BOE Report

Oilsands area largely intact, says report

EDMONTON - A report by an environmental monitoring agency has found the variety of plants and animals in the oilsands area is largely healthy. But the Alberta Biodiversity Monitoring Institute, funded by industry and government, has found that animals that prefer old-growth forests, such as marten, are deserting the region in favour of those such as coyotes, which are found everywhere. The institute found that the oilsands area is still about 94 per cent intact when it comes to what's [Read more]

Oil gains on strong US growth; natural gas soars

NEW YORK - The price of oil edged higher Thursday as the U.S. economy grew more than expected in the third quarter.Benchmark U.S. crude for January delivery rose 18 cents at $97.38 a barrel on the New York Mercantile Exchange. Oil rose near $98 for the first time in five weeks before falling back a bit. Oil is still up $4.66 a barrel, or 5 per cent, this week.Meanwhile, natural gas rose to the highest level in six months as the Energy Department reported a large decline in supplies and cold [Read more]

Sturgeon Refinery still a good deal, NWU says

CALGARY - The chairman of North West Upgrading Inc. says a government-backed bitumen refinery being built near Edmonton can still turn a tidy profit, despite a major cost overrun and delay.Ian MacGregor says he was surprised and disappointed when he learned the pricetag of the refinery — part of a partnership with oil giant Canadian Natural Resources Ltd. (TSX:CNQ) — would be 50 per cent higher than the original estimate of $8.5 billion.But MacGregor says companies can make a $45-per-barrel [Read more]

Report urges government work with aboriginals

VANCOUVER - A report commissioned by the federal government in an attempt to resolve an impasse with British Columbia First Nations over energy projects says trust and reconciliation need to be established between aboriginals and governments.The report by Doug Eyford says most First Nations communities in B.C. and Alberta see the value and economic opportunity in energy developments — but they want that development done in an environmentally sustainable way that acknowledges their [Read more]

Oilsands upgrader cost rises; startup delayed

CALGARY - A partnership that plans to build an oilsands refinery northeast of Edmonton says the cost of the project has risen $8.5 billion.North West Redwater Partnership also said in a news release Wednesday that the startup date for its bitumen upgrader has been pushed back to September 2017 from mid-2016.When the project was approved in November 2012, the cost was estimated at $5.7 billion.The partnership, made up of North West Upgrading Inc. and Canadian Natural Upgrading Limited, a wholly [Read more]

Suncor eyeing ‘material presence’ in Norway

CALGARY - Suncor Energy Inc. (TSX:SU) hopes to build a "material presence" in offshore Norway, its senior vice president of exploration and production said Wednesday.But Francois Langlois said Suncor, best known as a dominant oilsands producer, is in no hurry to grow its interests in the international and offshore spheres."It's not urgent that we do this. We're not pressured in being a high-risk explorer that throws a lot of money at exploration," Langlois said on Suncor's investor day [Read more]

Oil above $97 a barrel as US supplies decline

The price of oil rose for a fourth straight day as the government reported the first drop in crude oil supplies in 11 weeks.Benchmark crude oil for January delivery rose $1.16 to $97.20 a barrel on the New York Mercantile Exchange. Oil has gained $4.90 a barrel, or 5.3 per cent, over the past four trading sessions.The Energy Department said Wednesday that crude oil supplies decreased by 5.6 million barrels, or 1.4 per cent, last week, breaking a streak of 10 consecutive weekly increases. The [Read more]

Nova Scotia to ban import of fracking waste

HALIFAX - Nova Scotia won't be accepting waste water from hydraulic fracturing done outside the province under legislation introduced Monday.Environment Minister Randy Delorey said the proposed ban is appropriate given there is a moratorium on fracking in Nova Scotia while an independent review of the process is underway.The review is being led by Cape Breton University president David Wheeler and findings are expected to be released in the spring.Delorey said the legislation shouldn't have to [Read more]

Lubicon First Nation files suit against PennWest

An Alberta First Nation that has been fighting for a reserve for decades has asked for an injunction against a Calgary energy company to stop drilling on lands the group seeks to claim.The lawsuit, filed by the Lubicon First Nation against PennWest Exploration (TSX:PWT), seeks to stop all fracking activity on lands around Haig Lake."We're trying to get an injunction to have them vacate the premises and cease all activities there," said Lubicon lawyer James O'Reilly from Montreal. "That area is [Read more]

Ex Harper appointee in Washington: Canada ‘rogue state’ on environment, urges US to BLOCK Keystone

WASHINGTON - A former Harper government appointee has used a keynote speech at a Washington, D.C., event to trample the Canadian government's message on oil pipelines. Mark Jaccard was one of the first people nominated by the Conservatives to the environmental file, when he was named in 2006 to the now-defunct National Round Table on the Environment and the Economy. The environmental economist now has delivered a lengthy rebuke of Canada's climate-change performance at an event near the [Read more]