CALGARY - A media report says former Alberta premier Alison Redford has resigned her seat as member of the provincial legislature for Calgary-Elbow, effective immediately. In an opinion article written for Postmedia News, Redford says mistakes were made and that she accepts responsibility for all the decisions she has made. Redford also made brief mention of the energy industry: "I had hoped to have more time to do more of what I promised Albertans...a single regulator and sustainable [Read more]
Protest halts work on Enbridge pipeline in southwestern Ontario
INNERKIP, Ont. - Protesters have created a blockade at an Enbridge pipeline work site in southwestern Ontario.The demonstration at Innerkip north of Woodstock that started early today is aimed at preventing installation of a valve.A protest spokeswoman says the valve is being installed near the Thames River, which isn't adequately protected from the risk of a spill.Enbridge confirmed the work interruption and says workers were moved to another project for the day.The company's Line 9 carries oil [Read more]
Nova Scotia’s fracking pioneer doubtful that province will lift ban
HALIFAX - The man who pioneered hydraulic fracturing in Nova Scotia says he doesn't expect the province to lift a two-year moratorium on the contentious practice, mainly because the government is afraid of upsetting a vocal but misinformed minority.Peter Hill, chairman of Denver-based Triangle Petroleum, says the industry could spur Nova Scotia's stalled economy and reduce its reliance on polluting, coal-fired plants, but he believes fear-mongering by outspoken critics has spooked the province's [Read more]
Chevron seeking new partner for Kitimat LNG following Apache’s exit
CALGARY - Chevron Corp. said Friday it needs a new partner for a West Coast natural gas export project, but it will press ahead with early-stage development work on it in the meantime.A day earlier, Apache Corp. announced it would "completely exit" the 50-50 partnership, which includes natural gas resources in northeastern B.C., a pipeline to the West Coast and a facility near Kitimat, B.C., to chill the gas into a liquid state so it can be shipped overseas."We need to get our partnership [Read more]
IMF calls on Canada, others to raise carbon taxes, cut income taxes
OTTAWA - The International Monetary Fund says Canada and other countries can improve their economies and environment by hiking energy taxes — while cutting them on people and capital.In a new book, Getting Energy Prices Right: From Principle to Practice, the IMF essentially endorses policies at times advocated by the federal Liberals and NDP calling for what some have termed a "green shift" in the taxation system. The Conservative government, however, has rejected carbon taxes.The premise of the [Read more]
Apache Corp., under investor pressure, exiting Kitimat LNG project
CALGARY - U.S. energy firm Apache Corp. says it's exiting the Kitimat, B.C., LNG project, which it had been developing with Chevron Corp.Houston-based Apache also plans to get rid of its interest in another major liquefied natural gas project in Australia.Apache made the announcement with its second-quarter financial report.The Kitimat LNG project is furthest along in the development process of any of the proposed natural gas export facilities planned for Canada's West Coast.Apache has been [Read more]
Penn West’s board, new CFO initiate independent review of accounting practices
CALGARY - Penn West Petroleum Ltd. (TSX:PWT) says its board has initiated an independent review of the company's accounting practices going back several years, after a preliminary internal review by the company's new chief financial officer found inadequate documentation to support how some of its expenses were classified in the past.The Calgary-based company said the review will lresult a restatement of previous financial reports for at least 2012 and 2013, as well as for the first quarter of [Read more]
Alberta First Nation says it has signed oil and gas deal with Chinese firm
CALGARY - A First Nation says it has signed a deal with a Chinese company to explore and develop oil and natural gas on its land near Calgary. The Nakoda Stoney Nation says it has signed an agreement with Hong Kong-based Huatong Petrochemical Holdings Ltd. Under the terms of the deal, Huatong is to provide the funding and Nakoda Oil & Gas Inc. is to be the primary operator of the joint venture. The Stoney reserve at Morley is about 60 km west of Calgary. The First Nation says the [Read more]
Inuit want review of approval for offshore Baffin seismic testing
A tiny community on Canada's Arctic coast is trying to overturn a regulatory decision that OKs offshore energy exploration.The hamlet of Clyde River along the east coast of Baffin Island has asked for a judicial review of a National Energy Board decision that approves seismic testing in nearby waters.The community fears the testing will affect marine mammals people depend on to live.Its concerns are widely shared among Inuit on Baffin Island, as well as by Nunavut wildlife management boards and [Read more]
Oil price trades near $102 a barrel as worries over supplies, geopolitical tensions ease
The price of oil traded around $102 a barrel on Friday, nearly unchanged, as worries over supplies and geopolitical tensions eased.Oil prices had slipped Thursday after spiking earlier in the week on lower U.S. inventories and tensions in Ukraine and the Middle East.Benchmark U.S. crude for September delivery rose 2 cents to $102.09 a barrel on the New York Mercantile Exchange. On Thursday, the Nymex contract had dropped $1.05 to close at $102.07.Lower-than-expected U.S. crude inventories in a [Read more]
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