VICTORIA - British Columbia's government and Malaysian energy giant Petronas have signed a letter of intent that could lead to a final investment decision this year on building a multibillion liquefied natural gas project in the Prince Rupert area.The letter calls for the government and Petronas to negotiate a project development agreement by November of this year.Premier Christy Clark, who is travelling in Malaysia on an LNG trade mission, signed the letter of intent along with Petronas [Read more]
Nova Scotia offshore board issues exploration bids for parcels on Scotian Slope
HALIFAX - The Canada-Nova Scotia Offshore Petroleum Board has issued a call for exploration bids on four parcels of the Scotian Slope.The slope area lies in water that extends 850 kilometres from the United States international border in the southwest, to the Newfoundland provincial border in the northeast.The board says the four parcels, which have potential for both oil and gas, are found at depths between 100 metres and 4,100 metres.Parcels one and two are in the western area and extend from [Read more]
Oil climbs as Ukraine tensions overshadow China slowdown report
The price of oil climbed above US$100 a barrel Monday as escalating tensions in Ukraine outweighed a fourth month of contraction in China's manufacturing. Benchmark U.S. crude for June delivery was up 34 cents to $100.10 a barrel at 3:25 a.m. ET in electronic trading on the New York Mercantile Exchange. The contract rose 34 cents to settle at $99.76 on Friday. Brent crude, a benchmark for international varieties of oil, gained 11 cents to $108.70 on the ICE exchange in London. Violence [Read more]
TransCanada CEO says no NAFTA challenge to Keystone XL delays — for now
CALGARY - TransCanada Corp. (TSX:TRP) hopes it won't have to resort to a challenge under the North American Free Trade Agreement to get its long-delayed Keystone XL pipeline built, CEO Russ Girling said Friday."Those are issues that are sort of well beyond what we're contemplating at the current time and not something we've spent a whole bunch of time analyzing," he told reporters following the company's annual general meeting."Down the road that's something that hopefully we don't have to take [Read more]
B.C. First Nation launches legal challenge over Kinder Morgan pipeline
NORTH VANCOUVER, B.C. - A B.C. First Nation has launched a legal challenge of the National Energy Board's planned review of a controversial pipeline project.The Tsleil-Waututh (TSLAY'-wah-tooth) Nation is disputing the board's decision to review Kinder Morgan's proposed expansion of its Trans Mountain pipeline between Alberta's oilsands and Metro Vancouver.Last month, the National Energy Board announced it would hold hearings beginning in August, allowing 400 interveners out of more than 2,100 [Read more]
Dave Hancock, in first party speech as premier, apologizes for Redford era
In his first speech to Progressive Conservative party members as premier, Dave Hancock apologized to them for the mistakes of the Alison Redford era. Without mentioning Redford by name, Hancock told about 1,300 party members Thursday that he was sorry the governing caucus lost touch with the grassroots. “We took Albertans and your support for granted and acted in a way that’s contrary to our values,” Hancock said at the party’s annual Edmonton fundraising dinner. “I am truly sorry that [Read more]
TransCanada reports $412M first-quarter profit, revenue up 28 per cent
CALGARY - TransCanada Corp. (TSX:TRP) said Friday it earned $412 million in its latest quarter as revenue grew nearly 30 per cent compared with a year ago.The company behind the controversial Keystone XL project said the profit amounted to 58 cents per share for the quarter ended March 31, compared with a profit of $446 million or 63 cents per share a year ago.Revenue increased to $2.88 billion, up from $2.25 billion a year ago.Excluding certain one-time items, TransCanada said its comparable [Read more]
Oil company abandons plan to drill wells in Lethbridge city limits after petition
LETHBRIDGE, Alta. - The mayor of a southern Alberta city says an oil and gas company's decision to abandon plans to drill three exploratory wells within city limits is a victory for activism. Goldenkey Oil Inc. announced Wednesday that it will not be applying to the Alberta Energy Regulator to access its mineral rights in the Lethbridge area. Goldenkey says the decision was the result of public consultations, inquiry responses and numerous meetings with stakeholders. Project [Read more]
United Nations trying to stop fracking in Newfoundland
ST. JOHN'S, N.L. - The UNESCO World Heritage Committee will vote in June on a recommendation for a buffer zone to protect Gros Morne National Park in western Newfoundland after fracking proposals stoked fierce debate. United Nations experts advising the committee say Canada should be encouraged to protect the park's natural beauty from oil extraction. That recommendation and others are included in a package posted to the UN's World Heritage Centre website. The committee called off a [Read more]
Fiery train wreck in Virginia brings demands for tighter regulation of crude oil shipments
LYNCHBURG, Va. - The latest in a string of fiery oil-train wrecks brought renewed demands Thursday that the Obama administration quickly tighten regulations governing the burgeoning practice of transporting highly combustible crude by rail.With production booming in the Bakken oil field along the U.S. northern tier and in Canada, some experts say stronger rules to head off a catastrophe are long overdue.In the latest crash, a CSX train carrying Bakken crude from North Dakota derailed Wednesday [Read more]
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