premier Danny Williams welcomed students attending a leadership conference to "Canada's coolest province."The treasury was flush with offshore oil money. New schools were under construction, roads were being paved, and chic restaurants catering to high-flying executives with fat expense accounts were doing brisk business in St. John's.It was a taste of prosperity especially savoured in a province [Read more]
Vancouver asks feds for broader scope in pipeline environmental assessment
VANCOUVER - The City of Vancouver is urging the federal government to take a broader look at greenhouse gas emissions when considering the proposed Trans Mountain pipeline expansion.City manager Sadhu Johnston has written a letter to Environment and Climate Change Canada saying the department should look at downstream emissions created from processing, refining, transporting and using the pipeline's oil when assessing environmental impact.Kinder Morgan wants to triple the capacity of the [Read more]
Four of six appeals of Nova Scotia gas storage project dismissed by province
INDIAN BROOK, N.S. - Nova Scotia's minister of the environment has dismissed four of six appeals opposing the province's decision to approve a new underground natural gas storage facility.The province is declining to reveal which four groups have had their appeals of the Alton Natural Gas storage facility project denied, citing privacy laws.The Indian Brook First Nation had issued a statement in February saying it would submit an appeal, arguing the facility north of Halifax shouldn't be [Read more]
Alberta finance minister says stimulus more important than credit rating
CALGARY - Alberta Finance Minister Joe Ceci said Monday he will hold firm on his promise not to introduce a sales tax even as a business audience expressed interest in such a revenue-raising measure.Ceci told the Calgary Chamber that the government is focused on economic stimulus and cutting costs, and while it's willing to hear suggestions on how it can bring in more revenue to plug a deficit hole, that would not include a new sales tax."I'm not ready to do that, this government has said it [Read more]
Some oil companies undeterred as global leaders sign on to Paris climate deal
OTTAWA - With almost 150 countries, including Canada, poised to sign the Paris climate agreement at the end of this week in New York, some of the world's biggest oil companies aren't convinced there's any end in sight for fossil fuel use.Prime Minister Justin Trudeau will be among signatories from some 147 countries convening Friday at the United Nations headquarters on Earth Day, the first opportunity to formally sign the global climate agreement completed in December.The Paris accord envisions [Read more]
Credit rating agency DBRS downgrades Alberta rating a notch on rising debts
CALGARY - Credit rating agency DBRS has downgraded Alberta's credit rating a notch to double-A, a day after the province released a deficit-laden budget.DBRS says the NDP government's reluctance to rein in spending or increase taxation would push debt levels higher than a triple-A rating could justify.Finance Minister Joe Ceci described the downgrade was a "disappointment" but said the province is still financially stable and responsibly managing its debt.In its credit update DBRS did improve [Read more]
A tale of two budgets: deluge of red ink in Alberta, N.L. amid oil crash
CALGARY - Albertans bewailing the deluge of red ink in the provincial budget can take some comfort in knowing matters could be worse: they could be in Newfoundland and Labrador's predicament.The two provinces, which tabled their budgets on Thursday, are both facing massive budgetary holes where oil and gas revenues used to be.In Alberta, non-renewable resource revenues are expected to be a paltry $1.4 billion this fiscal year — a level not seen in 40 years and 85 per cent below its 2014-15 [Read more]
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