CALGARY - A TransCanada spokesman says the company was taken aback when the Quebec government announced it's planning legal action over the Energy East pipeline.Tim Duboyce says the Calgary-based firm believed issues surrounding the province's review of the cross-Canada oil pipeline had long been resolved.Quebec Environment Minister David Heurtel says the government sent two letters to TransCanada in late 2014 advising that Energy East must submit to a provincial environmental assessment.Heurtel [Read more]
Trudeau will spur clean tech before trying to corral premiers on climate plan
VANCOUVER - Prime Minister Justin Trudeau used a speech to a clean tech conference Wednesday to make a direct pitch for the expansion of Canada's oil and gas sector — a direction he later appeared to dial back in response to media questions.Trudeau began a day-and-a-half of meetings on climate policy with the provincial and territorial premiers by heralding the promise of jobs and opportunity in a low-carbon economy.He announced two new funds, totalling more than $125 million, to help [Read more]
Premier Notley says Alberta won’t blaze away just yet at Quebec over Energy East
EDMONTON - Premier Rachel Notley says Alberta won't blaze away yet at Quebec about its decision to seek an injunction over the Energy East pipeline.Notley says she has conferred with Quebec and the Prime Minister's Office and it appears the Quebec government wants to conduct a review of the proposed project similar to one done by Ontario last fall.She says if that is the case, Quebec would use its review to get information for a presentation it would make to the National Energy Board.But Notley [Read more]
Saskatchewan Premier Wall disappointed Quebec seeking Energy East injunction
EDAM, Sask. - Saskatchewan Premier Brad Wall says he is disappointed with Quebec's decision to seek an injunction over the Energy East pipeline.Wall says Quebec's decision is going to be politically divisive.He says the move is about environmental politics at a time when the entire country should be supporting a project that will create jobs, reduce the need to import foreign oil and get crude off the railways. Wall says it's the National Energy Board's job to deal with the proposed pipeline [Read more]
Feds headed for $150B in deficits over next 5 years: TD Bank forecast
OTTAWA - A new analysis by one of Canada's biggest banks says the federal government is on track to run $150 billion in budget deficits over the next five years.The TD Bank report, released Tuesday, also estimates Ottawa's current fiscal path means it will take more than a decade to bring the budget back into balance — unless the government raises taxes or cuts spending.The bank says it produced the numbers after re-calculating Ottawa's predicted shortfalls to account for the Liberal [Read more]
Nexen lays off 120 employees in Canada as latest company to cut costs
CALGARY - Nexen, the Calgary-based company acquired by China's CNOOC Ltd. more than three years ago, says it's cut 120 jobs in Canada.Company spokeswoman Brittney Price said the company made the difficult decision to reduce its workforce because of the current economic situation.Last March, Nexen cut 340 staff in North America and 60 at its U.K. North Sea operations after it made cuts to its spending program.A number of oil-and-gas producers have announced layoffs recently as low oil prices have [Read more]
Canadians united in wanting growth while protecting environment: Trudeau
VANCOUVER - Canada's first ministers have expressed their commitment to finding common ground in the fight against climate change, despite their sometimes conflicting views and priorities.Prime Minister Justin Trudeau dismissed the suggestion on Tuesday that there is a regional divide when it comes to what Canadians and their leaders want for the economy and the environment, describing an abundance of perspectives as an asset as he heads into climate change talks with the premiers this week in [Read more]
Husky Energy’s Edam East heavy oil project begins steam operations
CALGARY - Husky Energy says it expects to start producing oil from its Edam East heavy oil project in Saskatchewan this spring.Edam East is the first of three new thermal projects that the Calgary-based company expects to begin operating this year.Husky (TSX:HSE) says the three steam-assisted operations will add a total of 24,500 barrels a day of production by the end of 2016, including 10,000 from Edam East.That project has begun steam operations and will begin producing its first oil early in [Read more]
Quebec to seek injunction against Energy East pipeline project
CALGARY - National cohesion on Energy East seemed to drift further out of reach Tuesday after the Quebec government announced plans to seek an injunction against the company proposing the cross-Canada pipeline.Environment Minister David Heurtel said his government got no response from TransCanada Corp. (TSX:TRP) to two letters it sent in late 2014 advising that the $15.7-billion project must pass a provincial environmental impact assessment.So he said the province intends to go to court to make [Read more]
Banks take maximum amount of Enbridge stock, boosting financing to $2.3 billion
CALGARY - Enbridge Inc. (TSX:ENB) says it raised $2.3 billion in its latest stock offering as its syndicate of underwriters fully exercised their option to buy additional shares in the pipeline operator.The Calgary-based company had initially planned to raise $2 billion, but the underwriters — including Canada's five biggest banks — bought an additional 7.4 million shares.The underwriters paid $40.70 per share for the stock. The group includes RBC Capital Markets and its counterparts at BMO, [Read more]
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