Iran’s Revolutionary Guards said they had captured a British-flagged oil tanker in the Persian Gulf after Britain seized an Iranian vessel earlier this month, further raising tensions along a vital international oil shipping route. Iran's ambassador to Britain warned against escalating tensions on Sunday, a day ahead of an expected response from the UK which could include fresh sanctions on Tehran or other steps. Britain has called the capture of their ship in the Strait of Hormuz on Friday a [Read more]
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Alberta judge denies B.C.’s bid to block ‘Turn Off the Taps’ bill
CALGARY - A Calgary judge has denied British Columbia's attempt to block Alberta legislation that would allow that province to stop oil shipments to the coast. In a decision released Friday on the so-called Turn Off the Taps bill, Queen's Bench Justice Robert Hall said that B.C. doesn't have the right to take Alberta to court in Alberta over legislation passed by the Alberta legislature. "The only parties with standing to bring this action in this court are the (Attorney General of Canada) [Read more]
Canada rig count remains steady as drilling season continues
Canada’s fleet of active drilling rigs held steady at 118 this week according to data collected by Baker Hughes. This is still fairly weak compared to last year around this time, when there were 211 rigs active. Of the active rigs, 83 are drilling for oil; 35 for gas. 53% of the active rigs are in Alberta; 33% in Saskatchewan. View a full breakdown of western Canada’s rig activity. [Read more]
NEB restores orders and decisions issued to Trans Mountain prior to court ruling
CALGARY - The National Energy Board says its decisions and orders regarding the Trans Mountain pipeline expansion issued prior to last summer when a court overturned its approval will remain valid except where circumstances have changed. The decision is in line with a request from the federal government-owned pipeline to restore its regulatory status in order for construction to resume during this building season. Trans Mountain says it is reviewing the details of Friday's [Read more]
U.S. oil drillers cut rigs for third week in a row -Baker Hughes
U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row as drillers follow through on plans to cut spending with oil prices declining amid a global supply glut. Drillers cut five oil rigs in the week to July 19, bringing the total count down to 779, the lowest since February 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That compares with 858 rigs operating during the same week a year [Read more]
IEA does not expect "huge increase" in crude prices
The International Energy Agency (IEA) doesn't expect oil prices to rise significantly because demand is slowing and there is a glut in global crude markets, its executive director said on Friday. "Prices are determined by the markets...If we see the market today we see that the demand is slowing down considerably," said IEA's Fatih Birol, in public comments made during a two-day energy conference in New Delhi. The IEA is revising its 2019 global oil demand growth forecast down to 1.1 [Read more]
Trudeau says Ottawa open to proposals for B.C. refinery as gas prices soar
VICTORIA - Prime Minister Justin Trudeau says Ottawa is open to proposals from the private sector for a refinery in British Columbia, as a public inquiry into the province's soaring gas prices reviews possible solutions. The prime minister says he knows B.C. residents are struggling and the federal government is always open to hearing businesses cases and working with people to find solutions so they can pay their bills. He made the comments in Victoria today following a joint announcement [Read more]
Suncor Energy releases 2019 Report on Sustainability
All financial figures are in Canadian dollars CALGARY, Alberta, July 18, 2019 (GLOBE NEWSWIRE) -- Suncor today released its annual Report on Sustainability which details the company’s environmental, social and economic performance. Suncor’s perspective on the challenges and opportunities of climate change, and the transition to a low-carbon economy are contained in its third Climate Risk and Resilience Report available within the Report on Sustainability and as a stand-alone downloadable [Read more]
Oil falls nearly 3% as U.S. Gulf production returns
Oil fell nearly 3% a barrel on Thursday, weighed down by weakness in U.S. equities markets and an expectation that crude output would rise in the Gulf of Mexico following last week’s hurricane in the region. Crude rose earlier in the session after Iran said it had seized a foreign tanker in the Gulf. Prices pulled back after it emerged that the vessel had only a small cargo and was detained on Sunday for fuel smuggling. Prices were further weighed down after the U.S. equities market opened [Read more]
Canada’s 220,000-bpd Hibernia oil platform halts production for second day after spill
Production was shut down for a second day at the 220,000-barrel-per-day Hibernia oil platform off the coast of Atlantic Canada as crews worked to clean up an oil spill into the ocean, Hibernia's largest shareholder ExxonMobil Corp said on Thursday.A sheen was first spotted on the water near the platform on Wednesday and production was halted to deal with the spill, a mix of oil and water, estimated to total around 75 barrels.ExxonMobil spokeswoman Lynn Evans said the company could not [Read more]