BOE Report

Both sides of climate change debate seeding grassroots before Alberta panel

EDMONTON - Advocates on both sides of Alberta's climate change debate are mobilizing their grassroots in hopes of influencing the panel that will recommend how the province should address the issue.In one corner, the "Energy Citizens," a group created by the Canadian Association Petroleum Producers of people who, according to the group's website, "play a role in spreading the word about the positive role energy plays in our lives every day."In the other, Greenpeace's newly launched "Get Fresh" [Read more]

Husky Energy reports major hydrocarbon release from pipe in subsea wells

ST. JOHN'S, N.L. - The regulator for the offshore oil industry in Newfoundland says Husky Energy (TSX:HSE) has reported a major hydrocarbon gas leak from a pipe linked to two of its subsea wells.The Canada-Newfoundland and Labrador Offshore Petroleum Board says the gas release happened Monday in the southern drill centre in the White Rose Field.It says Husky estimates that 8,938 kilograms of natural gas was released before it was shut off 12 minutes after the initial alarm.Husky spokeswoman [Read more]

Northern Gateway spokeswoman Janet Holder remembered as passionate advocate

PRINCE GEORGE, B.C. - Janet Holder, the woman who spearheaded the Northern Gateway pipeline in British Columbia, has died following a long battle with leukemia. She was 58."Janet will be dearly missed by everyone at Enbridge," said Al Monaco, president of the Calgary-based company behind the project."In addition to Janet's many personal and professional achievements, she exemplified our values of integrity and respect. She had a passion to serve and mentor others, and an amazing way of [Read more]

Penn West cutting 400 jobs, mostly at Calgary HQ, to reduce spending

CALGARY - A fresh wave of layoffs is hitting Alberta's energy sector, with two oil and gas companies announcing 900 job cuts on Tuesday, mostly in Calgary, and analysts saying they see more on the way.Penn West Petroleum is reducing its workforce by 35 per cent for a loss of over 400 full-time employees and contractors.And ConocoPhillips Canada plans to lay off 400 employees, or 15 per cent of its workforce, plus 100 contractors.Penn West (TSX:PWT) said most of the job cuts announced Tuesday are [Read more]

Saskatchewan projecting $292M deficit; province blames wildfires, low oil prices

REGINA - Saskatchewan is forecasting a $292-million deficit this year mainly due to low oil prices and the cost of fighting wildfires that forced thousands of people from their homes this summer.Finance Minister Kevin Doherty announced the red ink Monday in the province's first-quarter report for the 2015-16 fiscal year.The government projected a surplus of just under $107 million in its March budget."Lower oil prices combined with an unprecedented number of forest fires and the largest [Read more]

Scotiabank predicts sub-US$50 a barrel oil for the next 12 months

CALGARY - Oil companies are in for at least another year of pain, according to Scotiabank's latest commodity price index.West Texas Intermediate crude is expected to stay below US$50 a barrel for the next 12 months, vice-president and commodity market specialist Patricia Mohr said in the report Monday.She sees some recovery to around US$55 a barrel by the end of next year."Global oil demand in 2015 has advanced at the fastest pace in five years... but a supply-side adjustment — necessary to [Read more]

Syncrude says no environmental effect from a fire at an Alberta processing plant

FORT MCMURRAY, Alta. - Syncrude says there was no environmental impact after an explosion and fire at an Alberta processing site near Fort McMurray.The company says the fire was quickly extinguished at its Mildred Lake upgrader and there were no injuries.It adds that it's investigating the cause of the incident.Syncrude says synthetic crude oil production has been temporarily suspended while a recovery and repair strategy is being developed. [Read more]

Nexen Energy collecting required information to re-start pipelines

CALGARY - Nexen Energy says it is "preparing to comply" with requirements from the Alberta Energy Regulator following the agency's order that the company cease operations of 95 pipelines in the province.A news release Saturday from the company says it's working to collect the information and documentation the regulator needs, and is looking forward to continuing to work with the regulator to resolve the issue.The regulator issued the order late Friday due to what it called non-compliance [Read more]

Alberta Energy Regulator orders Nexen to suspend operations on 95 pipelines

CALGARY - Alberta's energy regulator has ordered Nexen Energy to immediately cease operations of 95 pipelines in northeastern Alberta.It issued the order late Friday due to what it calls non-compliance surrounding pipeline maintenance and monitoring in its Long Lake oilsands project.Alberta Energy Regulator spokesman Bob Curran said every oil and gas company is required to monitor, inspect and maintain records for all of their pipelines.Nexen couldn't demonstrate that those activities have [Read more]

Scotiabank reports $1.847-billion profit; CEO touts positives of cheap oil

TORONTO - Concerns about the prolonged decline in the value of crude have left a dark cloud hanging over the banks, but the chief executive of Scotiabank is stressing the positive effects of oil prices on parts of the country's economy."Mining and oil and gas make up less than eight per cent of Canada's GDP," Brian Porter told analysts during Scotiabank's (TSX:BNS) quarterly earnings conference call Friday."Many of the other industries that make up more than 90 per cent of Canada's GDP will [Read more]