LEDUC COUNTY, ALTA. - Alberta Premier Danielle Smith says her government is looking for ways to encourage pipeline companies to boost capacity and increase Alberta's oil and gas export volumes to the U.S. But Smith says her government is not interested in directly subsidizing a cross-border pipeline project, preferring instead to find ways to "de-risk" a potential private sector investment. Canada's main oil-and-gas producing province is keen to expand its pipeline access to the U.S. in [Read more]
Alberta aiming to create test site to support new drilling technologies
LEDUC COUNTY, ALTA. - Alberta’s government says it will invest up to $50 million to support the creation of a first-in-Canada drilling test site to support technology development in the oil, gas, geothermal and lithium industries. The Alberta Drilling Accelerator is intended to be an open-access, industry-led site where companies can test drilling technologies at deep depths, high temperatures and varying rock types. A location for the hub site has yet to be determined. While no binding [Read more]
Alberta forecasts $4.6-billion surplus in budget update, but braces for uncertainty
EDMONTON - The Alberta government is forecasting a $4.6-billion surplus this fiscal year, but Finance Minister Nate Horner says Alberta's in for a "challenging" future. The government's second-quarter fiscal update says just $2.9 billion of that surplus is expected to be cash, which would be split between paying down debt and the Heritage Savings Trust Fund. It says the surplus is largely the result of higher-than-expected income tax revenue thanks to Alberta's sharp population growth and [Read more]
Climate protesters arrested outside Pierre Poilievre’s official residence in Ottawa
Ottawa police say two people were arrested this morning after an "unlawful" demonstration outside Stornoway, the official residence the Opposition leader. Greenpeace Canada says its activists blocked Conservative Leader Pierre Poilievre's house and two of them locked themselves to a replica oil pumpjack placed in the driveway. The non-profit has been critical of Poilievre's climate change voting record and his advocacy for the oil and gas sector. Ottawa police say in a statement that [Read more]
TC Energy announces four new projects totalling $1.5 billion in capital spending
CALGARY - TC Energy Corp. announced it is going ahead with a total of about $1.5 billion in capital spending across four new projects. As part of an investor day presentation, the company says it has sanctioned two projects on its Columbia Gulf System in the U.S. that will help with the coal-to-gas conversion at two existing power plants. It says it will spend US$400 million on its Pulaski project and US$400 million on its Maysville project. Each project is underpinned by 20-year [Read more]
Trump’s new energy council could mean trade opportunity for Canada: experts
WASHINGTON - As Donald Trump builds his new energy-focused administration, experts say it could open opportunities for Canada to expand the two countries' long-standing partnership amid threats of widespread tariffs from the president-elect. Trump announced Friday that he would create a National Energy Council to establish U.S. "energy dominance" around the world. North Dakota Gov. Doug Burgum will be at the helm, while also heading the Interior Department. "If I were any western Canadian [Read more]
Energy experts think Donald Trump will make tariff exemptions for Canadian oil
WASHINGTON - President-elect Donald Trump's promise to slap an across-the-board tariff of at least 10 per cent on all imports including from Canada is unlikely to apply to Canadian oil, energy experts are predicting. The threat of the tariff is causing a lot of concern north of the border, where the Canadian Chamber of Commerce said such a tariff could take a $30-billion bite out of the Canadian economy. Rory Johnston, a Toronto-based oil market researcher and founder of Commodity Context, [Read more]
Suncor to return all excess cash to shareholders after hitting debt target early
CALGARY - Suncor Energy Inc. says it will be returning all excess funds to shareholders after achieving its debt-reduction target ahead of schedule as it pumps record amounts of oil. The oilsands giant says it had upstream production of 829,000 barrels per day to mark its best third quarter ever, its highest ever refining throughput of 488,000 barrels per day and highest ever refined sales at 612,000 barrels per day. Chief executive Rich Kruger says efforts to ease bottlenecks and no major [Read more]
Canada steadfast on climate plan despite Trump re-election: Guilbeault
OTTAWA - Donald Trump's re-election in the United States will not impact Canada's commitment to fighting climate change, Environment Minister Steven Guilbeault said Tuesday. Guilbeault is in Azerbaijan this week for the annual United Nations climate change conference, which includes discussions about each country's progress toward lowering their greenhouse gas emissions as committed under the Paris agreement. Trump withdrew the United States from that agreement during his first term and [Read more]
Federal government faces potential loss if Trans Mountain pipeline sold: PBO
OTTAWA - The Parliamentary Budget Officer estimates the Trans Mountain pipeline is worth less than it cost to build in an updated financial assessment of the controversial project. The budget watchdog says the pipeline could be worth between $29.6 billion and $33.4 billion, depending on what happens after the initial 20-year contracts expire. Meanwhile, the cost to build the pipeline that went into service in May came in at $34.2 billion, dramatically higher than the $7.4 billion estimate [Read more]
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