Oil prices rose Monday as positive news on exports from China and economic growth in Japan followed last week's solid jobs report in the United States.Benchmark West Texas Intermediate crude for July delivery gained $1.75 to close at US$104.41 a barrel on the New York Mercantile Exchange. That's the highest closing price since March 3.Brent crude, a benchmark for international oils, rose $1.29 to US$109.15 a barrel in London.China reported Sunday that exports rose seven per cent in dollar terms [Read more]
IMF leader urges countries like Canada to set a price on carbon emissions
MONTREAL - The head of the International Monetary Fund says energy powerhouses like Canada need to be proactive when it comes to protecting the environment and not simply wait for a deal to be reached on replacing the Kyoto Protocol.Christine Lagarde told an international economic conference in Montreal that whether it's a carbon tax or a cap and trade system, a mechanism is need to reflect the cost of emissions that will encourage less consumption.Lagarde applauded Canada's efforts to unleash [Read more]
Natural Resources minister back in B.C. as clock ticks down on pipeline decision
VANCOUVER - With the clock ticking down for his government's decision on Northern Gateway, Natural Resources Minister Greg Rickford says there have been significant strides forward around pipeline and marine traffic safety in talks between Ottawa and First Nations.But Rickford says all agree there remain issues "around a specific project" or "specific aspects of energy transportation."With a June 17 deadline for a final decision on the pipeline, Rickford gave no hint of when or what that [Read more]
Deadline looms for federal government’s decision on Northern Gateway pipeline
VANCOUVER - Some time in the next 10 days, the federal government is supposed to announce its final decision on the Northern Gateway pipeline — the multibillion-dollar political minefield dividing the West. Even detractors expect the federal government to give the $7-billion project the go-ahead. But the nod from Ottawa would not the crest of the mountain Northern Gateway must climb before the oil — and the money — begin to flow. The path to the British Columbia coast has many hurdles left [Read more]
Facts about the Northern Gateway pipeline project
VANCOUVER - Some facts about the Northern Gateway pipeline project: — Its estimated cost is $7 billion and rising. — The 1,177-kilometre twin pipelines would run from Bruderheim, just outside Edmonton, to a tanker port in Kitimat, on the northern coast of B.C. — One pipeline would carry up to 525,000 barrels a day of oil sands products west to Kitimat for export. A second heading east would carry 193,000 barrels per day of condensate, a form of natural gas used to dilute the [Read more]
A timeline of major events in the Northern Gateway application process
VANCOUVER - Milestones in the Northern Gateway project: March 6, 2002: Calgary-based Enbridge (TSX:ENB) announces preliminary plans for a pipeline linking the Alberta oil sands to the West Coast. April 14, 2005: The company announces a deal with PetroChina Co. to transport oil from Alberta to the B.C. coast for export. The pipeline is expected to be in operation in 2010. Nov. 1, 2006: With the National Energy Board process already underway, Enbridge announces it will delay Northern [Read more]
EU to soften fuel quality rules, opening door to Canadian crude: Report
The federal government is saying little on a report that the European Union is poised to soften fuel quality rules so products made from Canada's oilsands would not face hefty penalties.The Financial Times is reporting that EU officials have decided to change a draft of a fuel quality directive, something Canadian officials have lobbied their European counterparts to do. Proposed EU environmental legislation would have set heavy penalties on petroleum products made from Alberta's oilsands, [Read more]
Surge and Longview Complete Previously Announced $430 Million Strategic Business Combination
Surge Announces Upward Revision to 2014 Guidance, and 11 Percent Increase in Dividend CALGARY, June 5, 2014 /CNW/ - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) and Longview Oil Corp. ("Longview") (TSX: LNV) are pleased to announce that they have completed their previously announced business combination whereby Surge has acquired all of the issued and outstanding common shares of Longview pursuant to an arrangement under the Business Corporations Act (Alberta) (the "Arrangement"). [Read more]
Oil slips 2 cents despite drop in crude supplies because refined fuel supplies are ample
The price of crude oil stayed flat Wednesday as falling stockpiles of crude were offset by rising supplies of refined fuels. Benchmark U.S. oil for July fell 2 cents to close at $102.64 a barrel in New York Mercantile Exchange. Brent crude, a benchmark for international oil used by many U.S. refineries, fell 42 cents to close at $108.40 a barrel in London. The Energy Department reported Wednesday that U.S. crude supplies fell by 3.4 million barrels last week as refiners increased activity [Read more]
Ex-Navy SEAL Team Six member commissioned by pipeline critics to help kill Keystone XL project
WASHINGTON - A member of U.S. special operations forces who worked on the project to kill Osama bin Laden is now working on the project to kill the Keystone XL pipeline. Dave Cooper is a former member of the Navy SEALs squad, known informally as SEAL Team Six, who supervised and helped train the soldiers who killed bin Laden in 2011. The now-retired military man was hired by opponents of Keystone XL to conduct a threat assessment against the possible pipeline. The group that [Read more]
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