BOE Report

Encana cutting workforce by 20 per cent, slashing dividend in new strategy

CALGARY - Canadian natural gas giant Encana Corp. says it will cut its workforce by 20 per cent, slash its dividend, close its office in Plano, Texas, and spin off a large portion of its Alberta assets into a new public company. Encana didn't say how many jobs will be cut during the reorganization but said it would consolidate its office locations in Calgary and Denver. As of late 2012 it had about 650 corporate staff out of a total workforce of nearly 4,200 in Canada and the United [Read more]

Alberta PC Minister: OIL SUCKING THE LIFE OUT OF ALBERTA

EDMONTON - Alberta Municipal Affairs Minister Doug Griffiths took some heat in the legislature Monday for recent comments saying the province's oil and gas wealth "sucks the life" out of everything else in the province."Why was the minister out there (in Prince Edward Island) saying that the energy sector sucks the life out of every other aspect of Alberta instead of promoting the very many national benefits of the (proposed) Energy East pipeline?," Wildrose Leader Danielle Smith asked during [Read more]

New Brunswick unveils new natural gas royalty plan to chagrin of critics

FREDERICTON - New Brunswick has released a new royalty plan for natural gas that the province's energy minister says will encourage exploration and give the province a greater share of profits.But industry opponents say they fear the government is forging ahead without listening to their concerns, particularly over shale gas development.Craig Leonard said it was necessary to come up with a new royalty regime."We needed to get the regime in place so industry could see what it would be costing for [Read more]

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]