BOE Report

CAPP president: Technology key to meeting G7 climate change goals

CALGARY - A lot can change in 85 years.A G7 goal to shift to a no-carbon economy over the course of this century isn't spooking Canada's biggest oil and natural gas industry group.Tim McMillan, head of the Canadian Association of Petroleum Producers, said technology will be key.Advancements that "wouldn't have been conceivable" a century ago are commonplace today, he said."When a country or a world puts its mind to something it can be pretty powerful."But environmental groups had a different [Read more]

G7 puts Canada on the spot, calls for low emissions in energy sector

SCHLOSS ELMAU, Germany - Canada's energy sector will have to transform itself to lower greenhouse gas emissions in the long term, Prime Minister Stephen Harper said Monday.He was commenting at the end of the G7 leaders' summit which called on its members to put their energy sectors on a low-carbon footing by 2050, a move with serious implications for Canada's greenhouse-gas-emitting oilsands.German Chancellor Angela Merkel fell short of her goal of pushing her fellow leaders to a broad, [Read more]

Cenovus set to restart production at Foster Creek oilsands project by Monday

CALGARY - Cenovus Energy says it expects to restart production at its Foster Creek oilsands operation by Monday.The 135,000-barrel-a-day facility, which is jointly owned by ConocoPhillips, has been offline since May 23 because of a large wildfire in the area.Cenovus Energy says it will take several days to return to full production, but it expects camps to be fully operational at the start of next week.On June 3, Canadian Natural Resources said production was ramping back up at its Kirby South [Read more]

Kinder Morgan says $100 million investment will protect against oil spills

BURNABY, B.C. - Kinder Morgan is pledging to protect against any threat of oil spills caused by its Trans Mountain pipeline expansion, as opposition to the project mounts in British Columbia.The energy-shipping giant showed off its marine and storage terminals in Burnaby, B.C., on Thursday, detailing new safety measures it is promising to introduce if the $5.4-billion expansion is approved.Senior director of marine development Michael Davies said Western Canada Marine Response Corp., the agency [Read more]

Saskatchewan’s Wall pitches his province over Alberta for royalty stability

WEYBURN, Sask. - Saskatchewan Premier Brad Wall is using the NDP's pending royalty review in Alberta to pitch his province to the oil industry.In a speech to an industry audience in Weyburn this week, Wall promised his government has no plans to review the rates it charges oil companies in Saskatchewan.With oil prices currently hovering around US$60 a barrel, the industry doesn't need any instability, Wall said."We like where royalties are at," he told reporters covering his address at the [Read more]

Ads for pipeline company Enbridge yanked from screens in Tim Hortons locations

CALGARY - Tim Hortons has brewed up controversy for its decision to yank ads by pipeline giant Enbridge from its in-store screens.On Thursday morning, the coffee-and-doughnut purveyor responded to complaints about the ads on Twitter, telling individual users: "We value your feedback and the Enbridge advertisements are no longer airing on 'Tims TV.'"But the tempest in a Timbit only grew as oil industry supporters lashed out against the move.The top-trending Twitter hashtag on Thursday afternoon [Read more]

Canadian LNG export prospects have ‘darkened,’ international report says

CALGARY - The outlook for Canada's liquefied natural gas industry over the next five years has "darkened," said a report released Thursday that casts clouds over British Columbia's LNG ambitions.The report by the International Energy Agency predicts Canada won't have any LNG export projects online by 2020, which would go against B.C.'s goal of having three LNG plants in operation by that time.The B.C. government has been betting big on LNG for economic growth. It has said it expects more than [Read more]

Alberta should copy Alberta on oil royalties: former Norwegian finance minister

OTTAWA - A former Norwegian finance minister says Alberta's new government should take inspiration on handling resource revenues from the same place her country found it — Alberta."We were inspired by Alberta when we established our sovereign wealth fund," said Kristin Halvorsen, who was Norway's finance minister from 2005 to 2009 and led that country's Socialist Left party in a coalition government."But there have been many differences in how we established the fund."Alberta's new NDP [Read more]

Canada crude oil production estimated at lowest in almost two years: report

CALGARY - A report by Barclays says Canada's crude oil production last month is estimated to be the lowest it has been in almost two years.While companies have yet to release production numbers, the British bank says wildfires and upgrader maintenance in Alberta are expected to have cut average national production to 3.98 million barrels of oil a day in May after peaking at an average of 4.59 million barrels a day in January."We expect Canadian crude production in May to be the lowest in nearly [Read more]

Western premiers talking diversification in light of low oil prices

REGINA - Canada's western premiers discussed ways to diversify their economies in light of plunging oil prices during a teleconference call Monday.Saskatchewan Premier Brad Wall was host on the call that was a substitute for the annual western premiers meeting to save time and money.Both he and British Columbia Premier Christy Clark noted that their provinces are heavily reliant on resource revenue, but have had to find other ways to bring in cash with the downturn in energy prices."We're [Read more]