CALGARY - Canada's oil and gas industry is facing increased environmental and budgetary pressures, with experts saying the sector is struggling to balance the two.Oilsands companies have, in recent years committed billions of dollars to pilot projects that promise to reduce environmental impacts, says Eddy Isaacs, chief executive of the energy and environment wing of Alberta Innovates, a provincial organization that fosters research. But Isaacs notes that as low oil prices drag on, companies are [Read more]
Standard and Poor’s says credit outlook worsens for some Canadian energy firms
CALGARY - Standard and Poor's says the picture is getting worse for six Canadian oil and gas names as low oil and gas prices linger.The credit rating agency said Friday it has taken "negative rating actions" on two big companies — Cenovus Energy (TSX:CVE) and Husky Energy (TSX:HSE) — along with four smaller ones.Credit ratings matter to companies because they can affect borrowing costs.Cenovus and Husky are still considered "investment grade," meaning they have a high likelihood of meeting their [Read more]
Alberta Premier Notley creates advisory panel to diversify economy
EDMONTON - Premier Rachel Notley has struck a committee to give her ongoing advice on ways to improve and diversify Alberta's oil-based economy.Notley says the 10-member panel is to meet four times a year to discuss ways to better position the province to compete in the global marketplace."The province's future is at stake and questions like these need very practical answers," Notley told reporters Wednesday."They will advise us on identifying, promoting and developing a means of growth beyond [Read more]
B.C. premier remains confident in LNG despite energy market decline
VANCOUVER - Premier Christy Clark is defending her optimism on British Columbia's fledgling liquefied natural gas industry, despite growing First Nations protests and sinking international demand.Speaking at the third annual International LNG in B.C. conference, the premier maintained her rosy outlook in a speech to hundreds of business, government and aboriginal leaders in Vancouver."If you're not from British Columbia, you won't know that I'm always accused by my political opponents of being [Read more]
Suncor may be shopping, but others in oilpatch seen staying on sidelines for now
CALGARY - Just because oilsands giant Suncor Energy is aiming to gobble up one of its smaller peers doesn't mean others in the oilpatch are eager to do the same just yet, industry players told an energy conference Wednesday.The pace of mergers and acquisitions in the industry is expected to be relatively limited for the time being, said Drew Ross, managing director of Scotia Waterous, the arm of Scotiabank that focuses on oil and gas deals."I can't see it as broad-spread, unfortunately, as I [Read more]
Alberta climate panel has some reading to do with hundreds of policy submissions
CALGARY - Alberta's climate change advisory panel asked — and energy companies, trade associations, unions, think tanks and every-day Albertans answered.The panel received close to 500 submissions following their request for public comment on what the government should consider when drafting its climate change policy. Everyone from climate-change skeptics to diehard greens represented.Suggestions from those in favour of stronger action on climate change included switching all traffic lights to [Read more]
Notley gives first big Calgary business speech to big, but quiet, crowd
CALGARY - Alberta Premier Rachel Notley delivered her first big speech Friday to a Calgary business community reeling from the slump in crude prices and scores of resulting layoffs.It wasn't clear if she managed to calm any jitters during her address to more than 1,500 people in the white-collar heart of the oilpatch.A smattering of applause greeted one remark about Alberta remaining a relatively low-tax jurisdiction, but the room was otherwise quiet throughout the speech.At the end there was [Read more]
Layoff surprise: Cenovus workers losing jobs barred from building too early
CALGARY - Officials at Calgary-based Cenovus say their workers were never barred from their workplace, nor were their cellphones suspended, before they were told they were being laid off.Cenovus (TSX:CVE) laid off 540 employees last week.Spokesman Brett Harris says no one was locked out or barred from the building, or had their access card or cellphone suspended.An earlier media report quoted unnamed workers saying they were barred from the building and blocked from using company cellphones and [Read more]
Petroleum, natural gas land sales dip in Saskatchewan at time of volatile prices
REGINA - Volatile commodity prices have led to a big drop in the October sale of petroleum and natural gas rights in Saskatchewan.The Saskatchewan government says the October sale brought in $9.8 million, bringing the total land-sale revenues to $45.5 million so far this year.But the numbers are far below what the province raked in last year.The February 2014 sale alone of petroleum and natural gas rights brought in $50.7 million in revenue. The October 2014 sale of petroleum and natural gas [Read more]
North West Upgrading’s Sturgeon refinery costs levelling at $8.5 billion
CALGARY - The costs of building Alberta's first new oil refinery in 30 years have stabilized and it's on track to be up and running by 2017, says the chairman of the company developing the government-backed Sturgeon project.Ian MacGregor, chairman and chief executive of North West Upgrading Inc., says that with close to $5 billion already spent, he expects the total cost of constructing the refinery to come within the company's $8.5 billion estimate.That's in line with what the company has been [Read more]
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