WASHINGTON - Opponents of Canada's oil industry are celebrating this week over news they see as vindication of a pipeline-fighting strategy that began in the United States with Keystone XL.Their burst of enthusiasm was prompted by news that Shell was shuttering an 80,000-barrel-a-day project — and specifically citing the lack of pipeline infrastructure as part of the reason.That announcement prompted a congratulatory message from a political activist who began organizing Nebraska ranchers [Read more]
Alberta town disappointed with cancellation of Shell’s Carmon Creek project
PEACE RIVER, Alta. - The mayor and council of a northwestern Alberta town are reacting to Royal Dutch Shell's announcement that it is scrapping its Carmon Creek oilsands project.The project is near the town of Peace River.The council said in a statement posted on the town website that it has caused great concern as Shell helped fund several community projects.Mayor Tom Tarpey says his first thought was for those working on the project.The town says the cancellation will not affect upgrades to [Read more]
Devon Energy cuts 200 jobs in Alberta oil patch on lower capital spending
CALGARY - Devon Energy says it has cut 15 per cent of its Canadian workforce as the company responds to lower capital spending plans.Oklahoma-based Devon said the staff reductions, completed Wednesday, mean about 200 employees have been let go in all areas of the company's Canadian operations, including its Calgary offices and northern Alberta field operations.Devon spokeswoman Nadine Barber said the company has significantly reduced capital spending in Canada after completing some major [Read more]
Premier Notley, cabinet fan out to begin selling controversial, landmark budget
EDMONTON - Alberta Premier Rachel Notley is shutting down suggestions her spend-heavy budget may ultimately trigger a sales tax to pay for it all.Notley told the house during question period Wednesday that no sales tax or harmonized tax will be created on her watch."That budget nor any other budget in the term of this government will not and does not include a PST," said Notley.The budget presented by Finance Minister Joe Ceci uses low interest rates and a downturn in the economy to ramp up [Read more]
TransCanada gets final regulatory approval for Prince Rupert gas pipeline
CALGARY - TransCanada Corp. says it has received final regulatory approval for a natural gas pipeline that will connect northeastern British Columbia's natural gas fields to the west coast.The company said Tuesday that the B.C. Oil and Gas Commission has issued 11 pipeline and facility permits that clear regulatory hurdles for construction to start on the $5-billion pipeline.The pipeline approval includes 70 conditions related to First Nations, the environment, conservation, engineering and [Read more]
First Nation asks court to stop National Energy Board’s review of Trans Mountain
VANCOUVER - A First Nation in North Vancouver has mounted a legal challenge that it says could send the Trans Mountain pipeline expansion "back to the drawing board" if successful.Lawyers for the Tsleil-Waututh Nation are asking the Federal Court of Appeal to stop the National Energy Board's review of the $5.4-billion project, which they say began without their client being consulted by the federal government."What we've asked the court to do is to recognize the flaws in the starting of the [Read more]
Alberta finance minister Ceci holds up dad’s old workboots as symbol of budget
EDMONTON - Premier Rachel Notley faced pointed questions on credit risk Monday, a day ahead of a budget that is expected to propel Alberta's debt levels even higher to pay for infrastructure projects.Wildrose Leader Brian Jean, citing recent comments from the DBRS rating agency, credit raters may have to revisit Alberta's top-shelf AAA rating if debt approaches 15 per cent of Alberta's gross domestic product."A lowering of the rating will increase the interest we have to pay on debt," Jean told [Read more]
Alberta promises to reset economic game plan despite deep red-ink budget
EDMONTON - Alberta's NDP government is set to reset the economic game plan Tuesday, choosing from a menu of unpalatable alternatives brought on by a core economy deep in the dumper of low oil prices"We've got a budget billions of dollars (in) the hole," Finance Minister Joe Ceci said in an interview."We have a fiscal structural problem in this province that needs to be repaired and we're starting to take steps to do that."The budget is the centrepiece of a fall legislature session that begins [Read more]
Oilpatch firms in for an ugly third quarter as crude doldrums linger
CALGARY - A bevy of oilsands producers are on deck to report their quarterly earnings over the next few weeks — and industry watchers are under no illusion they'll be pretty.It's been about a year since the price of oil started its nosedive to below US$50 a barrel, and crude has been camping out at that level for months. Few are optimistic that crude will return to triple digits any time soon.Investors are well aware they're in for a "fairly awful" quarter, said John Kim, a portfolio manager at [Read more]
Ex pipeline exec: Keystone XL can still be salvaged if Canada acts on climate
CALGARY - A retired executive with pipeline builder TransCanada Corp. believes the long-stalled Keystone XL project can still be salvaged — if incoming Liberal prime minister Justin Trudeau acts swiftly on climate change.Putting a price on carbon emissions is the last option Canada has available to persuade U.S. President Barack Obama to approve the controversial cross-border oilsands pipeline, said Dennis McConaghy, who left TransCanada (TSX:TRP) last year.He said it's been "enormously [Read more]
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