The price of oil fell Tuesday as fears receded that the insurgency roiling Iraq would affect its oil production and exports. Islamic militants have been steadily expanding their grip on the country's north, where they control a broad swath of territory. But the bulk of the country's production and export operations are in the south, which have so far been spared in this month's advance by the al-Qaeda inspired group. Iraq's daily oil production hit 3.5 million barrels this year, up from [Read more]
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Qingdao Sinoenergy backs Alberta company’s pitch for liquefied natural gas plant
EDMONTON - A Chinese firm is behind a new Alberta joint-venture company that wants to build a liquefied natural gas plant in the province. Gascana AB Energy Ltd. was recently established by the Qingdao Sinoenergy Corporation of China and Calgary based-Petrox Resources. Petrox said the goal is to build a plant that could produce close to 3,000 tonnes of LNG per day for export. The Edmonton Economic Development Corp. is working with Gascana on the proposal and said the project could [Read more]
Arcan Resources Ltd. Announces Strategic Transaction With Aspenleaf Energy Limited and Creation of A New Swan Hills Company
CALGARY, ALBERTA--(Marketwired - June 23, 2014) - Arcan Resources Ltd. (TSX VENTURE:ARN) ("Arcan" or the "Corporation") is pleased to announce that it has entered into an arrangement agreement (the "Arrangement Agreement") with Aspenleaf Energy Limited ("Aspenleaf") pursuant to which Aspenleaf and Arcan will complete a plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement") which will, subject to receipt of all necessary approvals, result in the following [Read more]
Critics ask what’s the rush at pipeline hearings by regulator in Edmonton
EDMONTON - Critics of a proposed pipeline project from the Fort McMurray region to Edmonton want to know why the province's energy regulator seems determined to rush the project's public review."The process is being rushed for the benefit of TransCanada to the detriment of landowners," said lawyer Keith Wilson, who represents businesses and farmers along the route. Hearings opened Monday on the Grand Rapids plan for two new lines half-owned by TransCanada (TSX:TRP) that would have a combined [Read more]
Black Swan announces Duvernay joint venture
CALGARY, June 23, 2014 /CNW/ - Black Swan Energy Ltd. has recently entered into a joint venture agreement to accelerate development of its Duvernay holdings in the Willesden Green area of Alberta. Under the agreement, the joint venture partner will drill and complete certain wells and contribute 50% of its land position to earn 50% of Black Swan's working interest in the area. After completion of the earning, Black Swan will have 27,640 net acres of Duvernay rights. Black Swan continues to [Read more]
Iraq turmoil threatens oil industry vital to war-battered economy
BAGHDAD - The turmoil in Iraq has thrown the OPEC member's ambitious plans to boost oil production into doubt, threatening to crimp its most vital economic lifeline. Northern oil fields imperiled by the militants' advance have been shut down, and companies have begun evacuating workers elsewhere in the country. Iraq's Kurdish minority has moved to solidify control over the northern oil-rich city of Kirkuk and other disputed areas, weakening Baghdad's claims to the energy riches buried beneath [Read more]
Anti-Shale gas group launches legal action against New Brunswick government
SAINT JOHN, N.B. - A New Brunswick group has launched legal action against the provincial government in an effort to halt shale gas exploration in the province.The New Brunswick Anti-Shale Gas Alliance filed the 18-page statement of claim today with the Court of Queen's Bench in Saint John.The alliance — which includes 22 community organizations — is calling for a moratorium on the development of unconventional shale gas and oil in New Brunswick until scientific studies show it can be done [Read more]
Ottawa panics after Baird demands quick action on Keystone in Washington speech
WASHINGTON - A recent Washington speech in which Foreign Affairs Minister John Baird demanded quick action on the Keystone XL pipeline appears to have prompted considerable anxiety back home in Ottawa. A panicked search for clarity about what the minister had actually said wound up prompting an email chain that involved no fewer than 17 civil servants. The cause of concern was a single line in Baird's speech in which he suggested that even a quick rejection of the project would be better [Read more]
Oil rises on Iraq conflict, upbeat China data
HONG KONG (AP) — The price of oil rose Monday, with global crude hovering near a nine-month high, after Islamic militants captured more territory in Iraq and a report on Chinese manufacturing indicated that the No. 2 economy is on the mend. In a blitz through Iraq’s western desert over the weekend, the insurgents captured four towns and three border crossings on the country’s frontiers with Jordan and Syria, greatly expanding territory under their control in the country’s north. “Any [Read more]
Imperial Continues Existing Share Repurchase Program
CALGARY, June 23, 2014 /CNW/ - Imperial Oil Limited today announced it has received final acceptance from the Toronto Stock Exchange for a new normal course issuer bid to continue its existing share repurchase program facility that will expire on June 24, 2014. In December 2002, Imperial introduced a restricted stock unit plan pursuant to which shares may be issued upon vesting. Since there could be a dilution in the percentage ownership levels of shareholders that would result from the issue [Read more]