OTTAWA, March 20, 2017 /CNW/ - Prospects for Canada's natural gas producers continue to deteriorate as continued strength in U.S. production results in weaker demand for Canadian gas and low prices, according to The Conference Board of Canada's latest Canadian Industrial Outlook: Gas Extraction. "North America's regional natural gas market has changed greatly over the last decade. Rising U.S. shale production has increasingly squeezed Canadian natural gas out of some U.S. markets," said [Read more]
Headlines
TransCanada Seeks Approval to Proceed with North Montney Mainline Project
CALGARY, ALBERTA--(Marketwired - March 20, 2017) - News Release - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) announced today that it has filed a variance application with the National Energy Board to proceed with construction of the North Montney Mainline (NMML) Project in northeast British Columbia (B.C.). TransCanada has previously been granted the required primary federal and provincial approvals to construct NMML, subject to conditions that included the requirement for a [Read more]
Touchstone Exploration Inc. Announces 2016 Reserves
CALGARY, ALBERTA--(Marketwired - March 20, 2017) - Touchstone Exploration Inc. ("Touchstone" or the "Company") (TSX:TXP) announces the results of the independent December 31, 2016 reserve evaluation (the "Reserves Report") with respect to the Company's crude oil reserves in the Republic of Trinidad and Tobago ("Trinidad"). Amounts herein are in Canadian dollars unless otherwise stated. Touchstone's year-end reserves were evaluated by independent reserves evaluator GLJ Petroleum Consultants [Read more]
Memorandum of Understanding With CPECC in Relation to West Ells Phase II Project Expansion
HONG KONG, CHINA and CALGARY, ALBERTA--(Marketwired - March 19, 2017) - The Board of Directors of Sunshine Oilsands Ltd. ("the Corporation" or "Sunshine") (HKSE:2012) is pleased to announce the following: MEMORANDUM OF UNDERSTANDING WITH CPECC IN RELATION TO WEST ELLS PHASE II PROJECT EXPANSION On March 20, 2017 (Hong Kong Time) / March 19, 2017 (Calgary Time), the Corporation and China Petroleum Engineering & Construction Corporation (CPECC) have signed a Memorandum of Understanding [Read more]
Alberta oilsands production outlook bright despite gloomy headlines
CALGARY - The sell-off of Alberta oilsands assets by another big international player — along with big reserve writedowns, the introduction of a carbon tax and a stumbling crude price — all suggest a gloomy outlook for production from the world's third-largest proven oil reserves. But Canada's oilsands output is still expected to set new records in 2017 and climb even further in the coming years. Part of this year's boost would come from the Fort Hills project, expected to [Read more]
Jason Kenney wins Alberta PC Leadership
Jason Kenney is the new leader of Alberta’s Progressive Conservatives. The former Calgary MP and federal Conservative cabinet minister beat two rivals on the first ballot in delegate voting in Calgary. Kenney captured 1,113 of the the delgate votes--well ahead of candidates Richard Starke (323) and Byron Nelson (40). Kenney now plans to meet with the Opposition Wildrose party to work out a process to combine the two parties if members on both sides approve. Under Alberta rules, [Read more]
The Bullish Silver Lining In The Oil Price Collapse
Psychological fears of an oil glut are have caused oil prices to drop from $55-$48. But there is some fundamental economic factors that suggest this price drop will be short lived. So far in 2017, U.S. crude oil inventories have increased 49.38 million barrels to 528.39 million barrels as the following chart displays: While the recent builds appear negative, over the past five years U.S. crude inventories have increased 26.23 million barrels, on average, during the same nine week [Read more]
Husky, AER assessing leak of crude oil into creek in southwest Alberta
BRAGG CREEK, Alta. - Alberta's Energy Regulator says a pipeline has leaked crude oil in southwestern Alberta. AER spokeswoman Monica Hermary says Husky Energy (TSX:HSE) of Calgary reported the spill at Cox Hill Creek on Thursday around 3 p.m. Cox Hill Creek is about 22 kilometres west of Bragg Creek, an area popular for hiking, camping and other outdoor recreation. Hermary says it's not known how much crude has leaked, but adds the oil has affected the creek. She [Read more]
Alberta Energy Regulator rejects Suncor oilsands tailing pond strategy
CALGARY - The Alberta Energy Regulator has rejected an oilsands tailings pond retirement plan submitted by Suncor Energy (TSX:SU). It says in a decision posted Friday on its website that the oilsands giant's application did not satisfy regulatory requirements and it must submit a new proposal. Suncor had proposed using a water cap to contain the tailings — toxic ponds of water mixed with fine clay particles, bitumen and other chemicals left behind after its mining and upgrading [Read more]
Alberta Securities Commission says Poseidon executive’s actions were fraudulent
CALGARY - The Alberta Securities Commission says a former officer of failed oilfield services firm Poseidon Concepts engaged in a deliberate "campaign of disinformation" in reporting U.S. contracts that led to the company overstating its revenue and accounts receivable. The regulator says it has found Joseph Kostelecky, Calgary-based Poseidon's former senior sales executive in the United States, guilty of fraud and will proceed to a hearing later this month to determine punishment. [Read more]