BOE Report

BP cuts 200 staff, 100 contractors worldwide

LONDON (AP) — BP has announced it will cut an estimated 200 staff jobs and another 100 contracting jobs in light of falling oil prices. The company said Thursday the cuts will be made in onshore roles, not in offshore operational positions. Regional president Trevor Garlick said BP remains committed to its North Sea operations but needs to take “specific steps” given the challenging economic environment. He cited toughening market conditions as a reason for the cuts. [Read more]

Last-ditch pitch: Rickford in Washington to argue for Keystone XL pipeline

WASHINGTON - The Canadian government made a last-ditch pitch for the Keystone XL pipeline Wednesday as the U.S. capital was gearing up for an imminent decision on the project after six years of delay.Natural Resources Minister Greg Rickford made the 11th-hour case in meetings in Washington with the U.S. State Department, his counterpart Ernest Moniz and pro-pipeline lawmakers.He apparently received no guarantees, aside from a promise that the clock will start again on a regulatory process that [Read more]

Woe Canada: Prentice says Alberta oil crunch will hurt economies across country

EDMONTON - The aftershocks of Alberta's collapsing petro-economy will shake up homes and businesses from coast to coast to coast, Premier Jim Prentice said Wednesday."We're all in this together," Prentice told reporters on a conference call from Toronto."It has been the Alberta economy that has been driving the national economy in this country for more than a decade."Alberta has accounted for more than 50 per cent of the jobs that have been created in Canada (in that time)."Prentice said Alberta [Read more]

Senate Democrats look to tweak bill on Keystone XL pipeline

WASHINGTON (AP) — Democrats hoped to use Senate consideration of the Keystone XL oil pipeline to get Republicans on the record about climate change and to resurrect parts of a bipartisan energy efficiency bill doomed by pipeline politics last year. The first bill of the Republican-controlled Senate seeks to approve construction of the long-delayed pipeline. Democrats and Republicans plan to use the debate, which is expected to drag into next week, to score political points. Sen. Bernie [Read more]

Prentice pans talk of Alberta recession; calls the suggestion an ‘outlier’

CALGARY - Premier Jim Prentice is scoffing at a suggestion by the Conference Board of Canada that Alberta is likely to face a recession as crude prices continue to plunge."I don't agree with it," he said Tuesday of the Ottawa-based economic think-tank's assessment."I didn't find their analysis to be particularly cogent, to be frank, and the opinion that they put forward is an outlier amongst all of the other opinions that have been put forward by every one of Canada's chartered banks and by [Read more]

Conference Board of Canada says Alberta to likely face recession this year

The Conference Board of Canada says Alberta will likely face a recession this year due to the plunging price of oil. The economic think tank says Alberta’s latest employment and new housing start numbers are holding steady, but if oil prices stay low the province will slip into recession. Chief economist Glen Hodgson says even if oil prices rebound to $65 dollars per barrel he forecasts that investment, profits and consumer spending will be down. Calgary-based Canadian Natural Resources [Read more]

Keystone clears hurdle in U.S. Senate

WASHINGTON - The Keystone XL pipeline passed a major procedural hurdle in the United States Senate, receiving enough votes Monday to override a filibuster for the first time in the years-long dispute.The chamber agreed to move forward with debate on a bill that would force President Barack Obama to approve the controversial Canadian oil infrastructure.The vote reflects the power of the new Republican majority following the midterm elections, and is the first piece of legislation advanced in the [Read more]

Exxon says Prince Rupert LNG plant worth $25-billion and could create 6,000 jobs

VICTORIA - Texas-based energy giant Exxon Mobil Corp., has submitted plans to develop what could be a $25-billion liquefied natural gas project near Prince Rupert on British Columbia's north coast.Exxon and its Canadian partner, Imperial Oil Ltd. (TSE:IMO), outlined a strategy for West Coast Canada LNG, or WCC LNG, in a 141-page report to the provincial government's Environmental Assessment Office.Exxon said in the report that it considered eight potential export facility sites in the Kitimat [Read more]

Revised drilling forecast for oil industry expected after stakeholder meetings

RED DEER, Alta. - An oilwell drilling spokesman expects a revised 2015 forecast in a few weeks in light of tumbling oil prices.Derek Fildebrandt of the Canadian Association of Oilwell Drilling Contractors says the group wants to finish meeting with industry stakeholders first.Fildebrandt says the association is watching the situation very closely.But he adds it's no time to panic.Fildebrandt says the industry has been through oil price swings before, so the situation isn't new to drillers.He [Read more]

Cheap oil dims spirit of energy sector, but businesses optimistic overall: BoC

OTTAWA - The Bank of Canada says while plummeting oil prices have darkened the confidence of firms linked to the energy sector, Canadian businesses overall see brighter days ahead.The central bank's latest business outlook survey, released Monday, found companies in energy-rich Western Canada planned to reduce their investments in equipment and hiring following the oil-price collapse.On the other hand, Eastern and Central Canadian companies said they were planning to invest more, particularly in [Read more]