CALGARY - A new survey shows nine out of 10 Canadian energy sector executives believe oil prices will remain strong for the next three to five years. The survey, conducted between April 5 and April 18 by ATB Financial, polled 80 executives representing oil and gas exploration and production companies, energy services companies and institutional investors. Ninety-one per cent of the executives polled said they anticipate the West Texas Intermediate benchmark crude price to average above [Read more]
Suncor leasing oil tanker ships to carry crude from Trans Mountain pipeline expansion
CALGARY - Suncor Energy Inc. says it is leasing and operating a number of Aframax oil tanker ships to carry crude from the recently completed Trans Mountain pipeline expansion to Pacific markets. The company says leasing and operating the tankers itself means Suncor saves on shipping costs. Dave Oldreive, Suncor's executive vice-president responsible for refining, sales and marketing, says the company expects the crude oil loaded off the Trans Mountain pipeline onto tanker ships at the [Read more]
MEG Energy says Trans Mountain expansion will boost Canadian oil prices ‘for years’
CALGARY - Intermediate oilsands producer MEG Energy Corp. expects the recently completed Trans Mountain pipeline expansion will boost Canadian oil prices for years to come. MEG's vice-president of marketing Erik Alson made the comments Tuesday on a conference call with analysts. He said he expects the difference between the benchmark U.S. oil price and the price Canadian oilsands producers receive for their crude will remain narrow for years, thanks to the additional export capacity [Read more]
Parkland says lots of buyer interest in its fuel, convenience store locations
CALGARY - Fuel retailer Parkland Corp. says the 157 Canadian fuel and convenience store locations it has put up for sale are generating a great deal of interest from prospective buyers. The Calgary-based company is aiming to divest the stores as part of its efforts to optimize its network. The locations for sale include ones operated under the Chevron, Ultramar, Pioneer and FasGas brands as well as the On the Run convenience store banner. Most are in Quebec and Ontario, with the balance [Read more]
LNG company’s plan for floating work camp is rejected by Squamish, B.C.
SQUAMISH, B.C. - Plans to use a renovated cruise ship to house more than 600 workers as they build a liquefied natural gas facility near Squamish, B.C., have been voted down by the local council. The ship arrived in B.C. waters in January after a 40-day journey from Estonia, where it had sheltered Ukrainian refugees, but Woodfibre LNG didn't obtain a permit from the district to operate the so-called "floatel." Squamish councillors voted three to four against a one-year permit at a meeting [Read more]
Trans Mountain pipeline expansion gets green light to open for May 1
CALGARY - The Trans Mountain pipeline expansion is complete and the Canada Energy Regulator has given the go-ahead for the project to open. The regulator says it has approved the last remaining "leave to open" applications submitted by Trans Mountain Corp. Approval of these applications was required before the expanded pipeline could begin shipping oil. The pipeline expansion project took four years to construct and racked up a total cost of more than $34 billion. It twins the existing [Read more]
As TMX enables record oil output, First Nations hope for new chapter
FORT MCMURRAY, Alta. - Some Indigenous communities in northern Alberta hope the Trans Mountain pipeline expansion will mark the start of a new chapter in their relationship with Canada's oilsands industry. The $34 billion pipeline project from Alberta to the B.C. coast promises improved access to export markets for oilsands producers, which are forecast to achieve all-time-high output this year. The pipeline's expected opening on May 1 is a big deal for the Fort McKay First Nation, located [Read more]
Trans Mountain pipeline project ushers in new era for oilsands hub Fort McMurray
FORT MCMURRAY, Alta. - As the urban centre at the heart of Canada's oilsands industry, Fort McMurray has seen more than its share of ups and downs. A decade and a half ago, the northern Alberta community was this country's most famous boom town. High oil prices helped to drive unprecedented demand for the thick, viscous bitumen that lies beneath the earth's surface here, and workers flocked from around the world to cash in on the bonanza. Then crude prices crashed, layoffs began, and the [Read more]
Freeland says $5 billion just a start for Indigenous loan guarantee program
TORONTO - The $5-billion announced for an Indigenous loan guarantee program in last week's budget is just a start, said Deputy Prime Minister Chrystia Freeland. "Nothing would make me happier than seeing that $5-billion oversubscribed and needing to put in place even more," she said, speaking to media at the First Nations Major Projects Coalition conference in Toronto on Tuesday. The program is designed to help Indigenous communities buy equity in natural resource and energy projects by [Read more]
TC Energy reduces pressure on pipeline segment as rupture investigation continues
CALGARY - TC Energy Corp. says it has reduced the pressure on a segment of its NGTL pipeline system in Alberta while an investigation continues into the cause of a rupture that occurred earlier this week. The Calgary-based pipeline company says it made the decision to reduce pressure on the segment out of an "abundance of caution," and in consultation with the Canada Energy Regulator. The rupture that occurred on a section of the NGTL natural gas pipeline system on Tuesday sparked a [Read more]
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