MONTREAL - A coalition of environmental groups is taking legal action in the hopes of subjecting the Energy East pipeline project to Quebec's environmental regulations.The group filed a court motion Thursday and argued TransCanada Pipelines Ltd., the company behind the project, has ignored repeated government requests to file a project notice with the province's Environment Department.Michel Belanger, a coalition lawyer, said an industrial project of such magnitude should not be able to bypass [Read more]
Don’t forget oil sector: Saskatchewan premier watches Ottawa on Bombardier
REGINA - Talk of federal aid to help pull Bombardier Inc. out of a nosedive has caught the attention of Saskatchewan Premier Brad Wall and the tanking energy sector.Wall says that if the federal government is thinking about a bailout package for Bombardier, it could consider helping the oil-and-gas industry, which is struggling due to falling oil prices."We have seen tens of thousands of jobs lost in the energy sector — obviously not as many in Saskatchewan as in Alberta — but it's affecting [Read more]
Trans Mountain criticizes interveners in reply argument to National Energy Board
VANCOUVER - The company hoping to twin its pipeline between Alberta and B.C. claims some interveners broke the National Energy Board's rules when they presented oral arguments at recent hearings on the proposed expansion.Kinder Morgan has filed its written reply argument, triggering the close of the record in the often-contentious energy board proceeding into the Trans Mountain project. The board is expected to deliver a recommendation to the federal government by May.The argument is Trans [Read more]
Drilling group calls on Alberta, federal governments to show sector more respect
CALGARY - A drilling industry group is calling on the federal and Alberta governments to do more to stick up for oil and gas workers.Mark Scholz, head of the Canadian Association of Oilwell Drilling Contractors, says 100,000 people are out of work in the oil and gas industry — the equivalent of one in six.Scholz says the group isn't asking for a handout, but wants both levels of government to speak out more vocally in favour of market-opening pipelines.He adds that there's too much [Read more]
Oil tanks half-full for Alberta storage companies as sector keeps growing
CALGARY - Alberta's oil storage tanks aren't brimming with crude like their U.S. counterparts, but the business is still one of the bright spots amid the oilpatch's devastating downturn."Storage has been one of the few growing investments in midstreams since the downturn," said Steven Paget, an analyst at FirstEnergy Capital Corp.Companies like Keyera Corp. and Gibson Energy are moving ahead with big expansion projects, despite the global oil price plunge.And with long-term contracts in place, [Read more]
Alberta energy minister says petrochemical program attracting lots of interest
RED DEER, Alta. - Alberta Energy Minister Marg McCuaig-Boyd says a program to encourage more value-added processing in the petrochemical sector is getting a lot of interest.The Petrochemicals Diversification Program was announced earlier this month and provides $500 million in royalty credits to the sector.McCuaig-Boyd was in Red Deer on Tuesday and spoke to the local chamber of commerce and toured a petrochemical plant in Joffre.She says the Joffre plant's expansion will be opened soon.The [Read more]
The Liberals face these economic numbers as they prep the federal budget
OTTAWA - As the federal government constructs its upcoming 2016-17 budget, it must consider Canada's hobbled economy. Here are a few facts and figures on the country's economic situation: Weak economic growth. The economy fell into the technical definition of a recession in the first half of 2015 when its real gross domestic product contracted for two straight quarters. The economy rebounded in the third quarter, but experts believe it slowed again in the final three months of 2015. Last [Read more]
Penn West settles lawsuits over accounting errors, but admits no wrongdoing
CALGARY - Penn West Petroleum Ltd. has reached agreements to settle a bevy of class-action lawsuits stemming from accounting errors it discovered in 2014.The settlement in the Canadian and U.S. cases will be fully funded by the company's insurance, meaning its cash resources and financial position won't take a hit.In July 2014, Penn West's (TSX:PWT) new management team said it had discovered that hundreds of millions of dollars in expenses had been improperly classified under the company's [Read more]
How do GHG rules weigh on oil investments? New tool crunches the numbers
CALGARY - A new report aims to help investors better understand how their oil holdings may fare under stricter climate change rules.The report — Crude Oil Investing in a Carbon Constrained World — was penned by analysts at ARC Financial, a private equity firm based in Calgary.The paper is essentially a how-to guide for investors to crunch the numbers, based on publicly available research and models, that helps them decide whether it makes sense to put money into a given oil asset.Co-author [Read more]
B.C. set to deliver fourth straight balanced budget
VICTORIA - British Columbia will table a budget Tuesday that aims to coax first-time home buyers into a red hot real estate market and includes the first payment on a promised prosperity fund linked to a liquefied natural gas industry that is currently more plan than reality.Finance Minister Mike de Jong offered those glimpses of his budget Monday at a shoe repair shop in Victoria where he picked up a well-worn pair of black leather shoes that he had shined and resoled to wear when he tables the [Read more]
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