British researchers have concluded that most of Canada's oilsands will have to be left in the ground if the world gets serious about climate change.The report, published in the journal Nature, says three-quarters of all Canada's oil reserves and 85 per cent of its oilsands can't be burned if the world wants to limit global warming. The report also concludes that no country's Arctic energy resources can be developed if global temperature increases are to be kept manageable.It adds that about [Read more]
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ATB Financial forecasts Alberta economic slowdown due to soft energy prices
EDMONTON - The chief economist of Alberta's Crown-owned bank says weak oil and natural gas prices will slow economic growth in the province this year.Todd Hirsch of ATB Financial says that is likely to mean a loss of jobs, less investment in the energy sector and a modest decrease in housing starts.Immigration is also expected to decrease compared with 2014.Hirsch is forecasting that economic growth this year in Alberta will fall by about one-half to two per cent.He cautions that swings in oil [Read more]
Quebec energy board supports TransCanada’s Energy East plan, calling it “desirable”
MONTREAL - Quebec's energy regulator came out in favour of the Energy East pipeline on Wednesday, calling the TransCanada Corp. project "desirable."The Calgary-based company is aiming to link up to 1.1 million barrels a day of Alberta crude to export terminals and refineries in Quebec and New Brunswick through the $12-billion pipeline.For about two-thirds of the way, an existing segment of cross-Canada natural gas pipe would be converted to oil service, with new pipe to be built through Quebec [Read more]
Top Five Factors Affecting Oil Prices In 2015
As we ring in the New Year, let's take stock of where we are at with the oil markets. 2014 proved to be a momentous one for the oil markets, having seen prices cut in half in just six months. The big question is what oil prices will do in 2015. Oil prices are unsustainably low right now – many high-cost oil producers and oil-producing regions are currently operating in the red. That may work in the short-term, but over the medium and long-term, companies will be forced out of the market, [Read more]
New Brunswickers divided on development of shale gas, poll suggests
FREDERICTON - A recent poll suggests that New Brunswickers are almost evenly divided on the issue of the development of a shale gas industry in the province.The poll says 41 per cent of residents who were surveyed completely or mostly support shale gas exploration and development while 45 per cent completely or mostly oppose it.The poll of 400 people was conducted between Nov. 6 and Nov. 26, more than three weeks before the province's Liberal government introduced legislation to implement a [Read more]
White House says Obama will veto Keystone pipeline
WASHINGTON (AP) — The White House on Tuesday threatened to veto the first piece of legislation introduced in the Republican-controlled Senate, a bill approving the much-delayed Keystone XL oil pipeline, in what was expected to be the first of many confrontations over energy and environmental policy. Hours after supporters of the bipartisan bill, which is sponsored by all 54 Senate Republicans and six Democrats, announced its introduction, the White House said for the first time that President [Read more]
Chinook Energy Announces Closing of Karr Asset Disposition
CALGARY, ALBERTA--(Marketwired - Jan. 6, 2015) - Chinook Energy Inc. (TSX:CKE) ("Chinook") is pleased to announce that, further to its news release dated December 2, 2014, it has completed the disposition of certain assets located in the Karr area of Alberta for gross proceeds of $40.9 million, before customary closing adjustments, with an effective date of October 1, 2014. About Chinook Energy Inc. Chinook is a Calgary-based public oil and gas exploration and development [Read more]
Premier Brad Wall ‘disappointed’ by possible White House veto of Keystone bill
REGINA - Saskatchewan's premier says he's disappointed that legislation to approve construction of the Keystone XL oil pipeline may be vetoed by U.S. President Barack Obama.White House press secretary Josh Earnest says he does not expect Obama would sign any Keystone legislation that reaches his desk.Brad Wall says he's not surprised by that position, but still touts his support for the project.Calgary-based TransCanada has been waiting more than six years for approval of the pipeline, which [Read more]
Hyperion Shareholders Approve Arrangement With Tri-Win International Investment Group Inc.
CALGARY, ALBERTA--(Marketwired - Jan. 6, 2015) - Hyperion Exploration Corp. ("Hyperion") (TSX VENTURE:HYX) is pleased to announce that the holders ("Hyperion Shareholders") of common shares ("Common Shares") of Hyperion have approved the proposed acquisition of Hyperion by Tri-Win International Investment Group Inc. through a wholly-owned subsidiary, 1864492 Alberta Ltd., pursuant to a plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement"). Under the Arrangement, [Read more]
Alberta Premier Jim Prentice to lobby Washington about Keystone XL pipeline
EDMONTON - Alberta's premier remains hopeful about the Keystone XL pipeline despite word that U.S. President Barack Obama may veto the project.Jim Prentice says there is broad public and political support in the United States for the pipeline that would carry Alberta bitumen to the U.S. Gulf Coast.Prentice says he will travel to Washington within the next month to let people know that Keystone is in the best interests of Canadians and Americans alike.He says he will also promote the [Read more]