MONTREAL - The owner of one of Canada's largest oil refineries hopes a first ministers' meeting later this month will begin to develop a national energy strategy to replace what he sees as a piecemeal focus on individual projects like Keystone XL and Energy East."We have to have a road map here nationally so that we understand what we want to do here with the different forms of energy," Valero Energy CEO Ross Bayus said Monday.While not willing to criticize the former Conservative government, [Read more]
Lorraine Mitchelmore, head of Shell’s Canadian division, stepping down
CALGARY - The head of Royal Dutch Shell's Canadian operations is leaving her job at the end of this year.Lorraine Mitchelmore has been Shell Canada's president and country chair for past six years and has led the global energy giant's heavy oil business for three.Mitchelmore says she decided to move on in order to spend more time with her two daughters, the youngest of whom is in Grade 6.She says her next career steps will involve contributing to Canada's prosperity by serving on select boards. [Read more]
Former U.S. ambassador ’embarrassed’ by handling of Keystone XL review
CALGARY - A former American ambassador to Canada says he is embarrassed by how the U.S. government handled the Keystone XL pipeline review.David Wilkins, who was ambassador during the presidency of George W. Bush, says there was no need to take seven years to announce a decision.U.S. President Barack Obama rejected the US$8-billion cross-border pipeline a week ago on the grounds it would neither help the U.S. economy nor its efforts to combat carbon emissions.Wilkins, speaking at an energy [Read more]
Calgarians waiting for ‘other shoe to drop’ over energy woes: mayor
CALGARY - Calgary's mayor says plunging oil prices haven't had as dire an effect on the city as most had expected, but many in the industry are still waiting for the "other shoe to drop."Naheed Nenshi says despite headlines about job losses in the energy sector, Calgary actually gained more jobs than it lost in the first half of 2015.But he adds many expect the worst is yet to come because of U.S. President Barack Obama's rejection of the Keystone XL Pipeline."With the announcement on Keystone, [Read more]
After Keystone XL denial, a boom for crude-by-rail is not a foregone conclusion
CALGARY - Now that the Keystone XL pipeline has been rejected, it's not a foregone conclusion that much of the 830,000 barrels a day that would have flowed through it will move on trains instead, industry watchers say."I think that rail certainly will play a part, but a lot has to do what happens to the price of crude and happens to oilsands projects," said Dirk Lever, an analyst at AltaCorp. Capital.Proponents of Keystone XL and similar proposals frequently trumpeted the benefits of moving [Read more]
Statoil to put up $82 M for exploration of Nova Scotia’s offshore
HALIFAX - Offshore regulators in Atlantic Canada awarded oil exploration licences to several industry giants Thursday, totalling more than $1.2 billion in Newfoundland and Labrador alone.The Canada-Newfoundland and Labrador Offshore Petroleum Board said it had awarded seven parcels worth a combined $1,204,953,713.Norwegian-based Statoil is a partner in five of the seven bids and was also awarded a solo bid worth $423 million.Other companies to be involved in the potential exploration include BG [Read more]
War of words intensifies between Suncor and reluctant takeover target COS
CALGARY - The war of words is intensifying between oilsands giant Suncor Energy and its reluctant takeover target, Canadian Oil Sands.Suncor issued an open letter to COS shareholders on Thursday — under the heading "hope is not a strategy" — reiterating its view that sticking with the status quo is a risky proposition.In return, COS deemed the letter a "desperate attempt to scare shareholders." The leadership of COS has urged its shareholders to do nothing, accusing Suncor of being opportunistic [Read more]
Encana writes down more assets, postpones Alberta investment until royalty, climate review complete
CALGARY - Encana Corp. (TSX:ECA) is deferring some investment plans in Alberta until the provincial government completes its royalty and climate change reviews.Chief executive Doug Suttles said Thursday the company is deferring the decision to build its next gas plant in the Duvernay area even though plant capacity is the limiter to growth in the area."It will mean the growth will a little slower because we'll make that decision after we see the outcome of their current reviews," Suttles told [Read more]
In aftermath of Keystone XL rejection, no easy options for TransCanada
CALGARY - Immediately after U.S. President Barack Obama denied a permit for the Keystone XL pipeline, TransCanada Corp. (TSX:TRP) vowed to review all of its options.Unfortunately for the Calgary-based company, none of those options are quick, simple or sure to succeed, according to a Washington, D.C., lawyer who at one time dealt with energy issues at the U.S. Department of Justice."There's not much anyone can do to reverse the decision practically or legally in the short term," said Jim Rubin, [Read more]
Shell CEO: Carmon Creek retreat does not mark a retreat from the oilsands
FORT SASKATCHEWAN, Alta. - The CEO of Royal Dutch Shell Plc says a decision to back away from its Carmon Creek oilsands project last month does not mean it's backing away from the oilsands in general.Ben van Beurden told reporters last week that his company ranks investment opportunities in its global portfolio project-by-project, not region-by-region — so the whole industry cannot be painted with the same brush as the halted 80,000-barrel-a-day Carmon Creek project in northwestern Alberta.More [Read more]
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