FREDERICTON - A study of a fracking moratorium in New Brunswick has endorsed a series of steep pre-production hurdles laid out by the Liberal government that opposition parties say will likely cause the industry to evaporate in the province.In a report released Friday, the three-member commission acknowledged the province is in desperate need of jobs and economic development, but avoided any firm declaration on whether the threshold the Liberals has set to make fracking viable can be met.The [Read more]
AltaGas halts development of Douglas Channel LNG amid global supply glut
CALGARY - AltaGas Ltd. said Thursday it has stopped work on the Douglas Channel liquefied natural gas project in British Columbia, delivering the latest setback for the province's LNG ambitions.During a conference call to discuss its financial results, AltaGas CEO David Cornhill said the consortium behind the project failed to secure sales contracts for LNG exports."Without a meaningful offtake agreement, the consortium can no longer continue the development of the project," said Cornhill.The [Read more]
Export Development Canada earmarks $750 million to help oilpatch firms
CALGARY - Export Development Canada is setting aside $750 million to help ailing oil and gas firms make it through the industry's worst downturn in decades.The assistance could take the form of commercial loans or guarantees, said Mark Senn, the Crown corporation's vice-president for Western Canada.The focus will be on small an medium-sized companies, many of which provide drilling and other services to oil and gas producers. EDC said that's where the funding can have the biggest bang for the [Read more]
More public money needed for energy sector R&D to cut emissions, costs: IEA
CALGARY - The International Energy Agency says Canada needs to put more public money towards research and development in the energy sector. The Paris-based organization says the funding injection is needed to make Canada's oil-and-gas industry more cost-competitive and reduce its environmental footprint. "This will contribute to reducing the environmental impact of energy use and production, as well as the cost of natural resource development, notably for oilsands operations," said the [Read more]
Enbridge raises $2 billion in financing, with aim of paying down short-term debt
CALGARY - Pipeline giant Enbridge Inc. (TSX:ENB) has announced an agreement to raise $2 billion by selling its own shares, the proceeds of which will go toward paying down short-term debt.Enbridge and a group of Canadian and U.S. banks have agreed to issue 49.14 million shares on a bought-deal basis.In a bought deal, banks team up to buy a chunk of stock from a company, usually at a discount.The banks, or "underwriters," are then responsible for selling those shares to investors.Enbridge's [Read more]
Calfrac shrinks headcount, braces for another tough year in oilpatch
CALGARY - Calfrac Well Services Ltd. has shed more than 1,700 jobs from its Canadian and U.S. workforce since the end of 2014, underscoring how painful the crude price collapse has been for oilfield services firms.The Calgary-based company (TSX:CFW) said Wednesday it has reduced its head count by 40 per cent in Canada and 60 per cent in the United States as it faces the worst oilpatch downturn in three decades."Retaining key employees has always been a keen focus for the company, but [Read more]
RBC’s sets aside more money for bad loans stemming from oil price shock
TORONTO - Royal Bank (TSX:RY) is setting more money aside for bad loans as the extended period of low oil prices has made it tougher for both energy companies and consumers in oil-dependent provinces to pay their debts."There's no question that the persistently low oil prices are tough for clients in the affected regions and are driving an increase in credit provisions in our portfolio," RBC's chief executive David McKay said during a conference call to discuss the bank's first-quarter results [Read more]
Encana to cut workforce by further 20% on top of previous downsizing
CALGARY - The head of Encana offered a blunt take on the accumulating layoffs in the oil and gas sector as the Calgary-based energy giant announced plans Wednesday to cut its workforce by 20 per cent this year."The job reductions not only at Encana but across the industry have been as severe as I've ever seen in 33 years," CEO Doug Suttles said in a conference call with investors after the company released its fourth quarter results.Last year, as oil prices took a nosedive, the company laid off [Read more]
Alberta releasing updated budget numbers with oil cash well below projections
EDMONTON - Alberta Finance Minister Joe Ceci says the prolonged cratering of world oil prices is expected to saddle his province with a $10.4-billion deficit in the next budget."It's a lot. It's a helluva lot of money," Ceci admitted at a legislature news conference Wednesday."That is simply the reality of our circumstances."In last fall's budget, the province projected a $5.4-billion deficit for the 2016-17 fiscal year. Ceci said the new $5-billion figure would be on top of that."This is the [Read more]
B.C. firms hiring skilled trades people from Alberta’s oilpatch: group
EDMONTON - Alberta's pain is British Columbia's gain.The B.C. Construction Association said Tuesday that its member companies have been busy hiring skilled tradespeople who had been working in Alberta's slumping energy sector.Association president Manley McLachlan said these include British Columbians who were working in the oilpatch and unemployed Albertans heading west to seek jobs."There is a tremendous amount of work available in the Lower Mainland," McLachlan said Tuesday from Victoria."We [Read more]
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