CALGARY - Athabasca Oil Corp. says it still wants to find a joint venture partner to help develop its land in Alberta's Duvernay shale, but it's in no hurry to get a deal done."We are continuing to evaluate our strategies to maximize the value of the Duvernay," CEO Sveinung Svarte told analysts on a conference call on Thursday."The more we work on this, we believe the Duvernay play continues to get more valuable at any time."The Calgary-based company has been discussing its search for a Duvernay [Read more]
Judge orders New Brunswick government to release shale gas contracts
FREDERICTON - A judge in Fredericton has ordered the New Brunswick government to release the contracts of consultants it hired to evaluate shale gas royalties.David Coon, the leader of the province's Green party, filed an access-to-information request in February 2013 asking for the documents.But Finance Minister Blaine Higgs rejected the request for several reasons including that the government considered them confidential.Coon appealed to New Brunswick's access-to-information commissioner, who [Read more]
Senate Democratic leader blocks Keystone XL pipeline vote as talks on energy bill fail
WASHINGTON - A bid by supporters of the proposed Keystone XL oil pipeline to force a vote on the controversial project fell apart Wednesday amid partisan bickering over how the vote should be conducted.Senate Majority Leader Harry Reid, D-Nev., used a parliamentary manoeuvr to block a bid by pipeline supporters to include the pipeline measure in an energy efficiency bill moving forward in the Senate. Republicans also were seeking an amendment to prevent the Environmental Protection Agency from [Read more]
Crude oil price rises above US$100 a barrel on surprise fall in stockpiles
The price of oil rose above US$100 a barrel Wednesday on a surprise decline in U.S. supplies and the continuing conflict in Ukraine.Benchmark West Texas Intermediate crude for June delivery rose $1.27 to close at US$100.77 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international varities used by many U.S. refineries, rose $1.07 to close at US$108.13 a barrel in London.The U.S. Energy Department reported Wednesday that American crude oil stocks fell by 1.8 million [Read more]
Northern Gateway opponent says investor money will ‘sit there and rot’
CALGARY - Opponents of Enbridge Inc.'s (TSX:ENB) proposed Northern Gateway pipeline say the more than $6.5-billion project is a bad investment.As in previous years, a delegation of First Nations leaders, environmental activists and B.C. community representatives will be speaking out against the project at Enbridge's annual meeting on Wednesday.John Ridsdale, hereditary chief of the Wet'suwet'en Nation in northern B.C., says his community will never support the project and investor money will [Read more]
Talisman Energy records net income of $491 million in first quarter
CALGARY - Talisman Energy Inc. (TSX:TLM) says its net income was $491 million, or 47 cents per share, compared to a net loss of $213 million or 21 cents per share in the first quarter last year. The Calgary-based oil and gas producer credits higher gas and liquids prices in North America, increased liquids volumes and the sale of part of the company's Montney gas properties in B.C. for $1.5 billion Net income also improved over last quarter due to a reduction in impairment expenses, from [Read more]
Crude oil price little changed as traders await data on U.S. supplies
The price of oil was nearly unchanged Tuesday as traders waited for the latest data on U.S. supplies. Benchmark West Texas Intermediate crude for June delivery rose two cents to close at US$99.50 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international varieties of oil, fell 66 cents to US$107.06 on the ICE Futures exchange in London. Data for the week ended May 2 is expected to show an increase of 1.3 million barrels in U.S. crude oil stocks and a draw of [Read more]
Oil exports by rail ramping up, but still far eclipsed by pipeline movements
CALGARY - New National Energy Board data shows oil-by-rail exports have risen ninefold in less than two years, but they're still far eclipsed by volumes moving by pipeline.The energy regulator's figures show more than 146,000 barrels per day were exported on trains in the last three months of 2013, compared with just under 16,000 in the first three months of 2012.But in all of 2013, only about five per cent of Canada's 2.6 million barrels per day of crude oil exports moved by rail, according to [Read more]
G7 sends message to Russia at energy ministers meeting, says Canada’s Rickford
OTTAWA - A special meeting of G7 energy ministers says energy should not be used to coerce countries politically or threaten their security. Canada's new Natural Resources Minister Greg Rickford says the G7 communique is a political statement aimed at Russia. Rickford says his fellow ministers expressed extreme concern today over Russia's continued incursion into Ukraine. The G7 ministers were in the second day of a special meeting in Rome to look at ways to wean Europe off Russian [Read more]
Canada sees nine-fold jump in crude-by-rail exports over two years
VANCOUVER - There has been a nine-fold increase in Canada's oil-by-rail exports over the past two years.Data released by the National Energy Board says 15,980 barrels a day of crude were exported by rail in the first quarter of 2012.By the fourth quarter of 2013 — October to December of last year — that had increased to 146,047 barrels a day.Moving crude by rail has been on the rise, as production increases in the Alberta oil sands and oil pipeline proposals like Keystone XL and the Northern [Read more]
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