The price of oil rose to near US$102 a barrel Thursday on worries about tensions in Ukraine. Benchmark West Texas Intermediate crude for June delivery rose 50 cents to close at US$101.94 a barrel on the New York Mercantile Exchange. Brent crude, an international benchmark, gained $1.22 to US$110.33 a barrel on the ICE Futures exchange in London. Ukraine is going through its biggest political crisis since the fall of the Soviet Union. Ukrainian forces launched an operation Thursday to drive [Read more]
WATCH: Self-described ‘Cowboys and Indians’ march against Keystone XL in Washington
Ranchers, farmers and aboriginal groups are protesting the Keystone XL pipeline together in Washington this week. The Obama administration has delayed a decision on the Alberta-Texas pipeline, possibly until next year. Watch the video courtesy Canadian Press: [Read more]
Delays haven’t soured Imperial on Keystone XL pipeline, but other options open
CALGARY - One of Canada's largest oilsands producers isn't soured on the proposed Keystone XL pipeline, despite news that the US$5.4-billion project has been delayed yet again."We think it's as important today as it was the day it was proposed. We think it's good for parties north of the border and parties south of the border," Imperial Oil Ltd. (TSX:IMO) CEO Rich Kruger said following the company's annual general meeting on Thursday.Last week, the U.S. State Department said it needed more time [Read more]
Fort Nelson mayor calls LNG summit expulsion ‘exploitation,’ apologizes
FORT NELSON, B.C. - Tempers are flaring in northern British Columbia over liquefied natural gas.Last week, the Fort Nelson First Nation expelled provincial government officials from its LNG summit over the province's decision to change environment assessment rules for gas plants.Now the municipal government of the Northern Rockies, which includes the city of Fort Nelson, says the decision to eject the officials was a "knee-jerk" reaction.In an open letter, Mayor Bill Streeper calls the expulsion [Read more]
Crescent Point to buy CanEra Energy in deal worth $1.1 billion, including debt
CALGARY - Crescent Point Energy Corp. (TSX:CPG) has signed an agreement to buy CanEra Energy Corp., a privately held oil and gas producer in southeast Saskatchewan, in a deal valued at $1.1 billion, including debt.CanEra's assets include a large land position in the Torquay area in Saskatchewan, where Crescent Point is active, and production of approximately 10,000 barrels of oil equivalent per day.Crescent Point president and chief executive Scott Saxberg said the deal complement's his [Read more]
Chinese-owned Nexen Energy says it’s replacing CEO Kevin Reinhart
CALGARY - Nexen Energy, the Calgary-based oil and gas company acquired last year by Chinese state-owned firm CNOOC Ltd., is replacing Kevin Reinhart as CEO.CNOOC made the decision because it wanted to bring in someone with "operational and technical depth," said spokeswoman Diane Kossman.Reinhart ushered Nexen through its contentious sale to CNOOC last year for $15.1 billion. He previously served as the company's chief financial officer.Prior to the takeover, announced in mid-2012, investors had [Read more]
Oil slips to US$102 a barrel as reports shows big increase in US supplies
NEW YORK - The price of oil slipped Wednesday as a government report showed U.S. oil supplies rose more than expected last week.Benchmark West Texas Intermediate crude for May delivery fell 31 cents to close at US$101.44 a barrel on the New York Mercantile Exchange. On Tuesday, the Nymex contract fell $1.90 a barrel.Brent crude, an international benchmark, fell 16 cents to US$109.11 on the ICE Futures exchange in London.The U.S. Energy Department's Energy Information Administration said oil [Read more]
Effort to make rail tank cars used to ship crude oil safer marked by squabbling
WASHINGTON - A series of fiery train crashes spurred a push by government and industry to make safer tank cars used to ship crude oil and ethanol. But the effort is bogging down in squabbling and finger-pointing. A spokesman for the American Petroleum Institute says the railroad industry won't share data behind their recommendations to make the cars safer. He says the oil industry wants a "comprehensive examination" of proposed changes. But the Transportation Department says it's the oil [Read more]
Canada’s oil, gas catch Europe’s eye amid Ukraine troubles: Polish ambassador
OTTAWA - The Russian invasion of Crimea is making Alberta's oil and gas more attractive in European capitals, says Poland's ambassador to Canada.Poland supports the idea of importing Canadian oil and gas, envoy Marcin Bosacki said Wednesday prior to the start of a two-day visit to his country by Foreign Affairs Minister John Baird."This point of view is being shared in a growing number of European capitals in the last two months since the Crimea invasion," Bosacki said."Of course, we are [Read more]
Ottawa ponders lifting threatened species status for Pacific humpback…environmentalists say it’s to encourage Northern Gateway development
VANCOUVER - In the midst of the heated debate over oil tankers off the coast of British Columbia, the federal environment minister has proposed improving the status of North Pacific humpback whales from threatened to "special concern." The whales have played a starring role in the campaign against oil pipelines and opponents accused the federal government Tuesday of removing a hurdle to the proposed multibillion-dollar Northern Gateway (TSX:ENB) pipeline. "What we're seeing is that the [Read more]
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