CALGARY - Canadian oil and gas companies are singing from the same songbook in the lead-up to the 2023 federal budget, and its title is the Inflation Reduction Act. The U.S. legislation, signed into law by U.S. President Joe Biden in August of last year, has been brought up again and again in recent weeks by industry leaders jockeying for support for emissions reductions projects. Whether folks like it or not, you’re really competing against the IRA," said Enbridge Inc. CEO Greg Ebel [Read more]
Oil and gas investment in Canada to hit $40 billion in 2023, industry group says
CALGARY - The Canadian Association of Petroleum Producers says it expects investment in oil and natural gas production in this country to hit $40 billion this year. The industry group says that's 11 per cent higher than last year and also surpasses pre-COVID-19 pandemic levels. Upstream oil and natural gas investment in Canada reached a low of $22 billion in 2020, as prices collapsed due to the pandemic. CAPP says conventional oil and natural gas capital investment for 2023 is forecast [Read more]
Oil well cleanup program listed as ‘key objective’ in Alberta’s pre-election budget
EDMONTON - Alberta Premier Danielle Smith's last budget before an expected spring election gives strong support to a proposed tax break for energy companies to fulfil their legal cleanup duties but doesn't tell voters how much would be spent on it. The budget, tabled in the legislature Tuesday, lists "liability management" as a key priority for both Alberta Energy and Alberta Environment and Protected Areas. That phrase is how the United Conservative Party government now refers to a widely [Read more]
Alberta set to deliver final budget before expected provincial election in May
EDMONTON - It’s budget day in Alberta — the last before an expected provincial election in May. Finance Minister Travis Toews is to unfurl the spending document as the legislature begins its spring sitting. The expectation is another multibillion-dollar surplus generated by strong oil and gas revenues coupled with higher payouts from maturing oilsands operations. The province is expected to take in $12.3 billion in the current fiscal year that ends in just over a month. Premier [Read more]
Alberta expecting another gusher in budget ahead of provincial election
EDMONTON - Alberta is scheduled to introduce its budget Tuesday — the last before a spring provincial election — with political observerswondering what the province will do with all its billions of extra petrodollars. “Any budget that’s leading into an election is always one that contains quite a few goodies,” said University of Calgary economist Trevor Tombe. “Combine that with a government with significantly higher resource royalties than planned, and you have a lot of scope for big [Read more]
Ukraine war shook up markets, but much stays the same for Canadian oil and gas
CALGARY - When Russian tanks and troops rolled into Ukraine one year ago, it was no shock that crude prices spiked above US$100 per barrel for the first time since 2014. With Russia controlling 10 per cent of the world's crude oil supply, many observers in the early days of the conflict predicted the war and Western sanctions against Russia could disrupt energy markets for years to come. So it is surprising, 12 months later, that oil prices on the one-year anniversary of Russia's invasion [Read more]
Judge grants motion by state of Michigan to appeal key decision in Line 5 dispute
WASHINGTON - The U.S. judge presiding over Michigan's bid to shut down the Line 5 pipeline has agreed to let the state appeal a key ruling even though the case remains unresolved. District Court Judge Janet Neff has granted a motion from Michigan Attorney General Dana Nessel, clearing the way for what's known as an interlocutory appeal. Nessel is challenging the August 2022 decision by Neff to keep the case in federal court, a critical blow to Michigan's effort to shut down the [Read more]
Swinging oil prices will continue, and provinces like N.L. can gain
ST. JOHN'S, N.L. - As the COVID-19 pandemic sent oil prices plummeting to historic lows, emails obtained by The Canadian Press show Newfoundland and Labrador was quietly bracing for two of its offshore oilfields to be abandoned by their owners. And as the province watches those same companies this year report staggering profits, experts say fossil fuel-producing provinces like Newfoundland and Labrador should get used to the whiplash — and use it to better protect themselves. "We're going [Read more]
TransAlta to buy interest in Alberta pumped hydro energy storage development for $8M
CALGARY - TransAlta Corp. says it will acquire a 50 per cent interest in an early-stage pumped hydro energy storage development project in southwest Alberta. The Calgary company says Montem Resources Limited currently owns the Tent Mountain Renewable Energy Complex the two companies will jointly manage with TransAlta acting as project developer. Under the deal, TransAlta will pay Montem about $8 million, when the deal closes, with additional payments of up to $17 million contingent on the [Read more]
Alberta appoints oilpatch veterans to advise government on province’s energy future
EDMONTON - Premier Danielle Smith will turn to a panel of five oilpatch veterans to advise her government on the future of Alberta's energy industry. The panel will be chaired by David Yager, a longtime writer on the oilpatch. Yager was also a former political candidate for the Wildrose Party, one of the groups that came together to form the United Conservative Party that Smith now leads. The other members of the panel include Hal Kvisle, who sits on the board of Cenovus Energy and has [Read more]
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