CALGARY - TC Energy Corp. has applied for regulatory approval for a potential minority interest sale of its Nova Gas Transmission Ltd. (NGTL) system. No transaction has been announced, but the Calgary-based pipeline company says in its application that it wants to complete a restructuring in order to facilitate potential future minority ownership of the system, including possible participation from Indigenous groups. The NGTL system transports natural gas production from Alberta and [Read more]
Trans Mountain pipeline project runs into fresh construction-related hurdle
CALGARY - The Trans Mountain oil pipeline expansion project has run into another construction-related hurdle that could delay its completion. The crown corporation that owns the pipeline has filed for regulatory approval to modify the route of one of the remaining stretches of pipe yet to be completed. In its regulatory filing, Trans Mountain Corp. said it has run into engineering difficulties related to the drilling of a tunnel in B.C. It wants to alter the route slightly for a [Read more]
Suncor has been too focused on energy transition, must get back to fundamentals: CEO
CALGARY - The man hired to turn around the flagging fortunes of Suncor Energy Inc. said Tuesday he believes the company has been too focused in recent years on the energy transition and must get back to an oil-centred business strategy. CEO Rich Kruger, who took the reins at the Calgary-based energy giant this spring, told analysts on a conference call that the company's board of directors agrees with him that a "revised direction and tone" at the company is necessary. He said he believes [Read more]
Feds try to reclaim $347 million insurance payout to Suncor linked to Libya unrest
VANCOUVER - The federal government is trying to reclaim $347 million in insurance paid to Suncor Energy Inc. in the wake of political unrest in Libya. In a ruling this week, a Federal Court judge says the oil giant claimed $300 million in risk mitigation payments for losses linked to Libyan energy assets after fighting between rival political factions spread to the country's oil crescent region in 2015. But Export Development Canada, which insures against losses caused by political [Read more]
Staff at lodge for LNG workers in Kitimat, B.C., win 40% pay bump, averting strike
KITIMAT, B.C. - Employees at a lodge housing workers for LNG Canada's under-construction facility in Kitimat, B.C., have won wage increases of up to 40 per cent, averting a strike. The workers' union, Unite Here Local 40, says in a statement the new deal was reached after mediation with the employer at the BC Labour Board. It says the 450 hospitality workers at Cedar Valley Lodge unanimously voted in favour of ratifying the new contract on Saturday. The union says the agreement means [Read more]
Ottawa reveals conditions for allowing future fossil fuel subsidies
MONTREAL - Ottawa is restricting the conditions under which it will allow subsidies to the fossil fuel industry. The federal government has released guidelines that will limit when public funds are used to support oil and development. Subsidies will be allowed if they support clean energy as well as projects that reduce their greenhouse gas emissions or have a credible plan to achieve net zero by 2030. Subsidies aiding Indigenous involvement in the industry will continue, as will those [Read more]
Canada set to end domestic subsidies for unabated fossil-fuel production
OTTAWA - The Liberal government is expected next week to finally fulfil a promise Canada made 14 years ago to end federal subsidies that aid in the production of fossil fuels. Environment Minister Steven Guilbeault says the policy directive will be similar to the one last year ending most of Canada's public financing for international fossil-fuel projects. That means going forward, fossil-fuel projects could only receive federal funding if the government could square them with Canada's [Read more]
Deloitte report forecasts oil prices to rise modestly over next three months
CALGARY - A report by Deloitte Canada forecasts crude oil prices will increase modestly over the next three months. The report by the firm's resource evaluation and advisory group says lower supply will begin to drain global crude inventories. Production cuts, including Saudi Arabia's recent announcement of an additional cut of one million barrels a day, should help to prop up prices despite weaker demand, the report says. Deloitte also says that seasonally high natural gas storage [Read more]
Mitigation efforts continue at Suncor in wake of cyberattack
CALGARY - Canada's top technical authority on cybersecurity says it is working closely with Suncor Energy Inc. in the aftermath of a high-profile systems breach at the energy giant. The Canadian Centre for Cyber Security says it can't disclose details of the cybersecurity incident that caused payment systems at many of Suncor's Petro-Canada locations across the country to go down last week. Sami Khoury, head of the centre — which leads Canada's federal response to cybersecurity incidents — [Read more]
Petro-Canada payments systems largely restored in wake of cyberattack: Suncor
CALGARY - Suncor Energy Inc. says it is making progress in resolving the customer disruptions that have occurred this week in the wake of a cyberattack against the oil and gas company. The Calgary-based company says debit and credit transactions are once again available at most of its Petro-Canada retail sites. Many Petro-Canada locations across the country have been cash-only for several days due to what Suncor has described as a "cybersecurity incident." The security breach also [Read more]
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