VANCOUVER - Former British Columbia premier Christy Clark says Canada’s natural gas industry is losing ground internationally because of government over-regulation, while Australia makes more gains in the Pacific market. Speaking as part of a panel on North American energy security at the Canada Gas and LNG conference Thursday, Clark said regulation certainty and simplicity is needed with less overreach from the federal government. Clark, who is now an adviser at the law firm Bennett [Read more]
Kenney heading to U.S. to talk oil, energy security with lawmakers
EDMONTON - Alberta Premier Jason Kenney will head to Washington D.C. next week to speak to lawmakers about the importance of getting more oil from Canada. Kenney will speak to the U.S. Senate Committee on Energy and Natural Resources about Alberta’s role in strengthening North American energy security. Kenney has said Russia’s invasion of Ukraine has amplified global energy concerns and highlighted the need for a better-integrated North American energy network. The appearance comes [Read more]
White House, senators have ‘sympathy’ for Canada’s position on Line 5, says Wilkinson
WASHINGTON - Canada's natural resources minister says he is hearing "significant sympathy" from U.S. officials for the plight of the Line 5 pipeline. Jonathan Wilkinson is in Washington, D.C., for meetings with lawmakers, Biden administration officials and Energy Secretary Jennifer Granholm. Wilkinson says that while Canada is focused on keeping the cross-border pipeline operating, the government is also exploring contingency plans in the event a court orders it shut down. The state of [Read more]
Ottawa approves $10B loan guarantee for the Trans Mountain pipeline project
OTTAWA - The federal government has approved a new, approximately $10-billion loan guarantee for the Trans Mountain pipeline project. The guarantee was approved by cabinet on April 29 through the Canada Account at crown corporation Export Development Canada, which provides loan guarantee supports for Canadian businesses. EDC's website said the Canada Account is used to support projects which are in Canada's national interest, but which are subject to significant risks including project [Read more]
N.L. oil regulator releases call for offshore exploration bids after federal delay
ST. JOHN'S, N.L. - Newfoundland and Labrador's oil industry regulator is releasing its 2022 call for bids on new offshore exploration licences. The Canada-Newfoundland and Labrador Offshore Petroleum Board is inviting oil companies to bid on licences for 38 parcels of land totalling almost 100,000 square kilometres off Newfoundland's east coast. Ottawa delayed the call for bids in late March by about a month and a half because it wanted more time to review the process. The delay caused [Read more]
Scotiabank no longer a member of CAPP
CALGARY - Scotiabank is no longer a member of the oil and gas lobby group Canadian Association of Petroleum Producers. The bank has had a long-running relationship with CAPP and was the title sponsor of the group's annual energy symposium for many years. Scotiabank declined to provide a reason for its exit, but confirmed in an email that it did not renew its associate membership in CAPP in 2022. Scotiabank was the only major Canadian bank to hold a membership in CAPP. At its most [Read more]
Suncor uninterested in selling Petro-Canada, CEO says despite shareholder pressure
CALGARY - Suncor Energy Inc. is not interested in selling off its Petro-Canada retail network, the oil giant's chief executive said Tuesday, in spite of pressure from an aggressive activist investor. Speaking publicly for the first time since U.S.-based Elliott Investment Management called for changes to Suncor's board and a review of its executive leadership as well as the possible sale of Petro-Canada, company CEO Mark Little told analysts that the 1,800-location retail chain is a key [Read more]
CAOEC raises drilling forecast for the year
CALGARY - The Canadian Association of Energy Contractors (CAOEC) is raising its forecast for oil and natural gas drilling following what it said was a robust first quarter due to stronger than expected oil and gas prices. The association says it now expects 6,902 wells to be drilled this year, up 6.9 per cent from its original forecast in November last year for 6,457. Oil and gas prices soared earlier this year after Russian invaded Ukraine and a ban on Russian oil imports by U.S. [Read more]
Alberta Court of Appeal to rule whether federal assessment law is unconstitutional
CALGARY - Alberta's highest court is set to release a decision today on the province's attempt to declare the federal government's environmental assessment act unconstitutional. The Alberta government has called the Impact Assessment Act a "Trojan Horse" that attempts to invade provincial powers by a back door. The act, given royal assent in 2019, allows the federal government to consider the impacts of new resource projects on issues such as climate change. Alberta claims the law uses [Read more]
Surging gas prices compound inflation’s toll on Canadians, hurt consumer sentiment
Gas prices in Canada are continuing to smash records, setting the stage for potentially lasting consequences on everything from the cost of goods to consumer behaviour. The price of a litre of gasoline jumped to an eye-watering 222.9 cents per litre in Vancouver Monday as prices at pumps across the country trended up over the weekend. Experts say rising gas prices are compounding inflation's economic toll on Canadians as higher fuel prices have a knock-on effect throughout the economy, [Read more]
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