CALGARY - Enbridge Inc. is eyeing new opportunities outside of its home base of North America, including early-stage plans to build a multibillion-dollar pipeline through Colombia.The Calgary-based company (TSX:ENB) said Tuesday it's in talks with five shippers in the South American country about building a 760-kilometre pipeline from oilfields in the interior to its west coast. From there, the crude can be exported to Asia.The pipeline could cost around $6 billion, although a final estimate has [Read more]
Nova Scotia introduces legislation to ban high-volume hydraulic fracturing
HALIFAX - Nova Scotia is moving ahead with legislation that would ban high-volume hydraulic fracturing for onshore oil and gas, but the proposed law also includes an exemption that would allow fracking for testing and research purposes.Energy Minister Andrew Younger insists the exemption in the Petroleum Resources Act does not provide a loophole for the shale gas industry."Anybody could come to the door and ask for whatever they want," Younger said. "What this allows is for cabinet to consider a [Read more]
Nova Scotia natives plan to slow highway traffic to protest natural gas plan
STEWIACKE, N.S. - A group of Mi'kmaq protesters and their supporters are planning to slow down traffic on one of Nova Scotia's main highways this week in a bid to stop construction of a natural gas storage facility near Alton.Group spokeswoman Cheryl Maloney says the protesters planned to light a ceremonial fire and set up a teepee Monday near Highway 102 north of Stewiacke, but the actual traffic slow-down won't happen until Wednesday morning.Some of the 20 or so protesters at the site, about [Read more]
Encana agrees to buy Texas-based Athlon Energy in $7.1Billion deal
Encana Corp. has agreed to buy Athlon Energy in a $7.1 billion US friendly takeover deal that will give the Canadian gas producer access to a major Texas oil play and speed up its shift towards more liquids production. "This transformative acquisition further accelerates our strategy and provides us with a prime position in what is widely acknowledged as one of North America's top oil plays," Doug Suttles, Encana president and CEO, said in a statement Monday. "We're delivering on the [Read more]
B.C. First Nation wins bid to challenge Northern Gateway pipeline in court
VANCOUVER - A First Nation from British Columbia's North Coast says the Federal Court of Appeal has agreed to hear its legal challenge of the Northern Gateway pipeline project.The Gitxaala (git-HAT-lah) Nation filed the court action in July over a federal cabinet decision to approve the project that would link the Alberta oilsands with a marine terminal on the B.C. coast.The Gitxaala say it has now been given the green light for a judicial review of the controversial $7-billion pipeline project [Read more]
Underwriters buy Encana’s remaining stake in PrairieSky for $2.6 billion
CALGARY - Encana Corp. (TSX:ECA) has completed the sale of its remaining stake in PrairieSky Royalty Ltd. (TSX:PSK) in a secondary offering valued at about $2.6 billion.The stock was sold to a syndicate of underwriters led by several of Canada's biggest banks at a pre-agreed price of $36.50 , which was $2 above PrairieSky's closing stock price on Thursday.PrairieSky's IPO price was $28 but the shares have never traded that low on the Toronto Stock Exchange The shares initially began trading at [Read more]
National Energy Board quashes Kinder Morgan pipeline survey motion
VANCOUVER - Kinder Morgan took its fight with the City of Burnaby, B.C., directly to residents on Friday, the latest salvo in an ongoing feud over the proposed expansion of its Trans Mountain pipeline.A letter distributed to residents near the company's Westridge marine terminal in Burnaby blamed city council for blocking its survey crews from Burnaby Mountain, home to Simon Fraser University and a expansive conservation area.Kinder Morgan's preferred route through the mountain would avoid [Read more]
Statoil puts Corner project on hold for at least three years, cuts 70 jobs
CALGARY - Statoil has put its Corner oilsands project on hold for at least three years as it grapples with rising costs.The decision means about 70 jobs will be cut, the Norwegian energy firm said Thursday.In a statement on its website, Statoil said improvements have been made to the project, but it has decided not to go any further at this stage."Costs for labour and materials have continued to rise in recent years and are working against the economics of new projects," said Statoil Canada [Read more]
US oil industry offers crude-train testing standards after accidents highlight risks
BILLINGS, Mont. - The oil industry's lead trade group released new standards on Thursday for testing and classifying crude shipped by rail after prior shipments were misclassified, including a train that derailed in Canada and killed 47 people.But as with earlier orders from the federal government, the industry's standards generally leave it to individual companies to decide how often to test crude in order to gauge its danger.The American Petroleum Institute said the standards were crafted in [Read more]
Petronas threatens to pull out of LNG project, Financial Times reports
CALGARY - B.C. Premier Christy Clark says a threat by Petronas to quit a proposed liquefied natural gas project is just part of negotiations over the province's tax take, but experts say the Malaysian firm's message should be cause for worry. The Financial Times quotes Petronas chief executive Shamsul Abbas as saying he's ready to call off the $10-billion project to be built near Prince Rupert, B.C., amid a delayed regulatory approval process, plans by the provincial government to impose an LNG [Read more]
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