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]
National Energy Board orders Enbridge to cease work on pipeline in Manitoba
CALGARY - The National Energy Board has ordered Enbridge Inc. (TSX:ENB) to stop work along an oil pipeline in Manitoba because of safety and environmental concerns.The federal energy watchdog says an inspection earlier this month on the company's Line 3 pipeline, which runs between Alberta and Wisconsin, revealed numerous problems.It says wetlands and agricultural land near Cromer, Man., were damaged and open excavations posed safety hazards.Enbridge announced plans earlier this year to replace [Read more]
Oil price slips below $102 a barrel as worries over supply, geopolitical tension ease
The price of oil slipped below $102 a barrel on Friday, falling for a second day after spiking on lower U.S. inventories and tensions in the Ukraine and the Middle East.Benchmark U.S. crude for September delivery was down 10 cents to $101.97 at 0555 GMT in electronic trading on the New York Mercantile Exchange. The contract dropped $1.05 to close at $102.07 a barrel on Thursday.Brent crude, a benchmark for international oils, rose 13 cents to $107.20 in trading on the ICE exchange in [Read more]
Oil above US$103 a barrel as U.S. supplies fall much more than expected
The price of oil rose Wednesday as the U.S. government reported that American supplies fell more than expected last week.Benchmark West Texas Intermediate crude for September delivery gained 73 cents to US$103.12 a barrel on the New York Mercantile Exchange. Brent crude for September delivery, a benchmark for international oils, rose 70 cents to US$108.03 on the ICE Futures exchange in London.The Energy Department reported that U.S. oil supplies fell by four million barrels last week, a sharper [Read more]
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