CALGARY - Alberta Premier Jim Prentice says he'll "do what needs to be done" to help move forward the controversial Northern Gateway pipeline and to gain access to Asian markets for the province's oil and gas.Prentice was asked Friday if he would take a direct role in negotiating with chiefs in the areas of northern B.C. where the pipeline is supposed to run."I'm not going to get into that today, but I'll tell you this — our prosperity in this province depends on our ability to access global [Read more]
Proposed Kitimat, B.C., LNG project to cost up to $40 billion: company
VICTORIA - A major player in British Columbia's liquefied natural gas sweepstakes has plans to spend up to $40 billion to build a proposed export facility on the province's northern coast that could generate up to $39 billion in tax revenues over its lifespan.The massive dollar figures were part of LNG Canada's environmental certificate application released Friday by the joint venture company that includes Shell Canada Energy (TSX:SHC), PetroChina, Korea Gas Corp. and Mitsubishi Corp.The B.C. [Read more]
Company files application to export liquefied natural gas from Nova Scotia
POINT TUPPER, N.S. - The company behind a proposed liquefied natural gas project in Nova Scotia says they have filed an application with the National Energy Board for an export licence.Bear Head LNG Corporation, a subsidy of the Australia-based Liquefied Natural Gas Ltd., says it's asking for licences to import natural gas from the United States and export liquefied natural gas for a 25-year term.If approved, the plant would be authorized to export eight million tonnes of liquefied natural gas [Read more]
White House: We’d ‘consider’ a bill on Canada’s Keystone XL pipeline
WASHINGTON - The White House says it would be willing to consider a bill authorizing construction of Canada's Keystone XL pipeline, should the new Republican-dominated U.S. Congress produce such legislation.Republicans have made it clear they'll try using their new power to force Barack Obama to approve the long-delayed project, through legislation for him to sign.But whether the president would actually sign such a bill or automatically veto it remains an open question — one Obama's spokesman [Read more]
Fontaine says First Nations talks on Energy East on the right path
CALGARY - Engaging with aboriginal groups along the route of the proposed Energy East pipeline hasn't been without its challenges, but the former chief of the Assembly of First Nations believes TransCanada Corp. (TSX:TRP) is on the right track.Phil Fontaine has been working with TransCanada on the community outreach aspect of Energy East, a $12-billion proposed pipeline that would ship Alberta crude to refineries and export terminals in Quebec and New Brunswick."I've really been impressed with [Read more]
No bidders for latest four parcels of Nova Scotian offshore oil and gas lands
HALIFAX - There are no bidders for the latest four deepwater parcels put on the auction block by the Canada-Nova Scotia Offshore Petroleum Board.The sites on the eastern Scotian Slope of the province's offshore were put up for auction by the regulator on May 5.Bidding closed at the end of last month.BP and Shell (TSX:SHC) are continuing to work on their offshore exploration of deepwater properties.In May, the province announced it would spend $12 million over four years to fund research to [Read more]
Saudi move to discount oil signals trouble for OPEC, could mean period of low fuel prices
VIENNA - Saudi Arabia showed little concern for fellow OPEC members by unilaterally cutting its oil prices to the U.S. this week, a move that casts doubts on the cartel's credibility and its ability to find a common plan to stabilize the slumping energy market.And while OPEC struggles to find consensus, oil prices risk remaining low — or falling further — to the benefit of consumers and businesses in the U.S. and worldwide.OPEC is already riven by differences among its members on what the ideal [Read more]
Even Canadian oil could be affected: A look at wide-ranging U.S. midterm results
WASHINGTON - It didn't take the Canadian government long to note the far-reaching policy implications of the Republican wave in Tuesday's midterm U.S. elections.It swept the party to power in both chambers of Congress. And it carried into state races, where Republicans were flirting with an 82-year-old party record for most governorships. And it left President Barack Obama wobbling with the unwanted distinction of most seats lost throughout a presidency since the Second World War.But, as Jason [Read more]
Oil prices hit multi-year lows, offering some economies a boost to spending, investment
LONDON - Oil prices slumped to multi-year lows on Tuesday after Saudi Arabia cut the price of oil sold to the U.S., a move that is shaking an already volatile market but will likely give the world economy an unexpected stimulus.The 25 per cent or so slide in oil prices since the summer could boost consumer spending and business investment in many economies around the world as fuel bills fall.But not everyone's a winner. Oil producing countries like Russia and Venezuela, which have high [Read more]
TransCanada plans $2.7 billion expansion of natural gas transmission capacity
CALGARY - The price tag for the controversial Keystone XL pipeline has risen by about half to US$8 billion, TransCanada Corp. (TSX:TRP) said Tuesday as the U.S. regulatory process drags into its seventh year.TransCanada had previously pegged the cost of Keystone XL at US$5.4 billion, but has long signalled that the longer it's forced to wait for a permit, the more expensive the pipeline would become. As of Sept. 30, TransCanada had sunk $2.4 billion into the project.Keystone XL would connect to [Read more]
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