CALGARY - The company behind the Trans Mountain pipeline expansion says it has encountered technical issues which could mean a delay in the project's completion. In a statement on its website Monday, Trans Mountain Corp. says it needs additional time to determine the safest and most prudent actions for minimizing further delay. It says the technical issues were discovered between Jan. 25 and Jan. 27. Trans Mountain Corp. says it will not provide an interview. The company says it is [Read more]
AIMCo expresses interest in buying a stake in Trans Mountain pipeline
CALGARY - The Alberta Investment Management Corporation (AIMCo) has expressed an interest in purchasing a potential stake in the Trans Mountain pipeline. AIMCo CEO Evan Siddall said Thursday in an interview with BNN Bloomberg that the Trans Mountain pipeline is the type of Canadian infrastructure asset that the investment manager would consider if it is made available. AIMCo spokeswoman Carolyn Quick later confirmed the remarks in an email to The Canadian Press. The Trans Mountain [Read more]
U.S. Department of Justice preparing legal brief as both sides appeal Line 5 decision
WASHINGTON - The U.S. government has been asked to explain how a 1977 energy treaty with Canada would impact efforts to shut down the Line 5 cross-border pipeline. A forthcoming Department of Justice brief will mark the Biden administration's first official foray into the dispute between Calgary-based Enbridge Inc. and an Indigenous band in Wisconsin. The Seventh Circuit Court of Appeals wants the brief by Feb. 8, when it will hear oral arguments from Enbridge and the Bad River Band of [Read more]
Alberta oil output hits new record as producers ramp up for Trans Mountain completion
CALGARY - Alberta oil production hit an all-time record in November, as oilsands companies ramped up output to prepare for the imminent completion of the Trans Mountain pipeline expansion. The Alberta Energy Regulator says crude oil production in the province rose by 8.8 per cent in November to a new historic high of 4.2 million barrels per day. Alberta averaged 3.8 million barrels per day of oil production in the first eleven months of 2023, up 1.6 per cent from 2022 and five per cent [Read more]
Oil sector CEO compensation jumps double-digits amid surging profits: report
CALGARY - A new report says executive pay in the oil and gas sector is on a sharp rise as the sector continues its post-pandemic resurgence. The Bedford Consulting Group says total compensation for CEOs grew in almost all asset classes at 143 companies in Canada and the United States. Chief executives' total compensation ranged from a median $425,255 at companies with total assets under $100 million to $16.6 million at companies with total assets topping $30 billion. Five of the seven [Read more]
Hearing begins for Trans Mountain pipeline variance request
CALGARY - The Canada Energy Regulator is slated to hear oral arguments Friday from the company building the Trans Mountain pipeline expansion on its request for a pipeline variance. The Crown corporation behind the project has run into difficulties drilling through hard rock in B.C. and is asking permission to use a different size of pipe for a 2.3-kilometre stretch of pipeline. But the regulator previously denied that request, citing concerns around safety and pipeline integrity. Trans [Read more]
Saskatchewan to stop collecting carbon levy from natural gas and electrical heat
REGINA - The Saskatchewan government says its natural gas utility is to stop collecting the carbon levy as of Monday from residential customers. The move comes after Prime Minister Justin Trudeau exempted those who use home heating oil from paying the levy, mostly benefiting residents in Atlantic Canada. Saskatchewan asked for the exemption to cover all other forms of heating, but Ottawa denied the request. In response, the province said it would stop collecting the charge at the start of [Read more]
Gas tax paused in Manitoba, returns in Alberta at a lower rate
As one province pauses the gas tax to provide savings at the pumps, another is bringing it back. The Manitoba government says that starting Monday, motorists won't have to pay 14 cents per litre in fuel tax for the next six months. The province has said it introduced the measure to help motorists with inflation. Meanwhile, the Alberta government is reintroducing the gas tax after pausing it nearly two years ago. Starting Monday, motorists in Alberta can expect to pay a tax of nine [Read more]
Trans Mountain project costs ‘reasonably and justifiably incurred:’ Crown corporation
CALGARY - The company building the Trans Mountain pipeline has submitted evidence to support its claim that oil companies must pay more in tolls in light of the pipeline project's mounting costs. Trans Mountain Corp. says in a new regulatory filing that the increased costs of the pipeline expansion project were "reasonably and justifiably incurred." The Crown corporation has successfully applied for permission to charge oil shippers higher tolls once the pipeline expansion is operational, [Read more]
BP is the latest company to pause Red Sea shipments over fears of Houthi attacks
LONDON (AP) — Oil and natural gas giant BP has joined the growing list of companies that have halted their shipments through the Red Sea because of the risk of attack from Yemen's Houthi rebels, threatening a major trade route in what is expected to have global effects. London-based BP said Monday that it has “decided to temporarily pause all transits through the Red Sea,” including shipments of oil, liquid natural gas and other energy supplies. Describing it as a “precautionary pause," the [Read more]
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