CALGARY - The new CEO of pipeline giant Enbridge Inc. says regulatory uncertainty in this country has resulted in a "lost decade" for Canadian liquefied natural gas production. Greg Ebel, who took the reins from outgoing Enbridge CEO Al Monaco last month, says the company's pipelines currently supply natural gas to five operating LNG export facilities on the U.S. Gulf Coast. He says that's a missed opportunity for Canada, particularly for the West coast, which does not yet have an LNG [Read more]
Russia says it will cut oil production over Western caps
MOSCOW (AP) — Russia announced Friday that will cut oil production by 500,000 barrels per day next month after Western countries capped the price of its crude over its action in Ukraine. “As of today, we fully sell all our crude output, but as we stated before, we will not sell oil to those who directly or indirectly adhere to the ‘price ceiling,’” Deputy Prime Minister Alexander Novak said in remarks carried by Russian news agencies. “In connection with that, Russia will voluntarily cut [Read more]
Carbon capture too expensive, takes too long to build
CALGARY - By betting it can solve its emissions problem with carbon capture and storage, Canada's oil and gas industry risks saddling itself with expensive stranded assets, a new report argues. The report, released Thursday by the International Institute for Sustainable Development — a Winnipeg-based think-tank that focuses on climate and sustainable resource development — concludes carbon capture and storage technology costs too much and takes too long to build to have any hope of helping [Read more]
Regulator gives Imperial weeks to plan fix for months-old oilsands tailings leak
Alberta's energy regulator has given Imperial Oil until the end of the month to figure out a way to fix ongoing seepage at a tailings pond at its Kearl oilsands mine. The Alberta Energy Regulator says a pond on the site north of Fort McMurray, Alta., has been seeping since May, releasing thousands of cubic metres of wastewater that contains toxins such as arsenic. The seepage has been recorded both on- and off-site and is considered to have got into tributaries of area rivers. The [Read more]
Alberta to pilot oil and gas royalty breaks for legally required well cleanup
EDMONTON - The Alberta government is moving ahead with a plan that would give oil and gas companies a tax break for meeting their legal obligations to clean up old well sites, inviting a select group of landowner organizations to a meeting to discuss a pilot project. On Thursday, Alberta Energy Minister Peter Guthrie is scheduled to host those groups to discuss "a concept for a royalty credit program to incent accelerated oil and gas site closure," indicates a government document that [Read more]
Ottawa expands price caps to Russian petroleum products to reduce revenues
OTTAWA - The federal Finance Department says Canada is joining its fellow G-7 countries plus Australia to expand caps on Russian oil to include seaborne petroleum products from that country. The department says the maximum price for seaborne Russian-origin petroleum will be US $100 per barrel for "premium-to-crude" products as of Sunday, and US $45 for "discount-to-crude" products. It says in a press release the new caps build on a Russian crude oil price limit announced in December, [Read more]
House GOP seeks new restrictions on use of US oil stockpile
WASHINGTON (AP) — For the second time this month, House Republicans have advanced a measure to restrict presidential use of the nation’s emergency oil stockpile — a proposal that has already drawn a White House veto threat. A GOP bill approved Friday would require the government to offset any non-emergency withdrawals from the Strategic Petroleum Reserve with new drilling on public lands and oceans. Republicans accuse President Joe Biden of abusing the reserve for political reasons to keep gas [Read more]
Review of oilsands cleanup funding program needs public input, says NDP
EDMONTON - Alberta's NDP says a government review of the program that's supposed to ensure oilsands companies can clean up their mines was conducted too privately and should have been done in public. Environment critic Marlin Schmidt said Albertans now know even less than before the review of the Mine Financial Security Program began. "Given how much money is at stake and how important this sector is to our economy, the fact the public was completely shut out of this process is really [Read more]
TotalEnergies EP Canada ups stake in Fort Hills oilsands project
CALGARY - TotalEnergies EP Canada Ltd. says it is increasing its ownership in the Fort Hills oilsands project by acquiring part of Teck Resources Ltd.'s stake in the mine. Teck announced last year that it would sell its 21.3 per cent stake in Fort Hills to Suncor Energy Inc., the third partner in the project, for about $1 billion. However, TotalEnergies EP Canada says it has exercised its pre-emption right to acquire an additional 6.65 per cent in the project from Teck for $312 [Read more]
First Nations say Alberta’s oilsands mine security reform unlikely to fix problems
EDMONTON - Alberta is preparing to change how it ensures oilsands companies are able to pay for the mammoth job of cleaning up their operations, but critics fear a year of consultations hasn't been enough to avoid repeating past mistakes. "There's no signal to me from this government that they are going to hold industry accountable for clean-up costs," said Melody Lepine of the Mikisew Cree First Nation, one of the Indigenous groups consulted. Official estimates price that cleanup at $33 [Read more]
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