CALGARY - Since TransCanada Corp. first proposed the 1,897-kilometre Keystone XL pipeline, the project has been studied, stalled, slammed and hyped — all amid political pressure from interests on all sides of the debate. In the latest development, TransCanada on Wednesday announced it was launching a lawsuit in U.S. Federal Court alleging President Barack Obama exceeded his power under the U.S. Constitution as well as a claim under the North American Free Trade Agreement -- two actions in [Read more]
Deloitte says oil and gas prices to stay down as oversupply continues
CALGARY - Business consultancy Deloitte says an unexpected continuation of oversupply in both oil and natural gas will mean lower prices for longer. The firm is forecasting oil prices to average below US$50 a barrel for 2016 and 2017 as demand growth for oil slows before prices start a slow rise to US$80 a barrel by 2022.It also expects natural gas prices to stay low in the near term as natural gas storage levels sit at a five-year high and Canada is facing a potentially warmer winter this [Read more]
Shell-led joint venture obtains key permit for LNG facility in Kitimat, B.C.
VANCOUVER - A Shell-led joint venture company has obtained a key permit to build a liquefied natural gas export facility in northern British Columbia.LNG Canada is the first in the province to receive a facility permit from the B.C. Oil and Gas Commission. The document outlines the requirements for design, construction and operation of the proposed facility in Kitimat, B.C.Director of external affairs Susannah Pierce said it's a crucial development for the project, following environmental [Read more]
‘Entering a world that is going to be constrained:’ Alberta environment minister
EDMONTON - Climate isn't all that's changing in Alberta.The province's NDP government has arguably made bigger moves on global warming in six months than the previous Conservatives made in a generation. And the changes aren't going to stop.The details of the government's new climate change policy — carbon-price rebates and green infrastructure investments, for starters — will be at least partly thrashed out in the coming months as the government readies its spring budget. But that, says [Read more]
Split emerging in Saskatchewan NDP over sharing resource royalty revenue
REGINA - A decision to no longer pursue First Nations revenue sharing is leading to divisions within Saskatchewan’s NDP.Ryan Meili, a high-profile member of the party, took to social media this week to criticize NDP Leader Cam Broten’s decision to drop the party’s promise to share resource royalty revenue with First Nations.A post on Meili's Facebook page calls it a decision "that needs to be identified as an embarrassing step backwards."Meili lost to Broten by only 44 votes in the NDP’s most [Read more]
Vermilion Energy sees Irish gas field as key source of growth in 2016-17
CALGARY - Vermilion Energy (TSX:VET) says the Corrib offshore natural gas in Ireland began producing for the first time on Wednesday.The Calgary-based company expects output to rise over six months and Vermilion's share will peak at 58 million cubic feet per day, the equivalent of 9,700 barrels per day of oil.Vermillion has an 18.5 per cent interest in the Corrib project, which is a joint venture with Shell E&P Ireland Ltd. (45 per cent) and Statoil Exploration Ireland Ltd. (36.5 per cent). It [Read more]
Trudeau faces looming ‘stranded assets’ debate in confronting climate policy
OTTAWA - When star NDP candidate Linda McQuaig mused during the opening days of the federal election campaign that some of Alberta's oil wealth would have to "stay in the ground" in order to meet Canada's climate change targets, the remark was treated as a scandalous revelation by her political opponents.Yet McQuaig, known for her sometimes polarizing and provocative views, arguably was simply stating 2015's middle-of-the-road orthodoxy.From the governor of the Bank of England, to the U.S. [Read more]
Firms that repossess cars, oversee evictions working flat out amid oil doldrums
CALGARY - While the crash in oil prices idles drilling rigs and empties out downtown Calgary offices, Steven Low's company can barely keep up with the deluge of work.Low is CEO of Consolidated Recovery Group, an agency in Western Canada that works with lenders and the courts to recover bad debts — by repossessing a car or carrying out an eviction, for example.It's been a busy year for the company and the work has only picked up as the crude doldrums linger, squeezing the finances of the many [Read more]
Newfoundland and Labrador’s fiscal outlook dims as oil prices, production drops
ST. JOHN'S, N.L. - Newfoundland and Labrador's fiscal forecast took a dramatic turn for the worse Tuesday amid slumping oil prices and declining offshore production.Premier Dwight Ball told a decidedly downbeat news conference his resource-dependent province will be taking immediate steps to deal with a ballooning deficit, which is expected to grow to $1.96 billion in 2015-16 — an increase of 79 per cent from the original budget prediction."We are not providing this outlook to cause upset and [Read more]
No short term fix for Alberta job losses: federal employment minister
CALGARY - Canada's employment minister says there is no short-term fix for Alberta's growing unemployment rate.MaryAnn Mihychuk met with Calgary business, municipal and economic leaders Monday to address economic difficulties facing the province.She said there's no magic wand the federal government can wave to undo the impact of low oil prices, which have led to 40,000 job losses in the energy sector."We understand the crisis here in Alberta. It's not only here. This is the most dramatic, but [Read more]
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