CALGARY - The amount of money that was flowing freely at the annual Calgary Stampede canvas auction Thursday night was just the sort of gusher that Alberta's oil and gas industry likes to see. The event is typically considered a bellwether for Alberta's energy industry, as many sponsors that pay to have their company names on chuckwagons competing in the festival's rodeo are players in the energy sector. The province has traditionally had a boom-and-bust economy tied to the price of oil. [Read more]
Oil and gas sector routinely targeted by cyberattackers, experts say
CALGARY - Cybersecurity experts say they aren't surprised by the revelation contained within a package of leaked U.S. intelligence documents suggesting Russian-backed hackers successfully gained access to Canada's natural gas distribution network. They say oil and gas infrastructure in Canada and around the world is routinely targeted by cyber-criminals for financial gain as well as by state-sponsored hackers looking to create mayhem. Lesley Carhart of industrial cybersecurity company [Read more]
For want of a pipeline: Canadian LNG should power revolution, report says
WASHINGTON - As the world struggles to find the right balance that still runs on fossil fuels, Canada should be leveraging its natural-gas riches, a new report suggests. The report, to be released today by the Canadian Chamber of Commerce, urges the federal government to finally get serious about building the infrastructure necessary to fast-track the extraction and export of liquid natural gas. The carbon credits clause of the 2015 Paris climate accord could be a "key driver of growth" [Read more]
RCMP arrest five people near natural gas pipeline construction site in northern B.C.
The RCMP say five people have been arrested at two camps in the area where a disputed natural gas pipeline is under construction in northwestern British Columbia. Police say Mounties responded to a complaint Sunday night from Coastal GasLink security, who reported that a worker had been "swarmed" by a group of people wearing masks. Police say the group allegedly fired flares and gained access to one of the pipeline company's vehicles when the worker left the area because of the [Read more]
Indigenous-led prospective buyer ‘not going away’ even as Trans Mountain costs spiral
CALGARY - An Indigenous-led initiative says it is still pursuing ownership of the Trans Mountain pipeline, in spite of the project's ballooning price tag. Project Reconciliation managing director Stephen Mason says his group isn't going away just because Trans Mountain Corp. announced last week that construction costs for the project have risen to $30.9 billion. The Trans Mountain pipeline was bought by the federal government for $4.5 billion in 2018 after previous owner Kinder Morgan [Read more]
$3.28-billion Indigenous-led LNG project gets B.C. environmental certificate
VICTORIA - The Haisla First Nation on British Columbia's northern coast has been granted a provincial environmental assessment certificate for a floating liquefied natural gas facility. The B.C. government says the nation, in partnership with Pembina Pipeline Corp., proposes to use electricity to operate the LNG facility and export terminal. The $3.28-billion terminal will be supplied with natural gas from the Coastal GasLink pipeline, which is still under construction. A statement from the [Read more]
Oil and gas industry singing praises of Inflation Reduction Act as federal budget nears
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]
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