ABU DHABI, United Arab Emirates (AP) — Saudi Arabia and the United Arab Emirates defended on Monday a decision by OPEC and its allies to cut oil production, even as an American envoy warned of “economic uncertainty” ahead for the world. While cordial, the comments at the Abu Dhabi International Petroleum Exhibition and Conference showed the stark divide between the United States and Gulf Arab countries it supports militarily in the wider Middle East. Already, American politicians have [Read more]
Oil giants rake in steep profits amid high energy prices
Oil companies brought in staggering profits once again as people worldwide struggled with high gasoline and energy prices. Exxon Mobil broke records with its profits in the third quarter, raking in $19.66 billion in net income. The Irving, Texas company said Friday that it booked $112.07 billion in quarterly revenue, more than double the revenue it received last year during the same period. Chevron had $11.23 billion in profits, almost reaching the record profits it attained last quarter, [Read more]
Investment boom coming for energy sector as 2050 looms, experts say
CALGARY - Canada's energy sector will be the recipient of a wave of public and private investment dollars in the coming decade, experts say, as the push to reach net-zero greenhouse gas emissions by 2050 gains momentum. On Tuesday, the federal government through the Canada Infrastructure Bank announced an investment of almost $1 billion into Ontario Power Generation for the construction of the country's first small modular nuclear reactor, which is being developed near the Darlington Nuclear [Read more]
Moe touts Saskatchewan role in global energy, food security during business speech
SASKATOON - Premier Scott Moe touted Saskatchewan’s economic prosperity and role in global energy and food security in a speech to business leaders in Saskatoon today. Moe spoke at a luncheon hosted by the Saskatchewan Chamber of Commerce, saying the province’s resource industry, including potash and uranium, are proving essential at home and abroad. His comments come ahead of Wednesday’s speech from the throne, when the Saskatchewan Party government is to lay out its agenda as it predicts [Read more]
Boomtown no more: How Alberta’s economy has changed, in spite of sky-high oil prices
CALGARY - To take the temperature of the local economy, Lloydminster Mayor Gerald Aalbers only needs to look out the window. From his office at City Hall, Aalbers — who, because Lloydminster straddles the Alberta-Saskatchewan boundary, has the unique distinction of serving residents in two provinces — has a direct line of sight to Highway 16. The highway is a major east-west corridor frequented by heavy-haul trucks and half-tons on their way to the oilfields that dot the surrounding [Read more]
Price discount for Canadian oil widened in October; experts see weakness until 2023
CALGARY - Oil from Western Canada is once again trading at a significant discount compared to global prices. A Scotiabank report says the difference between the price of Western Canada Select (WCS) — an oilsands bitumen blend — and New York-traded West Texas Intermediate (WTI) has widened dramatically in October, to more than US$25 per barrel. That's the most significant price differential Canadian oil producers have had to contend with since 2018. At that time, a lack of pipeline [Read more]
Hall Findlay, Suncor Energy’s first ‘chief climate officer,’ to retire from role
CALGARY - Suncor Energy Inc. says Martha Hall Findlay will retire from her role as the company's first chief climate officer at the end of November. Hall Findlay joined Suncor in 2020 as the company's chief sustainability officer. Her appointment as chief climate officer in February of this year was the first of its kind in Canada's energy sector. Suncor did not provide a reason for Hall Findlay's departure after less than a year in the role. However, the Globe and Mail reported [Read more]
Oilsands group pledges to spend $16.5B on carbon capture project by 2030
CALGARY - Canada’s biggest oilsands companies say they will spend $16.5 billion before 2030 on a massive proposed carbon capture and storage facility that is the centrepiece of their net-zero-by-2050 pledge. The Pathways Alliance, a consortium of the country’s six largest oilsands companies, said Friday it will also spend an additional $7.6 billion on other emissions reductions projects, for a total of around $24.1 billion. The announcement comes as Canada’s oil and gas industry has been [Read more]
Let’s get serious about a Putin-era strategy for energy, economy, climate: Freeland
WASHINGTON - Canada's deputy prime minister urged the world's democracies Tuesday to confront the hard economic truths of a perilous new world order and seek common cause in the shared values of prosperity, energy security, protecting the planet and free and fair trade. Chrystia Freeland delivered an eloquent obituary for the relative peace and stability of the 33 years between the fall of the Berlin Wall in 1989 and Russia's "barbaric violation" of Ukrainian sovereignty in late February of [Read more]
‘I’m back:’ Danielle Smith chosen as United Conservative leader, next Alberta premier
CALGARY - Danielle Smith has delivered a dramatic political comeback, winning the leadership of the United Conservative Party to become Alberta's next premier. Smith, a former leader of the Wildrose Party, captured nearly 54 per cent of the vote on the sixth round of the preferential ballot, defeating second-place candidate Travis Toews and five rivals. Brian Jean, also a former Wildrose Party leader, finished third. There were almost 85,000 votes cast out of 124,000 eligible [Read more]
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