VANCOUVER - The province of British Columbia has questions for Kinder Morgan about the proposed expansion of its Trans Mountain pipeline. After a careful review of the company's application to the National Energy Board, the province has submitted 70 requests for more information. Environment Minister Mary Polak says the province wants to know more about the company's oil spill prevention, response and recovery plans. The $5-billion expansion would almost triple the capacity of the [Read more]
Nova Scotia to spend $12M over four years on offshore oil and gas data: source
HALIFAX - A source says the Nova Scotia government will announce it will spend $12 million over four years to fund scientific data on potential oil and natural gas opportunities in its offshore.The source says Premier Stephen McNeil will reveal on Tuesday details of the funding for geological research that is aimed at helping convince energy companies there are undiscovered pockets of hydrocarbons off Nova Scotia's shores.The source spoke on condition of anonymity.The province's Energy [Read more]
Chemtrade Logistics to sell Montreal East business to Suncor Energy for $120M
TORONTO - Chemtrade Logistics Income Fund (TSX: CHE.UN) says it has an agreement to sell its refinery services business in Montreal to Suncor Energy Products Inc. for roughly $120 million. The Toronto-based income fund says it will use the net proceeds of the sale to reduce debt.Chemtrade says its Montreal business provides sulphur removal and other services only to Suncor's Montreal refinery.It acquired the operation in 2011 as part of its acquisition of Marsulex, and will realize a gain of [Read more]
Oil rises above $100 as referendum adds to tensions over Ukraine
Oil rose above US$100 per barrel on Monday amid renewed tensions over Ukraine. Benchmark U.S. crude for June delivery was up 13 cents to $100.12 a barrel at 2:50 a.m. ET in electronic trading on the New York Mercantile Exchange. The contract fell 27 cents to close Friday at $99.99. Brent crude, a benchmark for international varieties, added 37 cents to $108.26 in London. In the previous session, the contract shed 15 cents to $107.89. Traders are worried about turmoil in Ukraine and [Read more]
Canadian Natural bumping oilsands expansion spending, taking advantage of lull
CALGARY - Canadian Natural Resources Ltd. (TSX:CNQ) is directing another $400 million this year toward expansion of its Horizon oilsands mine, a sum it only planned to spend if market conditions were right. The Calgary-based company's 2014 plans call for $2.5 billion in spending at the project, north of Fort McMurray, Alta., with the option to raise that to $2.9 billion if costs of labour and materials look good, president Steve Laut told analysts on a conference call Friday. "At this [Read more]
Oil rises on renewed Ukraine worries as insurgents plan referendum
Oil prices rose Friday on renewed concerns about tensions in Ukraine. Benchmark U.S. crude for June delivery was up 51 cents at US$100.76 a barrel at 4 a.m. ET in electronic trading on the New York Mercantile Exchange. The contract fell 51 cents Thursday to close at $100.26 a barrel. Brent crude, a benchmark for international varieties of oil, gained 76 cents to $108.80. Pro-Russian insurgents in eastern Ukraine are planning a referendum on independence over the weekend, in apparent [Read more]
No leaks, injuries or hazard in Saskatchewan train derailment
There has been a train derailment in Estevan. Four tanker cars are off the track. Initial reports say no leaks. pic.twitter.com/M5araxLf2f— Chad Saxon (@chadsaxon) May 8, 2014 ESTEVAN, Sask. - Four tanker cars carrying crude oil derailed in Estevan, Sask., but officials say there were no spills or leaks.Estevan police chief Paul Ladouceur says a few businesses were initially evacuated as a precaution on Thursday morning, but an assessment has since shown there isn't any risk to the [Read more]
Canadian Natural review into Primrose leak almost done: CNQ president
CALGARY - The president of Canadian Natural Resources Ltd. (TSX:CNQ) says any solution to a prolonged bitumen spill at the company's Primrose oilsands site will have to address all potential causes.Steve Laut says all the data the company has collected so far points to faulty old wellbores as the cause, but he says CNRL is "open" to other possibilities.He says the company has almost completed a review into the root cause of the leaks discovered about a year ago in four separate locations.Once [Read more]
Keystone XL: A stalled pipeline keeps pumping cash into Washington, D.C.
WASHINGTON - The Keystone XL pipeline may be stalled, but it's pumping a steady flow of cash into Washington — where inertia is a multibillion-dollar industry. The pipeline debate has become a money-making machine for lobbyists, advertisers, NGOs and political fundraisers in the U.S. capital, where tens of millions of dollars are being spent on the issue. The spending deluge will continue indefinitely, thanks to the two latest non-developments: the Obama administration has delayed a [Read more]
Crude oil falls to near US$100 after China’s improving but weak trade data
The price of oil declined Thursday but stayed above US$100 a barrel after data showed subdued imports by China, the world's largest crude consumer.China's customs data showed that imports rose 0.8 per cent in April. That's an improvement from the previous month's 11.3 per cent decline, but still weak.Benchmark West Texas Intermediate crude for June delivery fell 51 cents to close at US$100.26 a barrel on the New York Mercantile Exchange. On Wednesday, U.S. crude jumped $1.27 after a surprise [Read more]
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