CALGARY - Total E&P Canada is putting its Joslyn oilsands project northwest of Fort McMurray, Alta., on hold indefinitely, saying Thursday that the economics aren't good enough to move ahead. The decision means 150 jobs will be cut by the end of this year, but CEO Andre Goffart said some of those workers may be moved to other parts of the French energy giant's global operations. On a conference call with reporters, Goffart said the challenges Joslyn is facing aren't confined to that [Read more]
PrairieSky surges in TSX debut
CALGARY - Encana Corp. spinoff PrairieSky Royalty Ltd. (TSX:PSK) is making quite a debut on the Toronto Stock Exchange.PrairieSky shares are trading about 30 per cent higher than their initial public offering price of $28 per share, surging above $36 on the TSX.As part of a sweeping new strategy unveiled last fall, Calgary-based energy producer Encana (TSX:ECA) decided to separate a big chunk of its Alberta royalty lands into a new publicly traded company.As of the IPO's closing on Thursday, [Read more]
Crude oil falls below $103 a barrel on expectation of increase in US supply
The price of oil fell below US$103 barrel Wednesday as traders expected the Energy Department to report an increase in U.S. supplies.Benchmark West Texas Intermediate crude for July delivery dropped $1.39 to close at US$102.72 a barrel on the New York Mercantile Exchange.Brent crude, a benchmark for international oils, fell 21 cents to US$109.81 on the ICE exchange in London.Traders were waiting for the latest information on U.S. supplies of crude and refined products.Data for the week ended May [Read more]
Kinder Morgan bombarded with 10,000-plus questions on Trans Mountain expansion
VANCOUVER - Kinder Morgan is asking for more time to respond to over 10,000 questions submitted to the National Energy Board about the proposed expansion of its Trans Mountain pipeline.The company has until June 4 to respond to information requests from 117 of the 398 groups and individuals granted intervener status by the board for the application.The company says it cannot meet that deadline with such a large number of requests, and it has asked for a delay until June 27.Kinder Morgan's Scott [Read more]
Exxon CEO predicts alternative energy will grow but oil to remain top fuel through 2040
DALLAS - The CEO of Exxon Mobil Corp. says alternative fuels will grow but that oil will remain the world's leading source of energy for another quarter century. CEO Rex Tillerson says natural gas will surpass coal as the second most heavily used fuel. Tillerson made the comments Wednesday at the company's annual shareholder meeting. About 15 people protested outside the meeting hall, charging that Exxon was not doing enough to reduce climate change and develop alternative sources of [Read more]
Nova Scotia energy minister saysoffshore safety rules are fine for now
HALIFAX - Nova Scotia's energy minister says he's satisfied with federal legislation aimed at improving safety in the offshore energy sector even though it doesn't call for an independent safety agency, a measure he pushed for while in Opposition.Andrew Younger says while he'd prefer to see an independent body, Ottawa's proposal to have an independent safety officer within the Canada-Nova Scotia Offshore Petroleum Board is good enough — for now.In 2011, while in Opposition, Younger said a [Read more]
Ottawa to open office in B.C. to woo B.C. First Nations on energy projects
PRINCE RUPERT, B.C. - The federal government will set up a major projects management office in British Columbia to try to woo West Coast First Nations on the myriad of energy projects proposed in the province. Natural Resources Minister Greg Rickford says Ottawa will also establish a forum with the B.C. government and First Nations to work toward aboriginal participation in energy developments. The two measures were recommended in a report last fall by Douglas Eyford (EYE'-ford), appointed [Read more]
New safety conditions not seen swaying economics of Keystone XL
CALGARY - Additional safety conditions imposed on the Keystone XL pipeline are not expected to hurt the economics of the project, whose price tag is already expected to soar by at least several hundred millions of dollars over earlier estimates."It appears to mean a couple of extra steps on the welding and is it going to make an economic difference? We don't think so," said Steven Paget, an analyst with FirstEnergy Capital in Calgary.According to a report by The Associated Press, the U.S. [Read more]
Federal government urged to hurry up on energy industry regulations
EDMONTON - The Harper government needs to get moving on long-awaited regulations for the oil and gas industry, says the head of the Alberta agency that manages the province's effort to reduce industrial CO2 emissions.Eric Newell of the Climate Change and Emissions Management Corp. says he has a way for Ottawa to put a price on greenhouse gases without mentioning the two words that give federal Conservatives the heebie-jeebies."I'd like to distinguish between a carbon tax — which is universal at [Read more]
Oil stays above US$104 as investors scrutinize crises in Ukraine and Libya
The price of oil remained above US$104 a barrel Tuesday as investors weighed how the conflicts in Ukraine and Libya were likely to affect crude supplies.By early afternoon in Europe, benchmark crude for July delivery was down 10 cents to $104.25 a barrel in electronic trading on the New York Mercantile Exchange. Due to a U.S. public holiday, the contract last settled on Friday, when it closed at $104.35.Brent crude, a benchmark for international oils, was down 18 cents to $110.36 on the ICE [Read more]
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