OTTAWA - Donald Trump's re-election in the United States will not impact Canada's commitment to fighting climate change, Environment Minister Steven Guilbeault said Tuesday. Guilbeault is in Azerbaijan this week for the annual United Nations climate change conference, which includes discussions about each country's progress toward lowering their greenhouse gas emissions as committed under the Paris agreement. Trump withdrew the United States from that agreement during his first term and [Read more]
Federal government faces potential loss if Trans Mountain pipeline sold: PBO
OTTAWA - The Parliamentary Budget Officer estimates the Trans Mountain pipeline is worth less than it cost to build in an updated financial assessment of the controversial project. The budget watchdog says the pipeline could be worth between $29.6 billion and $33.4 billion, depending on what happens after the initial 20-year contracts expire. Meanwhile, the cost to build the pipeline that went into service in May came in at $34.2 billion, dramatically higher than the $7.4 billion estimate [Read more]
Pembina Pipeline seeing increased interest from potential Cedar LNG suppliers: CEO
CALGARY - Pembina Pipeline Corp. says it has seen an uptick in interest from potential long-term contracted natural gas suppliers since making a firm decision to go ahead with the Cedar LNG project. The Calgary-based pipeline company and its project partner, the Haisla First Nation, green-lit the US$4-billion facility in June. Pembina CEO Scott Burrows said Wednesday the positive final investment decision has given potential suppliers more confidence, and he expects the facility's [Read more]
Emissions cap puts methane in spotlight; industry says low-hanging fruit already gone
CALGARY - Oil and gas producers who have already made progress on lowering their methane emissions over the last decade say further large-scale reductions will be tougher to deliver. The federal government published new draft regulations Monday that would require oil and gas producers in Canada to cut total greenhouse gas emissions by about one-third over the next eight years. The bulk of the emissions from Canada's energy sector come in the form of CO2 pollution from Alberta's massive [Read more]
Oil, gas companies told to cut emissions by one-third under planned cap
OTTAWA - Oil and gas producers in Canada will be required to cut greenhouse gas emissions by about one-third over the next eight years under new regulations being published today by Environment Minister Steven Guilbeault. The regulations, still only in draft format and about two years behind schedule, could further strain relations between Ottawa and the Alberta government which recently launched a $7-million advertising campaign to "scrap the cap." For the Liberals, the regulations fulfil [Read more]
Precision Drilling expects rig demand growth with LNG Canada startup
CALGARY - Canada's largest drilling rig company said it will be closely watching the startup of this country's first liquefied natural gas export facility after being caught off guard by the dramatic increase in drilling that took place following the opening of the Trans Mountain pipeline expansion. Precision Drilling Corp. is Canada's largest drilling rig contractor, and as such, serves as a barometer for the overall health of the country's energy sector. CEO Kevin Neveu told analysts on [Read more]
Alberta applying for a judicial review of federal carbon price, calling it unfair
EDMONTON - Premier Danielle Smith says Alberta has applied for a judicial review of Ottawa's exemption of the carbon levy on home heating oil. She says it's "blatantly" unfair to Albertans who rely on natural gas to heat their homes and that relief can’t wait with cold winter weather coming. Alberta Justice Minister Mickey Amery says it took about a year for the province to assemble its legal argument and he expects it to take another year to work its way through court. Amery says [Read more]
Natural gas producers await LNG Canada’s start, but will it be the fix for prices?
CALGARY - Natural gas producers in Western Canada have white-knuckled it through months of depressed prices, with the expectation that their fortunes will improve when LNG Canada comes online in the middle of next year. But the supply glut plaguing the industry this fall is so large that not everyone is convinced the massive facility's impact on pricing will be as dramatic or sustained as once hoped. As the colder temperatures set in and Canadians turn on their furnaces, natural gas [Read more]
Text of the Bank of Canada’s latest interest rate decision
OTTAWA - The Bank of Canada cut its key policy rate by 50 basis points on Wednesday to take it to 3.75 per cent. Here is the text of the central bank's decision: The Bank of Canada today reduced its target for the overnight rate to 3.75 per cent, with the Bank Rate at four per cent and the deposit rate at 3.75 per cent. The Bank is continuing its policy of balance sheet normalization. The Bank continues to expect the global economy to expand at a rate of about three pre cent over the next [Read more]
Investing in oil and gas still important, IEA deputy head tells Calgary crowd
CALGARY - The deputy executive director of the International Energy Agency says investments in oil and gas production are important and must continue in tandem with increased investment in renewable and clean technologies. Mary Burce Warlick made the comments in Calgary, in a speech just a week after the Paris-based IEA released its most recent forecast for global energy demand. The IEA said in that forecast that demand for all three fossil fuels — coal, oil and gas — is set to peak by the [Read more]
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