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]
Poilievre backs Alberta’s concerns over federal ‘just transition’ legislation
CALGARY - Federal Conservative Leader Pierre Poilievre says he backs Alberta Premier Danielle Smith over her concerns about what she's called Ottawa's anti-oil and gas agenda. Poilievre told reporters in Calgary today that he discussed health care, public safety and defending Canada's oil sector when he met his Alberta counterpart in Ottawa recently. Smith has voiced her opposition over pending federal legislation, dubbed "just transition." It's aimed at helping Canadian works adapt to [Read more]
Decision on new Suncor CEO expected ‘very soon’
CALGARY - Suncor Energy Inc. did not announce the name of its new CEO on its fourth-quarter earnings call Wednesday, though interim chief executive Kris Smith said a decision is expected "very soon." The Calgary-based oil producer and refiner has been on the hunt for a new CEO ever since former chief executive Mark Little resigned last July, under pressure from an aggressive activist investor and in the wake of a spate of workplace deaths and safety incidents. Smith, who was formerly [Read more]
Imperial Oil files cleanup plan for tailings leak in Alberta, won’t disclose details
A spokeswoman for the Imperial Oil Ltd. says the company has sent a plan to the Alberta Energy Regulator as required for cleanup of a tailings leak in Alberta. No new information about the spill and seepage event has been released by the company or the regulator. The regulator says it's in the middle of an investigation of how more than 5,000 cubic metres of tailings overflowed from one of its tailings dams at its Kearl site north of Fort McMurray. That alone would make it one of [Read more]
Smith rejects NDP claim oilwell cleanup help is linked with her leadership campaign
EDMONTON - Danielle Smith is rejecting Opposition claims her planned $100-million pilot project for cleaning up old oil wells was influenced by her United Conservative party leadership campaign, arguing that federal money to get the job done missed many of the province's worst sites. Speaking on her province-wide radio call-in show Saturday, Danielle Smith noted the worst wells have been inactive for decades and repeated her argument that government shares some of the blame for the fact [Read more]
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