OTTAWA - Federal Industry Minister James Moore has given the green light to a deal under which a subsidiary of Malaysia's Petronas will acquire the Montney gas holdings of Talisman Energy Inc. (TSX:TLM) for $1.5 billion. The properties in the Farrell Creek and Cypress areas of British Columbia are being sold to Progress Energy Canada Ltd., which Petronas acquired in 2012. "I can confirm that I have approved Progress Energy Canada Ltd.'s application to acquire control of natural gas assets [Read more]
Industry Minister Moore approved $1.5B sale of Talisman’s Montney gas holdings
OTTAWA - Federal Industry Minister James Moore has given the green light to a deal under which a subsidiary of Malaysia's Petronas will acquire the Montney gas holdings of Talisman Energy Inc. (TSX:TLM) for $1.5 billion.The properties in the Farrell Creek and Cypress areas of British Columbia are being sold to Progress Energy Canada Ltd., which Petronas acquired in 2012."I can confirm that I have approved Progress Energy Canada Ltd.'s application to acquire control of natural gas assets from [Read more]
Crude oil slips nearly 2% as concerns over Ukraine ease, US supplies rise
The price of oil fell nearly two per cent Wednesday as concerns over the crisis in Ukraine eased and U.S. supplies rose for a seventh consecutive week.Benchmark West Texas Intermediate crude for April delivery dropped $1.88, or 1.8 per cent, to close at US$101.45 a barrel on the New York Mercantile Exchange. On Tuesday, oil fell $1.59 to close at $103.33.Brent crude, used to set prices for international varieties of crude, dropped $1.54 to US$107.76 a barrel on the ICE Futures exchange in [Read more]
Build support for Keystone with a small carbon levy, says Saskatchewan premier
WASHINGTON - A modest levy on the oil-and-gas sector might be a good idea if it helps buy some goodwill in Washington, Saskatchewan Premier Brad Wall said Wednesday during a trip to the U.S. capital.Any such penalty would need to be small, he stressed."I think you start slow and see what impact it has on the economy," Wall told a group of Canadian journalists at a roundtable discussion. "I don't think you want to kneecap your economy with a carbon tax."He pointed to Alberta's initial $15-a-tonne [Read more]
Exxon Mobil plans to cut capital spending but expects rise in production on oil, other liquids
NEW YORK - Exxon Mobil says it will cut capital spending by 6 per cent this year but still boost production of liquids such as oil by 2 per cent.The nation's biggest oil company said Wednesday that it will spend $39.8 billion on energy projects and other costs this year, down from $42.5 billion last year.Exxon says if it doesn't make acquisitions, annual spending will average less than $37 billion from 2015 to 2017.The Irving, Texas-based company says production will rise 2 per cent this year [Read more]
Pipeline oil leak report shows Alberta government monitoring failing: NDP
EDMONTON - Opposition politicians say a damning report into a major pipeline leak in a central Alberta river indicates the province's monitoring system is failing.New Democrat Rachel Notley says the report into the 2012 Plains Midstream spill into the Red Deer River shows the company knew about problems with the pipeline for four years before it finally cracked.The Alberta Energy Regulator report says a consultant flagged that section of pipe as a high risk in 2008.Notley says that fact Plains [Read more]
Moody’s says increased scrutiny could affect Enbridge’s L3R project
CALGARY - Enbridge's $7-billion plan to replace its Line 3 oil pipeline so it could pump more crude through it "will face increased public, regulatory and political scrutiny," potentially leading to higher costs and delays, says credit rating agency Moody's Investors Service. In a report Wednesday, Moody's said the Line 3 replacement, or L3R, project doesn't affect the credit ratings of Calgary-based Enbridge Inc. (TSX:ENB) or its U.S. affiliate, Enbridge Energy Partners.But Moody's said the [Read more]
TransCanada makes initial filing for $12-billion Energy East oil pipeline
CALGARY - TransCanada Corp. has taken an initial step toward obtaining regulatory approval for its proposed $12-billion Energy East oil pipeline. The Calgary-based pipeline giant (TSX:TRP) filed a project description with the National Energy Board on Tuesday — a key step in the process. The more than 100-page document provides details on the project based on engineering assessments, environmental studies and community consultations. The 4,600-kilometre Energy East pipeline would connect [Read more]
Crude oil down sharply after Putin eases fears of escalation of Ukraine crisis
The price of crude oil dropped sharply Tuesday after Russian President Vladimir Putin said his country was not seeking to escalate the conflict in Ukraine Benchmark West Texas Intermediate crude for April delivery fell $1.59 to US$103.33 a barrel on the New York Mercantile Exchange. On Monday, oil added $2.33 to close at $104.92. Brent crude, used to set prices for international varieties of crude, fell $1.90 to US$109.30 a barrel on the ICE Futures exchange in London. Putin said that [Read more]
Canada writes U.S. to plug Keystone XL, offer to work together on oil pollution
WASHINGTON - The Canadian government has sent the Obama administration a letter making its case for the Keystone XL pipeline. The letter argues the merits of the pipeline on environmental, economic and energy-security grounds. It expresses a desire to work with the Americans on oil and gas issues, without wading into specifics. The three-page note is signed by Canada's ambassador to Washington, Gary Doer, and addressed to Secretary of State John Kerry. Kerry is leading a regulatory [Read more]
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