REGINA - Crown petroleum, natural gas and oil shale land sales are pumping more money into Saskatchewan government coffers. The province says the April sale of petroleum and natural gas rights brought in $47.9 million in revenue, bringing the total of the first two sales this year to $98.6 million. The government says that amount passes the $67.4 million in land sales in all of last year. Sales in the Weyburn-Estevan area were the highest at $42.8 million, followed by the Lloydminster [Read more]
Obama faces pressure from Democrats to approve Keystone by May 31
WASHINGTON - Barack Obama is being pressured by members of his own party to approve the Keystone XL pipeline by May 31. The president has received a letter from 11 pro-pipeline Democratic senators, several of whom face re-election battles that will help determine whether their party keeps control of the Senate. They say that gives the president 15 days, beyond the current 90-day multi-department review, to make his choice. And they say the decision should be positive, given the conclusions [Read more]
B.C. First Nations sign LNG revenue-sharing agreements
VICTORIA — The British Columbia government has moved to bring First Nations on board its much-anticipated multibillion-dollar liquefied natural gas boom. Two north coast First Nations signed revenue-sharing agreements Wednesday with the government related to the development of a proposed liquefied natural gas export terminal on their traditional territories near Prince Rupert. It’s a deal that could be worth up to $15-million for the Metlakatla and Lax Kw’alaams nations. Premier Christy [Read more]
Oil above US$103 a barrel on Ukraine unrest; traders shrug off supply increase
The price of crude oil rose to a five-week high Wednesday amid unrest in eastern Ukraine, even as a report showed a large rise in U.S. supplies. Benchmark West Texas Intermediate crude for May delivery gained $1.04 to close at US$103.60 on the New York Mercantile Exchange. The contract, which gained $2.12 on Tuesday, last closed above $103 on March 4. Brent crude, used to set prices for international oil varieties, rose 31 cents to US$107.98 on the ICE Futures exchange in [Read more]
Petrolia boss says he’ll honour deal with Quebec to drill for oil on Anticosti
MONTREAL - Premier-designate Philippe Couillard may not be keen on the idea but Petrolia is ready to proceed with the former Parti Quebecois government's deal to explore Anticosti Island. Petrolia (TSX:PEA) president Myron Tetreault said during a speech to a Montreal business group today the oil company would respect agreements recently signed with Pauline Marois's government. Couillard had said during the election campaign he would like to see exploratory drilling suspended until a [Read more]
Former PM Brian Mulroney appeals for fearless leadership on resource agenda
OTTAWA - Brian Mulroney says the country needs risk-taking leadership to get domestic oil and gas moving overseas, as well as a plan to work co-operatively and bring Canadians onside.The former Tory prime minister's remarks Tuesday, in a speech organized by the progressive think tank Canada 2020, come as major pipeline projects languish in limbo.They have been stymied largely by opposition from First Nations, environmentalists and ordinary Canadians concerned with the impact on their [Read more]
Crude jumps above $102 a barrel on Ukraine unrest, lower forecast for US output
The price of oil climbed above US$102 a barrel Tuesday, supported by renewed unrest in eastern Ukraine and a lowered domestic production forecast from the U.S. Energy Department. Benchmark West Texas Intermediate crude for May delivery gained $2.12, or 2.1 per cent, to US$102.56 a barrel on the New York Mercantile Exchange, its highest closing price since March 7. Brent crude, used to set prices for international oil varieties, rose $1.85 to US$107.67 on the ICE Futures exchange in [Read more]
Quebec business community breathes sigh of relief at Liberal majority win
MONTREAL - Members of Quebec's business community breathed a collective sigh of relief Monday, hopeful that a majority Liberal government will herald an era of stability marked by new investments, jobs and real estate activity in the province."I think the business community will be pleased," said Yves-Thomas Dorval, president of the Quebec Employers Council."There was a question mark in the air and now a majority government will certainly provide a better, stable and foreseeable [Read more]
Oil slips under US$101 a barrrel amid hopes for increase in Libyan supplies
Crude oil fell below US$101 a barrel Monday following reports that four Libyan oil terminals under militia control could soon reopen and possibly boost global supplies.Benchmark West Texas Intermediate crude for May delivery slipped 70 cents to US$100.44 a barrel on the New York Mercantile Exchange. The price has hovered around US$100 a barrel for most of the past month.Brent crude, used to set prices for international varieties of oil, dropped 90 cents to US$105.82 a barrel on the ICE Futures [Read more]
Oil prices rise after US jobs report, but end slightly lower for the week
Oil prices rose slightly Friday after a monthly U.S. jobs report showed stronger hiring in the U.S. in recent months. Benchmark U.S. crude for May delivery rose 85 cents to close at $101.14 a barrel in New York. For the week, the contract fell 53 cents. The price has vacillated around $100 per barrel for most of the past month. Brent crude, used to set prices for international varieties of oil used by many U.S. refiners, rose 57 cents to close at $106.62 a barrel in London. The U.S. [Read more]
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