BOE Report

Cenovus confirms talks about potential sale of assets, silent on buyer’s identity

CALGARY - Cenovus Energy Inc. (TSX:CVE) confirmed Friday that it's in talks about the potential sale of royalty lands but provided no details of the other party's identity or the estimated value of the deal.The announcement follows a Reuters news report that the Calgary-based company was holding exclusive talks with the Ontario Teachers Pension Plan about a deal that sources said could be worth between $2.5 bilion and $3 billion.Cenovus said before markets opened Friday that it's making progress [Read more]

Obama to appear at fundraiser hosted by Keystone opponent, as decision awaited

WASHINGTON - With a decision looming on the Keystone XL pipeline, President Barack Obama is scheduled to appear at a fundraiser hosted by a prominent pipeline opponent.The president will speak Friday at a fundraiser in California hosted by the so-called green billionaire Tom Steyer, who has promoted and donated heavily to anti-pipeline campaigns.The White House played down any connection between the event and the president's eventual decision on the Canada-to-Texas pipeline, when asked whether [Read more]

Shell-led LNG Canada project gets environmental go-ahead from Ottawa, B.C.

CALGARY - A multibillion-dollar liquefied natural gas project led by Royal Dutch Shell was given the environmental go-ahead on Wednesday, subject to dozens of conditions.The LNG Canada project — planned for Kitimat B.C. — obtained the blessing of both the federal and British Columbia governments following a streamlined review process. The federal government has decided the environmental impacts of the LNG Canada project are justified in the circumstances, Environment Minister Leona Aglukkaq [Read more]

CNRL president expects ‘reasonable’ NDP changes, but uncertainty remains

CALGARY - The president of one of Canada's biggest oil and gas producers says he doesn't believe Alberta's NDP government is out to hurt the industry as it prepares to review royalties and revamp environmental regulations.But Steve Laut, with Canadian Natural Resources Ltd. (TSX:CNQ), warned damage could still be inflicted, especially when there are so many changes happening at once."We're assuming that the royalty, regulatory and environmental burdens will be reasonable, allowing for investment [Read more]

Oil prospect off Newfoundland faces ‘harsh realities:’ Statoil official

ST. JOHN'S, N.L. - Jez Averty does not sound like an oil executive who expects a term sheet any time soon for developing what has been touted as Newfoundland's next big offshore site.In a speech Wednesday punctuated with bleak detail on how the price crash has knee-capped the industry, the vice-president of North American exploration for Statoil ASA offered only the most cautious optimism.Development of the remote Bay du Nord site faces "harsh realities" in a climate that is not business as [Read more]

Neil Young postpones Edmonton anti-oilsands fundraising show

EDMONTON - Canadian rock music legend and environmental activist Neil Young has postponed a planned benefit concert in Edmonton.Eriel Deranger, spokeswoman for the Athabasca Chipewyan First Nation, says the delay is due to internal management issues.No new date for the concert has been set.The show was to have been one of several concerts to benefit the northern Alberta band which lives in the oilsands region.The First Nation has mounted court challenges to development approvals in the [Read more]

Newfoundland and Labrador to announce regime for offshore oil development

ST. JOHN'S, N.L. - Premier Paul Davis made waves Tuesday with talk of a term sheet "in coming weeks" for the next big oil project off Newfoundland and a new royalty regime to speed offshore development."'We can't say there will be a term sheet until there is one but we're very confident in the process," Davis said of negotiations with Statoil ASA of Norway to develop its Bay du Nord prospect.Hopes for the province's economically vital offshore sector are pinned on exploration and oil production [Read more]

2,600 more oilpatch job losses coming: industry association report

CALGARY - An industry group says low commodity prices and regulatory uncertainty will mean even greater job losses in the oilpatch this year than it previously predicted.The Canadian Association of Oilwell Drilling Contractors has revised its January jobs forecast and now predicts nine per cent more job losses — equivalent to about 2,600 positions — because of an expected 13 per cent further drop in operating days.The association is now forecasting there will be 25,110 fewer jobs this year than [Read more]

Petronas LNG go-ahead seen as an good sign for other West Coast projects: expert

CALGARY - A tentative green light for a multibillion-dollar liquefied natural gas project in British Columbia sets the stage for other players to follow suit, say energy industry experts.Pacific NorthWest LNG "breaks some ground" for its peers by being the first B.C. LNG player to officially decide to go ahead, said ARC Financial vice-president Jackie Forrest."I view this as a good thing for the industry as a whole," she said."The first project is often the most difficult one. Just establishing [Read more]

Coast Guard removes activists attached to Shell ship in Washington to protest Arctic drilling

BELLINGHAM, Wash. - Two activists spent about six hours Friday suspended from the anchor chain of a Royal Dutch Shell support ship docked north of Seattle to protest the petroleum giant's plans to drill for oil in the Arctic Ocean.The protesters sitting in cloth slings attached themselves around 3:30 a.m. to the anchor chain of the American Trader at the Bellingham harbour. A spokeswoman for the group said they were comfortable, in good spirits and excited to be there.The Coast Guard reported [Read more]