OTTAWA - Oilsands executives insist they are all in on cutting emissions and will make big investments in green technology, but they maintain there isn't a place to invest that money yet. Many companies are coming off a year of windfall profits not because they pumped out more product, but because the war in Ukraine and global supply chain crunches pushed world oil prices way up. Environment Minister Steven Guilbeault has said repeatedly over the last year that the companies need to prove [Read more]
Oilsands execs say a ‘just transition’ isn’t a worry — it’s their next big ‘boom’
OTTAWA - The CEOs of some of the biggest oilsands companies in Alberta say transitioning their workforce for a net-zero emissions future isn't about cutting jobs, but is about creating them. Cenovus CEO Alex Pourbaix says the consortium of oilsands behind an alliance to decarbonize their companies estimates that reaching their goal of net-zero emissions by 2050 will create 35,000 jobs. Derek Evans, CEO of MEG Energy, says he is actually worried that Canada doesn't have the labour force [Read more]
NDP calls for public input on plan to subsidize well cleanup
EDMONTON - Alberta's Opposition wants public consultations on a government plan that would subsidize oil and gas companies to fulfil legal commitments to clean up old wells, a major proponent of which has been working directly in Premier Danielle Smith's office for months. "The fox has entered the henhouse," said energy critic Kathleen Ganley. Ganley said that it appears the United Conservative government has already made up its mind to bring in the RStar program, despite criticism from an [Read more]
Alberta premier won’t commit to sovereignty act to rebut feds’ ‘just transition’ plan
EDMONTON - Premier Danielle Smith won’t commit to using Alberta's controversial sovereignty act to rebut looming federal “just transition” legislation, which she calls an existential threat to her province’s bedrock oil and gas industry. Smith says there are still unanswered questions and other options to address the federal proposal, but Alberta won't allow its oil and gas industry to be phased out of existence. She says Alberta is on board with reducing greenhouse gas emissions but it [Read more]
Energy price volatility to continue in 2023 amid geopolitical uncertainty
TORONTO - Deloitte says energy prices will likely be volatile in the first quarter of 2023 as geopolitical uncertainty continues. The firm’s energy, oil and gas price forecast released Monday says global factors including the war in Ukraine and China's rocky COVID reopening will continue to contribute to tension between supply and demand. After breaching the US$100 mark for the first time in close to a decade earlier in 2022, crude oil prices slid in the back half of the year as interest [Read more]
As ‘Three Amigos’ meet in Mexico, experts call on leaders for North American vision
WASHINGTON - From the frosty throes of a Canadian winter, the land of conquistadors and Frida Kahlo can seem a million miles away. But that's not the way North American diplomats, trade experts and business leaders see it — and they hope the continent's leaders have a similar vision as the so-called "Three Amigos" gather this week in Mexico City. "The potential for North America is immense," said Eric Farnsworth, the former Clinton-era White House official who now leads the D.C. office of [Read more]
Company operating Hibernia offshore oil platform challenging oil spill charges
ST. JOHN'S, N.L. - The company that operates the Hibernia offshore oil platform has pleaded not guilty to three charges related to a 2019 oil spill off the east coast of Newfoundland. Court documents confirm the Hibernia Management and Development Company entered the pleas Thursday in St. John's provincial court. A six-week trial is scheduled to begin on July 31. Earlier this year, the Canada-Newfoundland and Labrador Offshore Petroleum Board alleged the company caused the spill and [Read more]
Feds: Lack of safeguards led to Superior refinery explosion
MADISON, Wis. (AP) — Federal regulators have determined that a lack of safeguards during a maintenance shutdown led to a 2018 explosion at an oil refinery in Superior. The U.S. Chemical Safety Board released a final report last week on the April 2018 explosion at the refinery, Wisconsin Public Radio reported Wednesday. Calgary-based Husky Energy owned the refinery at the time of the explosion. The blast injured 36 workers. Fears of a hydrofluoric acid leak forced 2,500 residents to [Read more]
TC Energy restarts Keystone pipeline extension after oil leak repairs
CALGARY - TC Energy Corp. says it has restarted the southern extension of its Keystone pipeline after repairing a Dec. 7 leak that led to the worst oil spill in the pipeline's history. The Calgary-based company says it will operate the pipeline under plans approved by U.S. regulators, including additional safety measures such as reduced operating pressure. TC Energy restarted most of the 4,324-kilometre Keystone pipeline system on Dec. 14, while the 154-km Cushing Extension, running from [Read more]
Suncor says extreme weather and fires forced shutdown of Colorado refinery
CALGARY - Suncor Energy Inc. says its Colorado refinery is offline following mutliple fires and it expects it to be out of commission until late March. The company says the 98,000-barrel-a-day Commerce City refinery was damaged by the extreme and record-setting weather that swept across large parts of the continent, leading it to initiate a shutdown of the refinery on Dec. 24. Notifications from the company show early damage included a pump fire on Dec. 19, while alarms were triggered on [Read more]
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