CALGARY - A report from the University of Calgary says the costs of Alberta's growing stock of abandoned and inactive oil and gas wells are falling unfairly on landowners and taxpayers. Braeden Larson of the university's School of Public Policy says the scope of the problem is growing rapidly. He says more than half of all oil and gas wells in the province no longer produce but haven't been cleaned up. Over the last six years, the number of inactive wells has quintupled and those wells [Read more]
Inquiry into funding of Alberta oil and gas critics granted fourth extension
EDMONTON - Alberta's inquiry into the funding of oil and gas industry critics is getting another deadline extension. Premier Jason Kenney, saying inquiry head Steve Allan needs more time to complete his report, announced the delay on Facebook on Tuesday night. Kenney did not specify how much more time Allan was given, but Energy Minister Sonya Savage says cabinet approved the extension until July 30. Allan, a forensic accountant, was tapped in 2019 to lead the inquiry with an initial [Read more]
Pandemic linked to 15% drop in fossil fuel use in 2020
CALGARY - The Canada Energy Regulator says pandemic lockdowns and travel restrictions that kept Canadians close to home in 2020 resulted in overall consumption of refined petroleum products dropping by about 15% compared to the previous year. In a report that's consistent with updates over the past year from refiners such as Imperial Oil Ltd. and Suncor Energy Inc., the federal regulator says gasoline consumption volumes fell the most in 2020, followed closely by jet fuel, then diesel fuel, [Read more]
Cenovus royalty sale first in plan to sell assets to reduce debt after Husky takeover
CALGARY - Cenovus Energy Inc. is selling an Alberta production royalty interest to Topaz Energy Corp. for $102 million, the first step in a plan to sell non-core assets to retire debt in the wake of its takeover of Husky Energy Inc. early this year. Cenovus says it retained the royalty interest in its Marten Hills oil assets when it sold them to Headwater Exploration Inc. in December. At the time, it said the assets which were producing about 2,800 barrels per day of medium gravity oil [Read more]
Woodside Petroleum looks to sell its 50 per cent stake in Kitimat LNG project
VANCOUVER - Woodside Petroleum Ltd. says it plans sell its 50 per cent stake in the proposed Kitimat LNG development in British Columbia. The Australian company says the plan includes the divestment or wind-up and restoration of assets, leases and agreements covering the 480-kilometre Pacific Trail Pipeline route and the site for the proposed LNG facility at Bish Cove. Woodside will keep a position in the Liard Basin upstream gas resource. Chevron Canada Ltd., the operator of the [Read more]
Oilsands firms expected to spur $60 billion in cash flow over two years
CALGARY - A group of five large Canadian oilsands companies are expected to generate about $60 billion in net cash flow over the next two years and spend only half of it on dividends and capital expenditures, leaving the rest for debt repayment and sharing with shareholders. In a report, analyst William Lacey of ATB Capital Markets says the companies are expected to duplicate their sterling financial performance of the first quarter of 2021 for the rest of this year and in 2022, provided that [Read more]
Judge dismisses attempt to quash ‘anti-Alberta’ activities inquiry
CALGARY - A judge has dismissed an attempt to quash the United Conservative government's inquiry into whether foreign groups have conspired against Alberta's oil industry. Court of Queen's Bench Justice Karen Horner says the environmental law firm Ecojustice failed to prove the inquiry was called to intimidate charities that have raised concerns about the industry. She also says there's no reason to believe that the political context around the inquiry suggests it's biased. "I have [Read more]
Cybersecurity experts say Canadian businesses can learn from U.S. pipeline attack
TORONTO - Cybersecurity experts say that Canadian businesses often can, and should, do more to thwart the types of attack that temporarily shut down a major U.S. gasoline pipeline. The head of BDO Canada's cybersecurity practice, Vivek Gupta, says hackers are more sophisticated than ever and exploiting gaps created by the shift to remote working. He says many companies don't take the necessary precautions until a big attack, like the one the shut down Colonial Pipeline in the U.S. this [Read more]
Natural gas straddle plant designed to reduce oilsands emissions with cleaner fuel
CALGARY - In the latest project designed to green the oilsands industry, Wolf Midstream says it will build a facility to strip petroleum liquids from natural gas used in operations near Fort McMurray, Alta., leaving a purer fuel that will burn with fewer carbon emissions. The company says its NGL North project is expected to reduce carbon dioxide emissions from oilsands projects in the Christina Lake area by over 200,000 tonnes per year by removing liquids such as ethane, propane, butane and [Read more]
Oilsands producers step up anti-pandemic measures as outbreaks rise in region
CALGARY - Oilsands companies are stepping up protective measures as a spate of COVID-19 cases sweeps through the region at the same time that thousands of workers are being brought in for spring maintenance shutdowns at various plants. In Friday's update, Alberta reported 3,749 active cases in the North Zone that includes Fort McMurray, with outbreaks identified at several work lodges as well as at production facilities operated by oilsands producers including Suncor Energy Inc., Syncrude, [Read more]
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