BOE Report

Alberta imposes cost saving measures in face of falling energy revenues

EDMONTON - Alberta is imposing some cost-saving measures to help deal with sharply falling resource revenues.Premier Jim Prentice announced Monday that government hiring will be restricted to critical or frontline positions.There will also be spending restrictions for goods and services and on discretionary items such as travel and training."We do not know how long this price trough is going to continue, but it may go far longer than has been expected," Prentice said Monday as the price of a [Read more]

Not dead yet: Fight continues over EU effort to label oilsands as dirty oil

OTTAWA - Like a movie monster from the black bog, a European Union directive that would stigmatize "dirty" imports of Canadian bitumen refuses to die.A vote Tuesday in the European Parliament could reject a compromise draft bill and revive tough fuel quality directive labelling that would target unconventional crude, specifically Alberta's oilsands.The vote of the full plenary was prompted earlier this month when the European Parliament's environment committee flatly rejected a deal worked out [Read more]

Shale gas not worth the risk, Quebec environmental agency says

MONTREAL - Quebec's environmental review board has concluded that exploiting the province's shale gas deposits is not worth the risk.The agency's highly anticipated report — released Monday — stated there are too many potential negative consequences to the environment and to society from extracting natural gas from shale rock along the St. Lawrence River.The report estimated that Quebec could receive between $71 million and $475 million a year, over 25 years, in royalties from shale gas [Read more]

Oil has fallen by nearly half, to recession levels, as US economy improves. Why, what to know.

NEW YORK - The price of oil has fallen by nearly half in just six months, a surprising and steep plunge that has consumers cheering, producers howling and economists wringing their hands over whether this is a good or bad thing.The price of a barrel of oil is just under $56, down from a summer high of $107, and lower than at any time since the U.S. was still in recession in the spring of 2009.So what's going on? A global imbalance of supply and demand that is rippling across the world economy, [Read more]

OPEC Chief Urges Oil Investment Despite Low Prices

The secretary-general of OPEC on Sunday urged Gulf Arab nations to keep investing in oilfield development despite the plunge in crude prices and gave no indication the cartel was prepared to shift its strategy to halt the slide. Oil prices have shed nearly half their value since late June, including a 4 percent tumble Friday that left benchmark U.S. oil prices at $57.81 a barrel, their lowest level since May of 2009, when the U.S. was still in recession. Speaking at a forum in the Gulf [Read more]

Keystone, Mexico’s energy moves, on the agenda during continental talks

OTTAWA - The falling price of oil and what to do about it, the Keystone XL pipeline, and Mexico's major oil and gas shake-up will be on the table as North American energy ministers meet Monday.Natural Resources Minister Greg Rickford is set to meet with his counterparts Ernest Moniz and Pedro Joaquin Coldwell from the U.S. and Mexico respectively in Washington, D.C.The rapidly falling price of gas, exacerbated by the Organization of Petroleum Exporting Countries' (OPEC) decision last month not [Read more]

Talisman shares surge on report of possible takeover by Spain’s Repsol

CALGARY - Analysts are expecting weak oil prices to lead to a flurry of mergers and acquisitions in the oilpatch, with Talisman Energy Inc. (TSX:TLM) the latest subject of takeover speculation.Shares in Calgary-based Talisman closed up more than 18 per cent on the Toronto Stock Exchange on Friday at $5.04 a share on reports it could soon be taken over by Spanish energy firm Repsol. Earlier in the day, they surged as much as 40 per cent from Thursday's close.The Financial Times says Repsol and [Read more]

Following report that 2015 demand will be lower than previously thought, oil prices fall again

NEW YORK - Another forecast of weak global demand, another nosedive for oil.A 6-month rout in the price of oil accelerated this week, culminating in a 4 per cent drop Friday — its third such drop in 5 days — to its lowest level since May of 2009, when the U.S. was still in recession. Friday's trigger was a lowered expectation for oil consumption from the International Energy Agency.The benchmark U.S. oil price closed down $2.14 to close at $57.81 a barrel in New York. It is now 46 per cent below [Read more]

A late session dip pushes oil below $60 for the first time since July 2009

The price of oil fell below $60 for the first time since July 2009 on Thursday and ended trading in New York at $59.95.Benchmark U.S. crude oil dropped 99 cents, or 1.6 per cent. Oil has fallen steadily for nearly six months, and is down 44 per cent since reaching a high for the year of $107.26 in late June."We don't see a price bottom," wrote energy analyst Jim Ritterbusch in a note to investors. He expects oil to fall further, toward $55 a barrel, in the short term.The drop is a result of [Read more]

Oil price plunge won’t affect long-term plans in Newfoundland offshore: industry

ST. JOHN'S, N.L. - The oil price plunge may be draining Newfoundland and Labrador's treasury but industry watchers say such volatility has little impact on long-term offshore development plans.They say those projects are mapped out over decades and not shaped by cyclical ups and downs, however startling."The degree of fluctuation can be scary to a lot of people," said Robert Cadigan, president and CEO of the Newfoundland and Labrador Oil and Gas Industries Association."We've seen very dramatic [Read more]