BOE Report

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]

Businesses beyond the oilpatch taking crude price slump in stride

CALGARY - For International Motor Cars, a luxury dealership in Calgary, the oilpatch is big business.But as crude prices have shifted into a lower gear, so too has demand for posh rides from energy industry customers, said general sales manager David Baker.Baker figures the dealership has sold 30 per cent fewer cars this year compared to 2013."I believe it's in direct correlation to the oilpatch," he said.Crude for January delivery fell to around US$66 on Friday — down more than a third since [Read more]

Oil prices tank to 4-year low

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LONDON (AP) — Oil companies saw their shares take a beating Thursday as crude prices slid to their lowest in over four years in the wake of OPEC's decision to maintain production levels even though prices have fallen sharply in recent weeks. With U.S. markets closed for Thanksgiving, investors around the world were taking their cue from developments in Vienna, Austria, where the OPEC oil cartel was meeting. The oil ministers opted to keep their production target at 30 million barrels a [Read more]

Kinder Morgan lawyer raises doubts about arrests at B.C. anti-pipeline protests

VANCOUVER - A judge threw out civil contempt charges Thursday against dozens of activists who have been arrested while demonstrating against a pipeline project on a mountain near Vancouver.The ruling came a week after the RCMP began rounding up protesters on Burnaby Mountain, where Kinder Morgan is conducting drilling work related to its proposed Trans Mountain pipeline expansion.More than 100 people were arrested, nearly all of whom faced civil contempt proceedings for violating a court [Read more]

OPEC oil ministers decide to keep present output target of 30 million barrels a day

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VIENNA (AP) — OPEC oil ministers decided Thursday to keep their production target at 30 million barrels a day, despite an oversupply of crude and plunging prices. The global price of crude oil fell after the announcement, trading down $2.85 at $74.90 a barrel. As recently as June it was around $115. The decision in Vienna was mostly expected — OPEC oil power Saudi Arabia had indicated before the meeting that it favors the status-quo. The Saudis are the top producers within the 12-nation [Read more]

Saskatchewan government says budget still balanced despite sinking oil prices

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REGINA - Saskatchewan's finance minister says the province is still projecting a budget in the black for 2014-15 because higher oil prices earlier this year offset a recent slide that has seen them hit four-year lows.Finance Minister Ken Krawetz is projecting a $70.9 million surplus — down slightly from his prediction in the spring of $71.4 million."We had a very good first six months. The average oil price was over $100 a barrel. It is going to be lower. We know that already," Krawetz said as [Read more]