OTTAWA - Prime Minister Mark Carney says the fate of the emissions cap on oil and gas producers depends on other efforts to lower emissions. Carney's comment, coming in response to a question from a reporter at an event in Ottawa today, appears to be a shift from his stance before the election, when he committed to keeping the emissions cap in place. Carney was asked if he is considering dropping the cap and the tanker ban along the B.C. coast — both measures the oil and gas industry and the [Read more]
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Venture Global’s $1 billion arbitration loss gives booming US LNG sector black eye: Bousso
Venture Global's loss in a massive arbitration case with BP is a black eye for the wider U.S. LNG industry, whose breakneck growth looks set to contribute to a global supply glut and far more headaches for investors. The U.S. LNG producer, which has a $30 billion market cap, operates some of the largest U.S. LNG plants and was found to have breached its supply obligations to BP, according to a ruling on Thursday by the International Chamber of Commerce. The court determined that Venture Global [Read more]
Keystone XL pipeline could play part in tighter US-Canada ties, Carney says
Reviving the proposed Keystone XL oil pipeline from Alberta to the U.S. could play a part in tightening U.S.-Canada energy cooperation, Prime Minister Mark Carney said on Friday. Carney raised the idea during a Tuesday meeting in the Oval Office with U.S. President Donald Trump on defusing trade tensions, according to a source familiar with the discussions. "We are looking for areas where the integration of our economies will be better for us both. We have opportunities in the energy sector - [Read more]
Latest US sanctions on Iranian oil deal blow to China’s Sinopec
The latest U.S. sanctions on Iranian petroleum exports deal a blow to Chinese refining giant Sinopec by targeting a terminal through which the state major handles one-fifth of its crude oil imports, industry executives and analysts said. The sanctions announced on Thursday further complicate U.S.-China relations, coming ahead of planned talks between Presidents Donald Trump and Xi Jinping later this month. The move follows China's decision to tighten controls on rare earth exports and [Read more]
Venture Global shares slide after BP wins arbitration case over LNG cargoes
Venture Global shares slumped 17% in premarket trading on Friday after BP won its arbitration case against the U.S. supplier over its failure to deliver liquefied natural gas under a long-term supply deal that was due to start in late 2022. The International Chamber of Commerce International Court of Arbitration found that it had breached its obligations to declare commercial operations had begun at the Calcasieu Pass plant in a timely manner and act as a "reasonable and prudent operator," [Read more]
China pledges to protect its firms after US sanctions on oil refinery
China said on Friday that it would take necessary measures to protect the legitimate rights of Chinese enterprises and citizens in response to U.S. sanctions related to Iran's oil trade that targeted a Chinese refinery. China urges the United States to stop resorting to sanctions, Guo Jiakun, a spokesperson for the foreign ministry, told a regular press briefing, adding that China will protect its energy security. The sanctions were imposed on about 100 individuals, entities and vessels, [Read more]
How Ukraine’s European allies fuel Russia’s war economy
European nations, including France, are among the staunchest supporters of Ukraine in its fight against Russia. Several have also stepped up their imports of Russian energy which pump billions of euros into Moscow's wartime economy. Well into the fourth year of Russia's war against Ukraine, the European Union remains in the precarious position of financing both sides in the conflict. Its large deliveries of military and humanitarian aid to Kyiv are countered by commercial payments to Moscow [Read more]
Oil prices fall slightly as risk premium fades after Gaza deal
Oil prices declined slightly on Friday after settling 1.6% lower in the previous session as the market's risk premium faded after Israel and Hamas agreed to the first phase of a plan to end the war in Gaza. Brent crude futures were down 7 cents at $65.15 a barrel by 0338 GMT. U.S. West Texas Intermediate crude fell 2 cents to $61.49. Israel and the Palestinian militant group Hamas signed a ceasefire agreement on Thursday in the first phase of U.S. President Donald Trump's initiative to end [Read more]
Colonial Pipeline to cut jobs, sources say
The Colonial Pipeline Company, operator of the largest U.S. fuel transportation system, informed employees this week it is planning to cut some jobs, according to two sources familiar with the matter and a company statement. "We shared with our employees this week that a recent review to ensure our organization is best aligned to continue safely meeting our business strategy and priorities will result in changes to various team structures and some individual roles," the company said in [Read more]
CEO of new Major Projects Office skirts MPs’ questions about tanker ban
OTTAWA - The head of Canada's new Major Projects Office and her staff sidestepped MPs' questions Thursday about whether she has special powers to skirt the West Coast tanker ban. Dawn Farrell was hired earlier this year as the CEO of the new office, which has been tasked by the federal government with reviewing project proposals to see if they qualify for fast-track approval. Farrell told the House of Commons standing committee on environment and sustainable development 500 projects are [Read more]
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