BOE Report

Alberta securities watchdog accuses Poseidon Concepts of obstruction of justice

CALGARY - The Alberta Securities Commission is accusing Poseidon Concepts Corp. of obstruction of justice, alleging that the troubled Calgary-based firm altered the minutes of board of director and audit committee meetings before handing them to the watchdog.In March, Poseidon was ordered to provide the signed minutes of meetings held between Nov. 1, 2011 and Feb. 28, 2013. A month later, the company sent over electronic copies of the documents."The minutes provided to staff were altered from [Read more]

BC offers $116 million LNG royalty credits

VICTORIA - The B.C. government is offering royalty credits of almost $116 million to help companies build roads and pipelines for the natural gas industry in the province's northeast.The announcement comes on the same day as the release of a major environmental report urging the government to stick to its pledge to build the cleanest liquefied natural gas industry in the world.The Tides Canada report says the current plans by the LNG industry would will emit three-times more carbon into the [Read more]

Oil falls toward $104 a barrel as Syria risk fades

The price of oil slipped closer to $104 a barrel Monday despite positive economic news out of China and Europe, as the risk premium associated with the Syrian crisis diminished. By early afternoon in Europe, benchmark oil for November delivery was down 34 cents to $104.41 in electronic trading on the New York Mercantile Exchange. On Friday, the now expired contract for October delivery dropped $1.72 to close at $104.67. Analysts said the apparent progress being made in the elimination of [Read more]

Keystone foes celebrate barn in project’s path

YORK, Neb. — Opponents of the Keystone XL oil pipeline celebrated the completion of a barn built in the project’s expected path on Sunday while U.S. officials continue to weigh whether to approve the pipeline. Pipeline opponents planned several events to thank volunteers and mark the completion of the solar- and wind-powered barn. Billionaire investor and philanthropist Tom Steyer was scheduled to speak at Sunday’s dedication ceremony. Steyer has spent more than $2 million fighting the [Read more]

CN, feds eyeing oil by rail to Prince Rupert, B.C., in same quantity as Gateway

OTTAWA - CN Rail, at the urging of Chinese-owned Nexen Inc., is considering shipping Alberta bitumen to Prince Rupert, B.C., by rail in quantities matching the controversial Northern Gateway pipeline, documents show.Internal memos obtained by Greenpeace under the Access to Information Act show the rail carrier raised the proposal last March with Natural Resources Canada."Nexen Inc. is reportedly working with CN to examine the transportation of crude oil on CN's railway to Prince Rupert, B.C., to [Read more]

Debate over fracking heats up on Newfoundland west coast

ST. JOHN'S, N.L. - Alberta resident Jessica Ernst is warning Newfoundland about the risks of hydraulic fracturing, saying she blames the contentious fracking process for making her well water flammable."It does ignite like a blow torch," she said from her rural home near Rosebud, Alta. "It's too dangerous to even use to flush toilets. One spark could cause the gas to ignite and cause a serious explosion."Ernst will visit Stephenville, N.L., on Sunday to convey what she says is a cautionary tale [Read more]

Power dip forces Edmonton refineries to flare gas, smoke prompts air quality advisory

EDMONTON - Health officials in northern Alberta have issued an air quality advisory after a power failure forced refineries in the Edmonton area to flare off extra gas, creating clouds of thick black smoke.Alberta Health Services says the advisory is precautionary, and applies to people with pre-existing respiratory conditions such as asthma, or heart conditions.Good, clean #Edmonton refinery air blowing straight into Sherwood Park. #yeg #shpk #oilsands #oilandgas [Read more]

Manitoba wants brakes on plan to ship oil north

WINNIPEG - The Manitoba government says a rail company's plans to start transporting oil across hundreds of kilometres of remote rail line built on permafrost is too risky to the environment and the safety of those who live in the north. NDP Transportation Minister Steve Ashton said in light of the deadly train derailment in Lac Megantic, Que., earlier this year, Manitoba can't support the shipment of crude oil through its fragile northern environment to the port in Churchill."Lac Megantic was [Read more]

‘Tremendous’ uncertainty for OPEC, consultant tells Global Business Forum

BANFF, Alta. - The Organization of Petroleum Exporting Countries is facing a period of "tremendous" uncertainty, which could have a major impact on the global economy, according to a veteran oil industry consultant.In his 35 years watching oil markets — for Saudi Aramco, ExxonMobil, and now as an independent consultant — Yousuf Habib said he's never seen the "confluence of factors" that's adding to the uncertainty he sees over the horizon for the cartel of 12 major global oil [Read more]

BC premier meets with northern leaders about LNG revenue sharing deal

VANCOUVER - Municipal politicians in British Columbia's North are facing the exact opposite problem that beset them only a few years ago, as the forestry industry declined.Instead of worrying about sluggish economic growth and a fleeing tax base, they are now concerned about overcrowded hospitals, not enough schools and old, over-stretched infrastructure as a new gold rush of liquefied natural gas development promises a population explosion.Premier Christy Clark gathered several northern [Read more]