BOE Report

CNOOC begins trading on the TSX

TORONTO - The Chinese state-controlled company that acquired Calgary-based Nexen in a landmark $15.1-billion takeover, CNOOC Ltd., began trading on Canada's largest stock market Wednesday.CNOOC's share-substitutes, known as American depository receipts, have the symbol CNU on the Toronto Stock Exchange. Each ADR is the equivalent of 100 common shares of CNOOC Ltd., which has its primary listing in Hong Kong."Canada became an important investment destination for CNOOC Limited following our [Read more]

Greenpeace says 2 activists held in Russian Arctic

MOSCOW — The environmentalist group Greenpeace says two of its activists have been arrested after climbing onto an oil platform in Russia’s Arctic waters. It claims warning shots were fired across the organization’s ship. A Greenpeace statement says the arrests were made Wednesday in the Pechora Sea, a section of the Barents Sea. The activists, who climbed a platform belonging to state gas company Gazprom, are being held on a Russian Coast Guard ship, according to Greenpeace. The statement [Read more]

Alaska asks ConocoPhillips to reopen LNG plant

ANCHORAGE, Alaska - The state of Alaska is asking ConocoPhillips to reopen its liquefied natural gas plant on the Kenai Peninsula.Acting Natural Resources Commissioner Joe Balash in a letter to ConocoPhillips President Trond-Erik Johansen asks that the company apply for a three-year license to export LNG from the plant.ConocoPhillips announced in March that it would not seek an extension of its export license but might do so if local gas market needs were met and there was enough gas to [Read more]

Lethbridge oil drilling concerns city council

CALGARY - A junior energy company's plans to drill for oil on an undeveloped parcel of grassland in Lethbridge, Alta., is running into opposition from city hall.City council voted unanimously last fall to oppose any new oil and gas development within municipal boundaries. It reiterated that view this week when it got wind a small Calgary-based concern named Goldenkey Oil Inc. was about to begin public consultations.Council is concerned drilling could affect growth plans for the city of 90,000. [Read more]

Alison Redford dismisses dismisses celebrity oilsands critics

EDMONTON - Alberta Premier Alison Redford is dismissing recent critical comments on the oilsands from singer Neil Young and actor Robert Redford.Young and Redford have denounced the oilsands as a blight on the environment and too high a price to pay for the oil it produces.The premier, speaking to reporters from China, says celebrities have made those kinds of comments before and will again.She says the comments lack credibility, given that the celebrities denounce the very resource which allows [Read more]

Study measuring methane leaks at fracking wells doesn’t see big global warming implications

WASHINGTON - A new study finds that the process of drilling and fracking for natural gas doesn't seem to spew immense amounts of the greenhouse gas methane into the air, as has been feared.This bolsters a big selling point for natural gas, that it's not as bad for global warming as coal. And it undercuts a major environmental argument against fracking, a process that breaks apart deep rock to recover more gas. The study doesn't address other fracking pollution concerns.The results, which [Read more]

AltaGas to acquire 25 per cent Petrogas stake

CALGARY (Canadian Press) - AltaGas Ltd. is buying a 25 per cent stake in privately held Petrogas Energy Corp. in a deal it says will help it move natural gas liquids and crude oil to North American markets.Petrogas has more than 1,500 rail cars and 24 rail and truck terminals. It also has major terminal and storage facilities with rail access at key energy hubs in Alberta, Ontario and the United States. "Our investment in Petrogas provides strategic alignment with a major North American [Read more]

TransCanada reaches revised deal with Enbridge, Gaz Metro and Union Gas

TORONTO (Canadian Press) - Several Canadian pipeline companies have struck a deal that they say has resolved a dispute over how key infrastructure is shared in the Greater Toronto Area.A joint announcement says that TransCanada (TSX:TRP) has reached a revised agreement with Enbridge (TSX:ENBZ), Gaz Metro and Union Gas, which operate major gas distribution systems in Ontario and Quebec.The agreement includes a revised framework for tolls on TransCanada's mainline and the proposed Kings North [Read more]

Alberta’s auditor general will probe oil pipeline safety, rule enforcement

EDMONTON (Canadian Press) - Alberta's auditor general is going to take a deeper look at the safety of oil and natural gas pipelines in the province.Merwan Saher said his audit will examine pipeline inspections and will look at how well companies are following government pipeline regulations and how well provincial regulations are being enforced."I wish to inform you that we will initiate such an audit as soon as reasonably possible," Saher wrote in letters to Alberta's opposition Wildrose and [Read more]

Visit to environmentally friendly oilsands not on Neil Young’s agenda: filmmaker

CALGARY (Canadian Press) - A filmmaker says Neil Young's trip to Alberta's oilsands seemed more about showcasing the Canadian singer's eco-friendly car for a documentary than about learning about the industry. Tim Moen has lived in Fort McMurray for 13 years and was contacted by Young's production company, Shakey Pictures, to shoot aerial footage. Moen said he spent a couple of hours in a helicopter last week mainly shooting Young's hybrid 1959 Lincoln Continental driving on the highway [Read more]