ARC Resources Ltd's C$2.7 billion ($2.1 billion) bid to buy Seven Generations Energy Ltd will create the largest oil and gas producer in Canada's Montney region, and may re-energize development in one of North America's top shale plays. The combined company will have more financial strength to develop its 1.1 million net acres of land in a region that investors and drillers say has so far struggled to meet its full potential. The deal could also spur further acquisitions in a play that [Read more]
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Shell LNG Canada’s coronavirus restart plan approved
Royal Dutch Shell's LNG Canada export project in British Columbia has won approval from health officials for construction to ramp back up with improved coronavirus protection measures. Work at the site was curtailed last month by an order from the Provincial Health Officer which applied to five major industrial projects in British Columbia, including LNG Canada. "Our approved restart and measured workforce increase at the project site will continue over the coming months," LNG Canada and [Read more]
Universal Geomatics Solutions Corp. announces commitment to the progressive Aboriginal relations program
Calgary, AB – Universal Geomatics Solutions Corp. (UGS) is pleased to announce the commitment to the Progressive Aboriginal Relations (PAR) program. Established in 2001, the PAR program includes an online management and reporting tool that supports participating companies’ efforts towards progressive improvement in Aboriginal relations, and a certification program that confirms corporate performance in Aboriginal relations at the bronze, silver or gold level. The PAR Program provides a [Read more]
Enbridge raises Line 3 replacement cost estimate by $1 billion
Enbridge has forecasted higher costs for its Line 3 replacement project citing regulatory and permitting delays, winter construction, and COVID-19 protocols, among other reasons. The pipeline operator said it estimates capital costs for the Line 3 replacement project, including the Canadian segment already in service, to be $9.3 billion from C$8.2 billion CDN. The Line 3 replacement project is in the process of doubling its capacity, which will allow it to deliver about 760,000 bpd of [Read more]
Enbridge reports strong 2020 financial results
CALGARY, AB - Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today reported strong full-year 2020 financial results and provided a quarterly business update. Highlights (all financial figures are unaudited and in Canadian dollars unless otherwise noted) Full year GAAP earnings of $3 billion or $1.48 per common share, compared with GAAP earnings of $5.3 billion or $2.64 per common share in 2019, all of which amounts include non-recurring and unrealized items Adjusted [Read more]
B.C. opens latest round of funding to clean up dormant oil and gas wells
VANCOUVER - The latest round of applications is now open under a $100-million fund aimed at cleaning dormant oil and gas wells in British Columbia. B.C. Energy Minister Bruce Ralston says the second half of the funding is set to be dispersed in the coming months after the first $50 million supported about 1,000 jobs and reclamation activities at nearly 1,900 sites. He says the first round included $15 million worth of work on sites in B.C.'s agricultural land reserve and dormant well sites [Read more]
Hemisphere Energy provides corporate and operations update
Vancouver, British Columbia - Hemisphere Energy Corporation (TSXV: HME) ("Hemisphere" or the "Company") is pleased to provide an update on corporate activities and its Southern Alberta oil assets. Although 2020 had considerable challenges, Hemisphere made several important achievements throughout the year. Focus remained on debt reduction through limiting capital expenditures, minimizing costs, and maximizing profitability even when that included shutting in production. Capital spending [Read more]
O’Toole pushes U.S. envoy to Canada to preserve Line 5, Keystone XL pipelines
OTTAWA - Conservative Leader Erin O'Toole urged the acting American ambassador to Canada to tell Washington to preserve the Line 5 pipeline to the United States. O'Toole told Katherine Brucker that he was disappointed by President Joe Biden's decision to cancel Keystone XL pipeline on his first day in office last month. O'Toole also said if the governor of Michigan follows through on plans to shut down Line 5 by May it would have a negative economic impact on both countries. About 87 [Read more]
ARC Resources to merge with Seven Generations in all-stock deal
ARC Resources Ltd and Seven Generations Energy Ltd have entered a $8.1 billion all-stock merger agreement that will create Canada's sixth-largest energy company. The combined company will become the biggest operator in Western Canada's premier Montney shale play, producing more than 340,000 barrels of oil equivalent per day (boepd). It will be Canada's largest condensate producer and third-largest producer of natural gas, operating under the name of ARC Resources Ltd and remaining [Read more]
Inter Pipeline provides statement on Brookfield Infrastructure Partners’ intention to make unsolicited bid
Advises shareholders to take no action CALGARY, AB - Inter Pipeline Ltd. ("Inter Pipeline" or the "Company") (TSX: IPL) is responding to the news release by Brookfield Infrastructure Partners L.P. ("Brookfield") regarding Brookfield's intention to make an unsolicited offer to acquire all of the outstanding common shares of the Company not already owned by Brookfield. The Company confirms that it previously received unsolicited, non-binding and conditional proposals from Brookfield in the [Read more]