Alberta, Canada's main oil-producing province, said on Thursday its budget deficit would increase in the 2019-20 fiscal year because of a provision made for potential losses on crude-by-rail contracts that were signed by the previous government. Alberta's deficit is expected to reach C$8.7 billion ($6.7 billion) in the fiscal year ending March 31, up from C$6.7 billion in 2018-19. The government said it would return to a surplus by 2023. Alberta's real GDP is forecast to grow 0.6% in 2019, [Read more]
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B.C. backs proposal for liquefied natural gas ship refuelling facility
A proposal to build the first ship-to-ship liquefied natural gas marine refuelling service along the west coast of North America is getting support from the British Columbia government. A statement from the premier's office says replacing diesel fuel with LNG has the potential to reduce greenhouse gas emissions from marine shipping by at least 20 per cent. The province is contributing $25,000 to a study to examine the competitive, environmental and social impact of LNG marine refuelling, [Read more]
Husky Energy Reports Third Quarter 2019 Results
Husky Energy continued to execute its 2019 business plan in the third quarter, with the delivery of all planned milestones in the Integrated Corridor and Offshore businesses. Funds from operations were $1 billion, compared to $1.3 billion in the third quarter of 2018. Net earnings were $273 million. Cash flow from operating activities, including changes in non-cash working capital, was $800 million, compared to $1.3 billion in the third quarter of 2018. The reductions in funds from operations [Read more]
Liberals: TMX pipeline could fund $500 million a year in clean energy projects
The Liberal government expects to get $500 million a year out of the expanded Trans Mountain pipeline and is promising to spend it all on cleaner sources of energy and projects that pull carbon out of the atmosphere. Finance Minister Bill Morneau told The Canadian Press in an interview this week that the expanded pipeline is not fodder for negotiating with other parties in the minority government. Rather, he said, it is a crucial piece of the puzzle of financing Canada's transition to a clean [Read more]
How Does Hydrodynamics Affect the Clearwater Oil Play?
Is the Clearwater going to be the next Big Oil Play in the WCSB? Early entrants recognized a missed pay opportunity in the cyclic shoreline/deltaic deposits. Because the petrophysical response in these Clearwater lithic sandstones is “dirty and damp”, they were largely ignored by industry. The prize is substantial though. In the core of the Marten Hills development, pay ranges from 5 to 25m, with 20—30% effective porosity and 40—50% Sw. Canadian Discovery (CDL) conservatively estimates [Read more]
Column: What Canada’s 2019 election means for energy and unity
Canada is increasingly a country of energy pessimists and energy optimists, where the nation’s economic foundation of oil & gas has become the ideological battleground for much bigger issues. Those who believe that energy supplied by Canada is a beneficial contribution to the global economy are pitted against others carrying out a moral crusade, ostensibly in the name of climate, that necessitates the harassment of corporate sinners through demarketing, delegitimizing and [Read more]
Delphi Energy Corp. Announces Completion of $46.5 Million Subscription Receipt Offering
Delphi Energy Corp. (“Delphi” or the “Company”) is pleased to announce that it has completed the second closing in respect of its previously announced private placement offerings of subscription receipts (the “Offerings”) for aggregate gross proceeds of $44.4 million today. Together with proceeds raised in the first closing of the Offerings on October 15, 2019, Delphi has raised the maximum total gross proceeds of $46.5 million pursuant to the Offerings. Pursuant to the Offerings, Delphi issued [Read more]
United Conservatives to continue with NDP’s Alberta petrochemical credit program
The United Conservative government in Alberta says it will continue with a program introduced by the former NDP regime to use $1.1 billion in natural gas royalty credits to encourage new petrochemical projects. But Energy Minister Sonya Savage says it will cancel two other NDP programs offering loan guarantees and grants — one worth $500 million to back petrochemical feedstock infrastructure projects and the other, worth $1 billion, to encourage more partial upgrading of crude by oil [Read more]
AER Executives No Longer with the Organization
The Alberta Energy Regulator’s executive vice presidents Carol Crowfoot, Stacey Schorr, and Mark Taylor are no longer with the AER. The AER board is committed to finding a permanent CEO as quickly as possible, and will be working closely with interim CEO Gordon Lambert to ensure the AER continues to uphold its mandate to protect public safety and the environment. The board also will continue its work with the Government of Alberta in its review of the AER. [Read more]
Oilsands carbon liability at centre of closely watched New York fraud lawsuit
Alberta's oilsands are at the centre of a closely watched court battle in New York today. The state's attorney general is accusing Exxon Mobil of misrepresenting the risks the operations face as governments move to fight climate change. Court documents say Exxon lowballed by $30 billion the impact of carbon pricing on 14 Alberta oilsands projects. Exxon is a major player in the oilsands through its subsidiary Imperial Oil. The state alleges false estimates concealed risk from [Read more]