BOE Report

Wynne, Prentice meet to talk Energy East pipeline amid Central Canada concerns

TORONTO - Ontario's concerns about the environmental impact of the proposed Energy East pipeline narrowed considerably Wednesday following a meeting between Premiers Kathleen Wynne and Jim Prentice of Alberta.Ontario and Quebec had set out seven principles for the $12-billion pipeline project, which would carry western crude to refineries in eastern Canada, the most notable relating to its potential impact on climate change.But after meeting Prentice in her office, Wynne said her concerns were [Read more]

Saskatchewan’s Premier says falling oil prices will tighten next year’s budget

REGINA - Saskatchewan's premier says falling oil prices could make next year's budget "tight," but the government will endeavour to balance it.Brad Wall said the cornerstone of the government's growth plan is fiscal responsibility, so he won't accept an operational deficit.The premier made the comments Tuesday following a state-of-the-province address to the Regina and District Chamber of Commerce.Last week, the government released its mid-year budget update and estimated the average price of [Read more]

Prentice and Couillard reiterate their respective positions on Energy East

QUEBEC - TransCanada Corp. should abandon its plan to build an oil terminal in an area in eastern Quebec where belugas have been listed as an endangered species, Premier Philippe Couillard said Tuesday.A federal government wildlife committee recently concluded that their numbers near Cacouna have dwindled to 1,000 from a high of 10,000.That information will make the project harder for TransCanada (TSX:TRP) to sell the Energy East project at environmental hearings in Quebec and with the National [Read more]

New Brunswick premier wants fracking moratorium passed by Christmas

FREDERICTON - The premier of New Brunswick says his government will introduce legislation for a moratorium on fracking for shale gas during the fall legislative session that begins Wednesday and he wants it passed by Christmas.The Liberals, who won a majority government in the September election, campaigned on a promise to bring in a moratorium, saying more information is needed before allowing shale gas fracking to continue.Premier Brian Gallant said his government will refuse to approve [Read more]

Canadians’ future ‘hangs in the balance’ in pipeline debate: Alberta premier

VANCOUVER - Alberta's premier is urging the country to get behind several controversial pipeline projects linked to the province's oilsands, warning that all Canadians will "feel the pain" if they aren't approved and built soon.Premier Jim Prentice told a business audience in Vancouver that energy development such as Alberta pipelines, B.C. liquefied natural gas terminals and Quebec hydroelectric developments will be at the heart of Canada's economic future.In particular, Prentice said the [Read more]

Energy East: TransCanada standing down on further work in Quebec

QUEBEC - TransCanada Corp. will halt all work on an oil terminal in eastern Quebec in response to concerns the project could hurt a beluga habitat.The company said Monday it is "standing down" on all work in Cacouna after a report by a federal government wildlife committee concluded that the whales are endangered.TransCanada (TSX:TRP) wants to build a 4,600-kilometre pipeline to carry 1.1 million barrels per day of oilsands crude from Alberta to refineries in Quebec and New Brunswick.The planned [Read more]

‘We can do business:’ Prentice to discuss Energy East with Ontario and Quebec

CALGARY - Alberta Premier Jim Prentice is scheduled to meet with his Ontario and Quebec counterparts this week to lobby for support of the Energy East pipeline.A spokeswoman says Prentice is to meet Quebec's Philippe Couillard on Tuesday and Ontario Premier Kathleen Wynne on Wednesday.Both eastern premiers have a list of demands about the proposal. They want contingency plans and emergency response programs in place, consultations with First Nations and consideration of environmental impact and [Read more]

Old Alberta wells that fail standards raise fears; critics seek tougher rules

EDMONTON - New research is raising concern about tens of thousands of dormant Alberta oil wells that don't meet even minimum safety standards.The Alberta Energy Regulator has begun a program that it says will result in all wells meeting those minimums within five years.But critics say those standards amount to little more than a locked gate and a few signs. They want firm timelines to force companies to clean up old well sites — some of which have been sitting unused for decades — before the [Read more]

No simple solutions to revenue shortfall due to falling oil prices: Prentice

CALGARY - Alberta Premier Jim Prentice says there are no simple solutions for the revenue shortfall that will be coming from plummeting oil prices and Albertans will feel the consequences.Prentice told the Calgary Chamber of Commerce on Friday that he expects the price of a barrel of oil to be between US$65 and US$75 for the rest of the year. It closed at US$66.15 a barrel on Friday — down about 10 per cent since Wednesday's close.He said the government is going to have to find a way to cope [Read more]

Oil price plunge a boon for crude-importing Asia, Europe but some negatives loom

A renewed plunge in oil prices is a worrying sign of weakness in the global economy that could shake governments dependent on oil revenues. Yet it is also a bonus for consumers as prices fall at the pump, giving individuals more spending money and lowering costs for many businesses.The latest slide follows OPEC's decision to leave its production target at 30 million barrels a day. Member nations of the cartel are worried they'll lose market share if they lower production.Partly because of the [Read more]