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]
Energy East’s effect on Winnipeg water supply worries coalition
WINNIPEG - A group concerned about an oil pipeline running next to Winnipeg’s water supply says the city needs to do a better job studying the risk.The Energy East line proposed by TransCanada Corp. would carry more than a million barrels of oil daily from Alberta to eastern Canadian refineries.In Manitoba, oil would move through an old natural gas line that runs parallel to and crosses under the aqueduct that carries Winnipeg’s drinking water.The city has earmarked $1 million to study the risk [Read more]
B.C. LNG industry could bring billions in taxes: Conference Board of Canada
VANCOUVER - A new study says Canada would get a big economic boost from a liquefied natural gas industry, especially British Columbia, including tens of thousands of jobs and billions of dollars in economic activity.The Conference Board of Canada's report was issued Monday as the future of Canada's LNG industry is complicated by low global energy prices that have delayed at least two B.C. projects.The board found that if the industry produces 30 million tonnes per year of LNG, Canada's economy [Read more]
B.C. to establish new law on environmental spill response and preparedness
VICTORIA - British Columbia's environment minister says potential polluters will face new penalties for spills and stronger rules governing cleanups as the government moves to amend environmental legislation.Mary Polak said Monday amendments to the Environmental Management Act also seek to establish a new spill preparedness and response system to tackle environmental emergencies."This legislation will allow us to require that companies not just report a spill and clean it up, but they actually [Read more]
Saskatchewan budget tanks on oil prices; deficit up to $427 million
REGINA - The low price of oil is gushing red all over the Saskatchewan government's budget.Finance Minister Kevin Doherty's third-quarter fiscal update is forecasting a deficit of $427 million for the current fiscal year. The budget tabled last March had anticipated a surplus of just over $100 million.The big hit comes on the revenue side where income from non-renewable resources is down $617 million."I don't know where the price of oil is going to go. I mean, if I knew where the price of oil [Read more]
Brad Wall won’t be signing any agreement that includes a national carbon tax
OTTAWA — The federal Liberal government remains determined to set a national price on carbon emissions, despite the vocal opposition of Saskatchewan Premier Brad Wall. And a widely cited price of $15 per tonne will not be the starting point, according to federal sources who spoke to The Canadian Press. Prime Minister Justin Trudeau sits down with provincial and territorial leaders next Thursday in Vancouver to discuss a national climate strategy, after which a series of working [Read more]
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