BOE Report

US oil slips further closer to $94 after 4-month low

The price of oil slipped closer to $94 a barrel Monday after falling more than 7 percent in the past month on ample supplies and muted demand. By early afternoon in Europe, benchmark U.S. crude for December delivery was down 31 cents to $94.30 in electronic trading on the New York Mercantile Exchange. The contract dropped $1.77 to a four-month low of $94.61 on Friday. "Oil prices are finding themselves hardly able at all to recoup any of the losses they suffered last week," Frankfurt-based [Read more]

Protesters set up fracking rig on Christy Clark’s front lawn

VANCOUVER - Opponents of the British Columbia government's liquefied natural gas plans set up a three-metre mock fracking rig on the premier's front lawn on Sunday, as Premier Christy Clark prepares for a trade mission to Asia to sell the province's LNG potential. A small group from Rising Tide Vancouver Coast Salish Territories set up the mock rig and promised more protests to come in the western province as the provincial government is set to pursue a massive expansion of the LNG [Read more]

Oil truck leaks crude on Alberta highway; police say driver forget to shut valve

KITSCOTY, Alta. - RCMP say a number of vehicles were covered with oil and needed a cleaning after a tanker truck leaked crude on an east-central Alberta highway.Mounties say the oil truck was leaking for about an 11-kilometre stretch on the Yellowhead Highway near Kitscoty.They say it appears the driver had failed to properly close a valve on the tanker.There were no collisions or injuries reported, although police say the amount of oil leaked in some areas was significant.Charges have been laid [Read more]

Police-car-burning shale gas protesters in New Brunswick being mistreated, lawyer says

MONCTON, N.B. - A lawyer representing shale gas protesters who were arrested at a demonstration near Rexton, N.B., two weeks ago says they have been poorly treated by police and the justice system.Alison Menard says some of the people still in custody have not been able to access their legal counsel or get personal hygiene products.The province's Justice Department could not be immediately reached.Menard and many of the protesters gathered on the steps of a courthouse in Moncton today to express [Read more]

Oil extends drop toward $96 a barrel

LONDON - The price of oil continued to fall on Friday as concerns over high supplies offset a report showing China's power-hungry manufacturing sector is strengthening.Benchmark U.S. crude for December delivery was down 14 cents at $96.24 a barrel by late morning in Europe in electronic trading on the New York Mercantile Exchange. The contract fell 39 cents on Thursday, leaving it down 5.8 per cent for the month of October.Ample supplies of crude have weighed on the price in recent weeks. The [Read more]

Costs are top of mind as Fort Hills project moves ahead

CALGARY - Suncor Energy Inc. says it will draw from its own deep experience in Alberta's oilsands — and learn from some of the pitfalls of its peers — as it aims to keep a lid on costs at its newly sanctioned Fort Hills oilsands mine."We know that projects have been difficult in this region," said Suncor CEO Steve Williams on a conference call Thursday. "We've been learning these lessons over a number of years."Indeed, Williams noted Suncor (TSX:SU) has spent $20 billion in the oilsands region [Read more]

Energy company granted permits to drill for natural gas in Nova Scotia

HALIFAX - An energy company has been granted permits to drill two tests wells for natural gas in Nova Scotia.Provincial Energy Minister Andrew Younger says East Coast Energy has met all regulatory requirements to carry out its work at the Foord coal seam in Pictou County at a depth of 540 metres.The company has submitted an emergency response plan and must provide daily reports to the province's Energy Department once drilling begins.The drilling is expected to take place over 30 to 40 days. [Read more]

New Brunswick Premier won’t meet with shale gas protesters, says there’s no point

FREDERICTON - New Brunswick Premier David Alward says he has no plans to visit a traditional First Nation longhouse that has been erected across the street from the provincial legislature to protest shale gas exploration. Alward said he doesn't see what would be achieved by meeting with Chief Candice Paul of the St. Mary's First Nation. "Chief Paul has made it quite clear where her position is on resource development and at this point in time I don't see what would be gained," Alward said [Read more]

TransForce exiting the Canadian oil rig moving business to focus on U.S.

MONTREAL - Trucking and courier company TransForce is getting out of the rig-moving business in Canada early next year as it tries to stem losses by focusing on its growing U.S. operations. "It's a tough market; the pricing pressure is very, very hard there on the rig-moving side," CEO Alain Bedard said Wednesday in a conference call to discuss its third-quarter results. The move will reduce annual revenues by up to $25 million but also cut losses. It sold $5 million in equipment in the [Read more]

Athabasca confident on Dover oilsands sale, Duvernay joint venture

CALGARY - Athabasca Oil Corp. says it's optimistic it will be able to sell its stake in the Dover oilsands project to its Chinese partner, despite recent setbacks, as well as land joint-venture deals for some of its other holdings. But, should those efforts fail, the Calgary-based company said Wednesday it is prepared to sharply reduce spending and pursue other measures to stay afloat. On October 18, Alberta's highest court gave an aboriginal group the right to appeal a regulatory decision [Read more]