BOE Report

NB Premier tells Alberta Energy East means big jobs

EDMONTON - New Brunswick Premier David Alward has told Alberta's legislature the proposed Energy East pipeline to his province is not just about resources, it's also about creating thousands of jobs across Canada. Alward urged premiers to work as one and push forward on the pipeline, which he once again compared to the national railway as a country-building project. Both Alward and Alberta Premier Alison Redford are backing TransCanada's $12-billion pipeline as critical to boosting the [Read more]

Oil slides toward 6-month low near $92 a barrel

The price of oil was heading down toward $92 a barrel on Thursday, near six-month lows, after U.S. crude stockpiles rose for a tenth consecutive week.By early afternoon in Europe, benchmark U.S. crude for January delivery was down 16 cents at $92.14 a barrel in electronic trading on the New York Mercantile Exchange, having dropped $1.38 on Wednesday. Floor trading on the Nymex was closed Thursday for the Thanksgiving holiday, resulting in low trading volumes.Oil has declined from about $110 in [Read more]

First Nations relations a hurdle to $650B in oil and gas development for West

VANCOUVER - There are more than 600 major resource projects worth $650 billion planned in Western Canada over the next decade but relations with First Nations may be a major hurdle for those developments, says a new report by the Fraser Institute.Every one of those projects will affect at least one First Nations Community, said the report released Thursday by the right-leaning think tank based in Vancouver."There is not a single oil or gas project under proposal in Western Canada that does not [Read more]

Oil at 6-month low as U.S. spplies rise

BANGKOK - Oil consolidated at a six-month low Thursday after U.S. crude stockpiles rose for a tenth straight week.Benchmark U.S. crude for January delivery was down 10 cents at US$92.20 a barrel at early afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.38 to close Wednesday at $92.30.Oil has declined from about $110 in September due to a muted outlook for demand, high supplies and reduced tensions in the oil-rich Middle East.The Energy [Read more]

Bonterra faces possible tax bill of $25M

CALGARY - Bonterra Energy Corp. (TSX:BNE) is facing a possible tax reassessment that could result in the oil and gas producer owing as much as $25 million.Bonterra said Wednesday that it has been notified by the Canada Revenue Agency of the possible reassessment of taxation years since Nov. 18, 2008, when the company converted from an income trust to a corporation."If such reassessments are issued and maintained on appeal, Bonterra will owe total cash taxes of approximately $25 million for the [Read more]

MARKETING MACHINES! Feds spend $40M pitching natural resources

OTTAWA - The Conservative government is spending $40 million this year to advertise Canada's natural resource sector — principally oil and gas — at home and abroad.Natural Resources Minister Joe Oliver revealed the figure Wednesday as his department seeks another $12.9 million to augment an international campaign designed to portray Canada as a stable and environmentally responsible source of energy.That will bring NRCan's 2013-14 ad budget to about $40 million — $24 million for advertising [Read more]

U.S. ambassador, TransCanada president say ‘no thanks’ to Keystone XL opponents

WASHINGTON - Key Canadian representatives have turned down invitations to address a Washington summit organized by an environmental group leading the fight against the Keystone pipeline. U.S. ambassador Gary Doer and Russ Girling, president of TransCanada Corp., were issued written invites a few days before the planned event, called "Can Keystone Pass the President's Climate Test?" The Dec. 2 gathering at Georgetown University will include research on whether the proposed pipeline would [Read more]

Expert panel to probe oil sands technologies

OTTAWA - The federal government has asked a panel of experts to help catalogue and chart a way forward for technologies that can help reduce the environmental footprint of oil sands development.Natural Resources Minister Joe Oliver says he's asked the Council of Canadian Academies to turn its gaze on new and emerging technologies for extracting bitumen from the tar-like sands of Alberta.A 13-member panel will study what's currently working and has been asked to identify economic and regulatory [Read more]

Some progress in oilsands tech sharing, but still much to do: COSIA

CALGARY - Forget herding cats. The head of the Canadian Oil Sands Innovation Alliance says getting 13 oilsands firms to share technology with each other is more like herding lions and tigers. But Dan Wicklum says COSIA has made some progress since it was formally launched 21 months ago — though there's still a ways to go. Since COSIA's inception, Wicklum says 560 technologies that collectively cost $900 million to develop have been shared amongst Canada's biggest oilsands players and that [Read more]

Flood costs to offset Alberta budget gains, province reports higher oil royalties

EDMONTON - Finance Minister Doug Horner says Alberta's economy is doing much better than expected this year, but he says those gains will be offset by the costs of flood reconstruction. Horner made the comments as he revealed figures at the halfway point for the current budget year. The province had expected to run a deficit in day-to-day operational spending this fiscal year, but Horner says due to higher oil royalties, they're now running a $1 billion surplus. But Horner says even [Read more]