EDMONTON - The head of the Rural Municipalities of Alberta says an oil and gas industry proposal to grant the industry royalty credits to clean up abandoned wells is like having the fox design the henhouse. Paul McLauchlin also says the proposed RStar program would have such profound implications for future revenues that it deserves to be a ballot issue. “Is (RStar) for Albertans or is it for the industry?” McLauchlin said Thursday. “When I look at it, it is exactly how a fox would design [Read more]
Biden tightens methane emissions rule amid push for more oil
SHARM EL-SHEIKH, Egypt (AP) — The Biden administration is ramping up efforts to reduce methane emissions, targeting the oil and gas industry for its role in global warming even as President Joe Biden has pressed energy producers for more oil drilling to lower prices at the gasoline pump. Biden was set to announce on Friday a supplemental rule cracking down on emissions of methane — a potent greenhouse gas that contributes significantly to global warming and packs a stronger short-term punch [Read more]
Pathways president says industry will be judged on whether it accomplishes its goals
CALGARY - Not that many years ago, the idea of showcasing the Canadian oilsands at an international summit on climate change would have been laughable. It is just three years since green energy think-tank the Pembina Institute declared the oilsands as on a "collision course" with this country's climate goals, and fewer than six years since Prime Minister Justin Trudeau sparked fury in Alberta by commenting in a public forum that the province's oilsands industry needs to be "phased out" as [Read more]
New Alberta energy minister to keep coal moratorium, consider well clean-up breaks
EDMONTON - Alberta's new energy minister says that for now, he will maintain an order protecting the Rocky Mountains from coal development. But Peter Guthrie says his department is already working on a program to give oil companies royalty breaks to clean up old wells. Speaking at an Edmonton press conference on funding for a hydrogen project, Guthrie confirmed he has no plans to withdraw the order — although he wouldn't say how long it will remain. The order from the previous minister, [Read more]
Suncor reducing contractor work force by 20 per cent to improve safety, efficiency
CALGARY - Suncor Energy Inc. is reducing the size of its contractor work force by 20 per cent as part of its effort to improve safety and performance at its oilsands operations. Interim CEO Kris Smith told analysts on a conference call Thursday that more than half of the work force reductions have already been completed, with the remainder on track to be completed by the first half of 2023. He said the decision to reduce the number of contractors working on Suncor sites was the result of [Read more]
‘Money for free’: Critics warn proposed Alberta well cleanup plan a royalty giveaway
EDMONTON - Critics fear Alberta's new United Conservative premier is preparing to bring in a program that would use billions of dollars in taxpayer-funded royalty breaks to subsidize energy companies to fulfil their legal duty and clean up old wells. The so-called RStar proposal, developed by an industry group, has been criticized by legal experts, energy economists and the province's own internal analysts. But for more than a year, Danielle Smith and newly appointed members of her cabinet [Read more]
Saudi, UAE back OPEC cuts as US envoy warns of ‘uncertainty’
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]
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