REGINA - New Brunswick Premier Brian Gallant continued his western trip talking up the Energy East pipeline in Saskatchewan.Gallant met with Saskatchewan Premier Brad Wall in Regina.They talked about the benefits of the proposed $12-billion TransCanada line that would take oil from Alberta and Saskatchewan across the country to refineries and ports in the East, ending in New Brunswick.Gallant says the project would create thousands of jobs across the country and at the same time diversify [Read more]
Notley sympathetic to energy woes but no short-term lifelines contemplated
CALGARY - Alberta Premier Rachel Notley says she sympathizes with the plight of energy companies and their employees due to low oil prices, but her government isn't in a position to offer any short-term lifelines.The Canadian Association of Petroleum Producers has estimated 36,000 jobs in the oil and gas sectors have been shed so far this year."We know of course that where these jobs disappear that it's very hard for families. It's very hard for communities. It's very hard ... for the people who [Read more]
NEB says whistleblower concerns over TransCanada pipeline safety resolved
CALGARY - A whistleblower's concerns over TransCanada Corp's (TSX:TRP) pipeline safety practices have been resolved, according to results of a National Energy Board investigation.The federal regulator said Friday that six of the 16 allegations against the company were partially substantiated, but that TransCanada had taken the appropriate steps to fix the problems. The remaining 10 allegations could not be verified.The environment and public safety were not at risk and no enforcement action was [Read more]
Husky posts $4.1-billion loss in Q3 as it recognizes reduced value of assets
CALGARY - Husky Energy is planning further job cuts and asset sales as it looks to consolidate projects in Western Canada to help the company weather the ongoing downturn in the oilpatch."Basically we are transitioning from a business with a large number of small plays into a business with a focus on fewer but more material plays," Husky chief operating officer Rob Peabody said during an earnings conference call Friday.The company has already cut 1,400 jobs across its offices and field [Read more]
Shell says scrapped project not timed to coincide with Alberta budget
EDMONTON - Royal Dutch Shell says its announcement scrapping the Carmon Creek oilsands project in northwestern Alberta was not deliberately timed to coincide with this week's Alberta budget.In a letter to Cheryl Oates, Premier Rachel Notley's press secretary, Shell spokeswoman Tara Lemay says the timing of the announcement was "due to the market disclosure of an impairment" in advance of the company's quarterly results.Lemay says the company was given a brief window after the market closed to [Read more]
Cuts continue in oil and gas sector as companies struggle to reduce costs
CALGARY - Canada's oilpatch continues to move aggressively to cut costs and companies say the efforts are starting to show results.Cenovus Energy said Thursday that it had increased to 700 the number of people laid off in the second half of the year, roughly double what it forecast in July, after cutting 800 jobs in February.The company said it expects to end the year with 24 per cent fewer staff than it started with and there are plans for more cuts next year as it makes structural [Read more]
Wall defends lack of transparency on problems at carbon- capture facility
REGINA - Saskatchewan Premier Brad Wall is defending the government's silence on problems at the province's much-celebrated carbon-capture facility.The $1.5-billion facility at the Boundary Dam power plant near Estevan can capture 90 per cent of emissions when it's working. However, background notes prepared for the government and leaked to the Opposition NDP show it's only been working 45 per cent of the time.The premier says, in hindsight, the government and SaskPower could have been more [Read more]
Alberta and New Brunswick premiers pledge renewed effort on Energy East pipeline
EDMONTON - Alberta Premier Rachel Notley and her New Brunswick counterpart Brian Gallant say they're hoping for a renewed push to get the Energy East pipeline built under incoming prime minister Justin Trudeau.But both agreed specific steps to reduce climate change must work alongside the proposed $12-billion TransCanada line.Gallant said the record of outgoing Prime Minister Stephen Harper is testament to why fixing climate change is not only good policy but also good business."Under the Harper [Read more]
Suncor CEO says COS takeover offer is fair, signalling bid won’t be sweetened
CALGARY - The CEO of Suncor Energy is throwing cold water on speculation that its hostile takeover offer for Canadian Oil Sands will be sweetened.Steve Williams said Thursday the $4.3-billion bid should be good enough for shareholders given the gloomy outlook for oil prices, operational woes at the Syncrude oilsands mine, the absence of a competing offer and Suncor's better resilience to commodity swings than its target."We think it is a full and fair offer and compelling," he said Thursday, a [Read more]
Cenovus Energy plans to cut $400 million in costs, lay off more workers
CALGARY - Cenovus Energy says it plans to cut $400 million in costs and has laid off more workers than originally expected as it continues to tighten its belt amid prolonged low crude prices.In announcing its third-quarter results today, the Calgary-based oil producer and refiner said it has reduced its workforce by 700 people for the second half of the year, about double what it forecast in July.That's on top of the 800 positions Cenovus eliminated in February.Cenovus says it expects to finish [Read more]
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