BOE Report

Premier Jim Prentice says low oil prices punch $6-$7B hole in Alberta budget

EDMONTON - Premier Jim Prentice says if oil prices continue to remain low, they will blow a $6 billion to $7 billion hole in the $40-billion provincial budget and no Albertan will be spared the pain."A return to extremely volatile energy prices has created conditions that we cannot ignore," Prentice said Tuesday in a speech to the Edmonton Chamber of Commerce."Tough choices are going to have to be made and they will be made."Prentice was reacting to the price of oil that was around the US$100 [Read more]

Harper calls oil and gas regs ‘crazy economic policy’ in times of cheap oil

OTTAWA - Stephen Harper slammed the door on unilaterally regulating Canada's oil and gas sector Tuesday even as four provincial governments, representing almost 80 per cent of Canada's population, were pledging to go further and faster in reducing greenhouse gas emissions.Environment ministers from British Columbia, Manitoba, Ontario and Quebec signed what they're calling a compact in Lima, Peru, where an international climate conference is underway.They've joined with 12 other sub-national [Read more]

Talisman says Repsol is one of several parties that have approached company

CALGARY - Talisman Energy Inc. (TSX:TLM) says several parties including Repsol have approached the Calgary-based oil and gas producer about potential deals — but added there's no assurance any agreement will result.Talisman made the comment at the request of the Toronto Stock Exchange after media reports said the Spanish and Canadian energy companies had resumed talks.Talisman previously acknowledged talks with Repsol last July but they haven't announced a deal.Since the summer, the price of oil [Read more]

Obama ‘Colbert’ show appearance won’t have Canada’s oilpatch laughing

WASHINGTON - In the Monday night episode of "The Colbert Report," the joke was on Canada's oil industry.That's because the featured guest appeared to take a dig at the industry's long-awaited, long-delayed Keystone XL pipeline project.Unfortunately for project proponents, it just so happened that this skeptical guest was the man who controls its fate: U.S. President Barack Obama.The issue was raised by pretend news anchor Stephen Colbert. The instant he began touting the potential merits of the [Read more]

Christy Clark says Petronas LNG project is a ‘done deal’ despite delay

TORONTO - British Columbia's premier said Monday the province's multibillion-dollar agreement with Petronas to build a liquefied natural gas terminal is "done," while acknowledging the Malaysian energy giant still has hurdles to overcome before the project can go ahead.Petronas announced last week that it was putting off construction of its proposed LNG terminal near Prince Rupert, B.C., even though it was pleased with recent moves the province made to make the nascent industry more [Read more]

Government tables pipeline safety act that makes companies liable for costs and damages

QUEBEC - The Harper government has announced legislation it says is aimed at enhancing Canada's pipeline safety system. Natural Resources Minister Greg Rickford says the new pipeline safety act builds on previous actions that have been taken to prevent incidents.The latest measures in the legislation introduced Monday in the Commons include absolute liability for all National Energy Board-regulated pipelines.That means companies would be liable for costs and damages irrespective of fault — up to [Read more]

Energy stocks punished on Toronto market as oil prices continue to plunge

CALGARY - There were more signs of belt-tightening in the oilpatch Monday, as oil prices continued their downward slide and energy stocks were pummelled.Precision Drilling Corp. (TSX:PD) and Vermilion Energy Inc. (TSX:VET) were among the Canadian energy firms to cut capital budgets for next year, in addition to Trilogy Energy Corp. (TSX:TET), which is also halting its dividend "given the current market environment."U.S. benchmark crude for January delivery was down more than four per cent from [Read more]

Slumping oil prices threaten to reduce revenues at Canada’s top banks

TORONTO - Oil prices that reached a five-year low on Friday are starting to take a bite out of profits at TD Bank (TSX:TD) and raising concerns for the rest of the country's top lenders.Canada's biggest banks earn up to 20 per cent of their revenues through providing investment and corporate banking services, with oil and gas companies an important part of that client base.But with oil prices slipping — they have tumbled roughly 35 per cent to under $70 a barrel from their mid-summer highs due [Read more]

Northern B.C. First Nations to pursue part ownership of LNG, mining projects

PRINCE GEORGE, B.C. - First Nations chiefs in British Columbia's resource-rich north have banded together to pursue ownership of liquefied natural gas, mining and forestry projects.Thirty-six hereditary and elected chiefs have signed an agreement to collectively benefit from resource development in their traditional territories.Chief Martin Louie of the Nadleh Whut'en First Nation said Friday that a meeting to sign the agreement was triggered by concerns around consultation and environmental [Read more]

Alberta to talk about ‘consistent’ carbon price at climate change conference

EDMONTON - Alberta's environment minister says the province plans to use the upcoming climate change conference in Peru to discuss a uniform price for carbon across Canada and the rest of the continent."We would like to work with the rest of Canada — and by extension the rest of North America — on trying to establish the consistent, fair price on carbon," Kyle Fawcett told The Canadian Press in an interview before he headed to Lima for the UN-sponsored conference."I know that's not going to be [Read more]