CALGARY, Sept. 24, 2015 /CNW/ - The National Energy Board (NEB) has implemented an excluded period for the review of the Trans Mountain Expansion Project (Project) beginning on September 17, 2015 and ending January 8, 2016, to acquire additional information related to the Project. The NEB has a legislated time limit of 15 months from the date it determines an application is complete until issuing a decision or recommendation to Governor in Council. The term excluded period refers to the [Read more]
News
TransCanada warns layoffs coming as oil downturn squeezes customers
CALGARY - Employees at TransCanada were informed this week that more job cuts are coming as part of a major overhaul that includes shedding a fifth of senior leadership positions from the pipeline and power company."Falling oil prices and the current environment are having a profound impact on our customers and we must do all we can to drive down costs and pursue our projects more efficiently and strategically," spokesman James Millar said in an emailed statement."We are now introducing [Read more]
Calfrac Well Services cuts dividend by 75% as it grapples with oil, gas downturn
CALGARY - Calfrac Well Services Ltd. (TSX:CFW) is cutting its dividend by 75 per cent, the second reduction this year in response to low oil and natural gas prices.The Calgary-based company provides specialized oilfield services to increase production of wells drilled in western Canada, the United States, Russia, Argentina and Mexico.Calfrac says its next payout to shareholders will be about 1.5 cents per common share, payable Oct. 15, down from 6.25 cents per share paid on July 15.The dividend [Read more]
Saskatchewan government says rejection of Keystone XL pipeline seems likely
REGINA - One of the biggest backers of the Keystone XL pipeline is acknowledging that the project is likely doomed to fail.The Saskatchewan government is expecting Keystone's (TSX:TRP) demise after American Democratic presidential contender Hillary Clinton said she opposes it.Clinton said Tuesday that the project has been a distraction and she doesn't believe it's in the best interests of what needs to do be done to combat climate change.Saskatchewan Economy Minister Bill Boyd says he's not [Read more]
Imperial squeezing “staggering” savings from suppliers by stoking competition
CALGARY - Imperial Oil says it has been able to achieve "staggering" savings in the oilsands by stoking competition between suppliers.When crude prices began their steep descent late last year, Imperial held a "reverse auction" for earth-moving contracts at its Kearl oilsands mine north of Fort McMurray, Alta., CEO Rich Kruger told investors and analysts Wednesday.Firms vying for Imperial's business sought to outbid each other for the lowest price."We don't tell folks how long the auction's [Read more]
Conference Board outlook paints bleak picture for Alberta in 2015
CALGARY - Finance Minister Joe Oliver's assertion that there has been no recession in Canada this year is of little solace in Alberta."It reminds me of that legend of Nero fiddling while Rome burned," said Keith Brownsey, a political scientist at Calgary's Mount Royal University."Apparently there's no recession," Brownsey scoffed. "You tell that to people in this town right now."Oliver made his pronouncement on the recession in an interview with The Associated Press on Wednesday."We don't [Read more]
New report suggests ending Alberta’s gross revenue royalty structure
With royalty review given the go-ahead for late 2016 by the Alberta provincial government, the question now remains what the Royalty Review Panel’s final recommendation will look like. A report released today by the C.D. Howe Institute offers a starting point for the discussion on what changes, if any, should be introduced to Alberta’s resource tax system. With $75 billion in oil & gas tax revenues collected between 2009 and 2013, and said revenues accounting for a whopping 21.8 percent [Read more]
‘Dirtiest fuel’: Clinton makes Canadian oil an election issue
WASHINGTON - A campaign promise by Hillary Clinton rippled across the border into Canada's federal election on Wednesday, with parties responding to her call for a broad, North American climate-change plan.She released a policy paper that proposed climate negotiations among Canada, the U.S. and Mexico, one day after she announced her opposition to the Keystone XL pipeline.The position paper from the presidential contender added a new wrinkle to a pipeline issue that has already inserted itself [Read more]
C.D. Howe says design of Alberta royalty regime should be overhauled
CALGARY - The C.D. Howe Institute has some advice for Alberta's royalty review panel: focus on the design of the system rather than the rates oil and gas producers have to pay.A new report from the think-tank argues Alberta's current regime for conventional oil and natural gas royalties in Alberta leaves a lot to be desired.Right now, those royalties are calculated based on gross revenues, but the report says a cash-flow tax would be a better way to increase the government's take without [Read more]
Notley tells business leaders energy industry must clean up its act
EDMONTON - The energy industry will be critical to Alberta's economy for many years to come, but it must "clean up its environmental act," the province's premier told business leaders Tuesday night.In her keynote address to the Alberta Chambers of Commerce, Premier Rachel Notley acknowledged the fiscal challenges facing the province while sounding a note of optimism about its future.She said her NDP government will work to promote a healthy business climate, noting she will be travelling to New [Read more]