BOE Report

Policy-makers need to strike balance in setting carbon emission goals: CEOs

CALGARY - Governments needs to set a clear vision on energy goals and then let private enterprise figure out how to get there, according to the chief executives of two major North American energy companies.Greg Abel, head of Berkshire Hathaway Energy, and Doug Suttles, CEO of Encana Corp., were speaking at a Chamber of Commerce event in Calgary.Both are looking to see what kind of targets will emerge in Alberta and elsewhere as governments become more proactive in tackling carbon emissions.But [Read more]

Enbridge executive says he hopes Line 9 pipeline begins shipping oil this year

CALGARY - An Enbridge executive says he hopes the company will be allowed to start shipping crude to Montreal through its Line 9 pipeline later this year.But senior vice-president Vern Yu says there should be more clarity on the timeline when Enbridge reports its second quarter-earnings within the coming weeks.Work to reverse the flow of Line 9 between southern Ontario and Montreal was completed last fall, but Enbridge was been waiting for the National Energy Board to allow it to start up.The [Read more]

Calgary-based Chevron Canada Resources confirms plans to cut 130 jobs

CALGARY - Chevron Canada Resources has confirmed it is laying off 130 people as it restructures operations.Chevron spokesman Leif Sollid says the cuts are part of the company's efforts to establish a competitive foundation in its key focus areas of Alberta, British Columbia and Newfoundland and Labrador, but declined to provide further details.The job cuts amount to about 20 per cent of the company's workforce of more than 600 full-time employees.Calgary-based Chevron Canada Resources has [Read more]

Oilpatch making the best of it as crude drops toward US$50 a barrel

CALGARY - With oil prices drifting closer to US$50, energy executives in downtown Calgary are trying to stay positive.Apart from the crude drop and stock hit, "everything's working pretty well" at Cenovus Energy (TSX:CVE) these days, deadpanned Harbir Chhina, the firm's executive vice-president of oilsands.MEG Energy (TSX:MEG) vice-president John Rogers echoed Chhina's assessment at an energy conference hosted by TD Securities."I think a lot of people in the industry feel that way: that things [Read more]

B.C. to legislate $36 billion agreement with Pacific NorthWest LNG

VICTORIA - Finance Minister Mike de Jong says the potential economic returns from British Columbia's first liquefied-natural-gas deal will outweigh any targeted-tax tradeoffs included in a 25-year deal he expects to table in the legislature next week. De Jong said Monday he expects British Columbians will support the blueprint for the largest private-sector investment in the province's history that is valued at $36 billion, estimated to create 4,500 construction jobs and projected to generate [Read more]

Pipelines, climate change on the agenda as Harper, Notley meet in Calgary

CALGARY - Climate change, pipelines and flood mitigation were on the agenda Monday as Alberta Premier Rachel Notley and Prime Minister Stephen Harper had their first formal meeting.If there was tension between the NDP premier and the Conservative prime minister, neither let on. In a photo opportunity before the meeting, Notley asked Harper about how his Stampede had been so far and the two tipped their cowboy hats for the cameras. After the meeting, Notley said it wasn't her impression that [Read more]

Edmonton man charged with 2 counts of murder at Alberta oil industry work camp

FOX CREEK, Alta. - An Edmonton man has been charged with murder in the deaths of two people at a work camp in northwestern Alberta.RCMP say a man and a woman were stabbed early Tuesday morning at the oil industry camp near Fox Creek, Alta.Court documents identify them as Dave Derksen and Hally Dubois.Police say the 37-year-old man was from La Crete, Alta. and the 50-year-old woman was from Red Deer.Mounties shot and wounded the suspect at the camp, known as Berland Open Lodge.Daniel Goodridge, [Read more]

Alberta Energy Regulator shuts down Murphy Oil wells for non-compliance

CALGARY - The Alberta Energy Regulator has forced Murphy Oil to shut heavy oil wells in northwestern Alberta because the company didn't meet the rules for properly handling gases.In an unannounced compliance sweep of 71 sites last month, the regulator found 16 Murphy wells weren't meeting a requirement to capture and flare, incinerate, or conserve all casing gas and tank-top gases according to a schedule set out by the company.Following that, the AER ordered Arkansas-based Murphy to conduct [Read more]

‘Party like it’s 2014!’ Corporate Calgary cuts Stampede spending amid oil gloom

CALGARY - This time last year David Howard was getting ready to host a number of high-profile corporate parties as part of Calgary's Stampede, but that's not the case this time around."Basically, it's gone from where last year we were producing two events a day to where we're out of the game completely," said Howard, president of the Event Group.His company is one of many feeling the bite of low oil prices as energy companies cut back spending on this year's Stampede, which kicks off [Read more]

Gulf states reach $18.7 billion settlement with BP over 2010 Deepwater Horizon oil spill

NEW ORLEANS - Trying to close the books on the worst offshore oil spill in U.S. history, BP agreed Thursday to provide billions of dollars in new money to five Gulf Coast states in a deal the company said would bring its full obligations to an estimated $53.8 billion.Federal and state government officials touted the record-breaking $18.7 billion agreement as a historic milestone in the Gulf Coast's recovery. The Deepwater Horizon disaster killed 11 rig workers and spewed millions of gallons of [Read more]