EDMONTON - Premier Rachel Notley says the proposed expansion of a pipeline to the B.C. coast is not just in Alberta's best interests, but is the best thing for Canada as well."Our government believes that this project is good for Albertans and good for all Canadians," Notley told reporters Tuesday."It will create jobs, it will spur economic growth, and it will help ultimately fund many of the programs that support our province's transition to a greener, less carbon-intensive economy."Her remarks [Read more]
Oilsands projects to keep pumping while losing money, analyst says
CALGARY - Oilsands operators have little choice but to keep pumping despite the fact they are losing money on every barrel they produce at today's crude prices, according to an industry analyst.The price of West Texas Intermediate crude, the closely watched U.S. benchmark, fell to its lowest level in 12 years on Tuesday, settling at $30.44 after briefly dipping below the US$30 threshold in intraday trading. That's more than a 70 per cent decline from mid-2014 highs.And the WTI price looks robust [Read more]
Canadian banks stress testing loan portfolios for rock-bottom oil prices
TORONTO - Canadian banks are taking a closer look at their loan books in light of continued declines in the price of crude, with one bank stress-testing its oil and gas sector portfolio to see how it would perform if the commodity dips as low as US$25 a barrel."You've got to ask yourself, how low could it go?" Bank of Montreal's chief executive Bill Downe said as he laid out the bank's stress test scenarios during a conference of bank CEOs in Toronto on Tuesday.Banks use stress tests, which are [Read more]
Alberta’s Notley says panel report on oil royalties still weeks away
EDMONTON - The results of Alberta's royalty review have now been put off for a few more weeks — but critics say time is of the essence."We said (from the beginning) that a review shouldn't be done at all, but if it was done it needed to be over very quickly," Wildrose Leader Brian Jean said Monday in an interview."That, of course, would reduce the uncertainty in the marketplace, and add stability and confidence for the business community and investors generally. This has not happened. The review [Read more]
Trans Mountain pipeline project doesn’t meet B.C.’s 5 conditions, says minister
VANCOUVER - Kinder Morgan is failing British Columbia's test for proceeding with a proposed pipeline expansion, so far unable to prove it will meet key safety requirements or serve the province's best interests, the environment minister says.Mary Polak said the company has not provided enough evidence in its plans for the Trans Mountain pipeline to convince the government it can meet five pre-conditions for approval.The province said in its final written submission to the National Energy Board [Read more]
2016 could be the year West Coast LNG projects proceed despite depressed prices
CALGARY - After much anticipation Canada could see final approval of the first natural gas export projects on the West Coast this year.Proponents behind some of the 20 proposed liquefied natural gas projects in B.C. say they should be in a position to make final investment decisions this year as environmental approvals, permits and First Nations support fall into place.And while a supply glut has pushed down natural gas prices and reduced short-term prospects, experts say projects remain [Read more]
Suncor Energy hostile bid for Canadian Oil Sands to expire at 6 p.m. MST
CALGARY – Shareholders in Canadian Oil Sands (COS) have until this evening to decide whether to accept a takeover offer from Canada’s dominant oilsands producer. Suncor’s Energy’s all-stock bid, worth just over $4 billion, expires at 6 p.m. MT on Friday. The company has said the likelihood of it raising its offer is negligible and it’s prepared to walk away and move on to other opportunities if it doesn’t garner enough support by the deadline. At the crux of the battle is the outlook [Read more]
Energy on the table as Alberta and Manitoba premiers meet in Winnipeg
WINNIPEG - Energy is on the table as Western Canada's two NDP premiers meet today in Winnipeg.Manitoba Premier Greg Selinger and Alberta Premier Rachel Notley are set to discuss issues such as energy infrastructure, renewable energy and climate change priorities.Last month, Selinger promised to cut greenhouse gas emissions by one-third in the next 15 years and bring in a cap-and-trade system for the province's 20 largest emitters to help meet that goal.The government promised to create 6,000 [Read more]
TransCanada NAFTA challenge could break U.S. winning streak, experts say
CALGARY - As TransCanada prepares to launch a trade challenge over the rejection of the Keystone XL pipeline, the U.S. track record in similar disputes may not appear very encouraging for the Calgary-based company.TransCanada itself acknowledges that the U.S. has never lost a claim under the North American Free Trade Agreement, but has decided it's the right move after a "careful evaluation."Experts say the U.S. winning streak is no reason to discount TransCanada's chances.TransCanada (TSX:TRP) [Read more]
Cleanup efforts continue after leak from Newfoundland oil refinery
COME BY CHANCE, N.L. - Officials at Newfoundland's Come by Chance oil refinery are investigating the cause of a leak into Placentia Bay this week.Jamie Beach, the refinery's vice president of health, safety and the environment, says they don't believe the "oily product" had been leaking into the water long before it was discovered.The company says the spill was discovered Monday by an operations team at the dock, which found a broken section of pipeline and immediately deployed a containment [Read more]
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