A new report by a group of independent researchers concludes that most of Alberta's energy wells no longer hold enough oil and gas to pay for their cleanup. The report by the Alberta Liabilities Disclosure Project recommends a public agency be formed to step in to operate those wells and use the revenues to fund reclamation. Lead author Regan Boychuk says the report uses information from the Alberta Energy Regulator to calculate the province's total cleanup bill for old oil and gas wells [Read more]
Headlines
Oil rises even as COVID-19 surges threaten fuel demand outlook
Oil prices rebounded on Tuesday on worries about slower fuel demand growth as outbreaks of the highly contagious COVID-19 variant Delta sparked new mobility restrictions around the world. U.S. West Texas Intermediate (WTI) crude futures rose 67 cents, or 0.92%, to $73.42 a barrel, extending a 1.5% loss on Monday. Brent crude futures climbed 6 cents, or 0.8%, to $74.64 a barrel, after slumping 2% on Monday. The flare-up in cases of the Delta variant comes as the Organization of the [Read more]
How big data analytics & reporting will visibly differentiate your business
Big data is a field that examines ways to analyze, systematically extract information from, or otherwise, deal with data sets that are too large or complex to be dealt with by traditional data-processing application software. Without access to key data via a structured digital data warehouse or “data lake,” your ability to leverage this type of enhanced analytics and reporting will be limited. As the price of oil continues to climb to levels not seen in 2.5 years – and analysts see increased [Read more]
Innovative solutions for sustainable oil
Calgary, AB – Investing in innovation and continuing to improve environmental performance is an imperative that the oil sands industry fully embraces. Since Canada’s Oil Sands Innovation Alliance (COSIA) was formed in 2012, industry members have invested a total of $1.8 billion in these efforts. In 2020, 233 active projects were underway at a total investment of $531 million in our four Environmental Priority Areas: Greenhouse Gases (GHGs), Land, Tailings and Water. In all, COSIA members [Read more]
Enbridge raises funds from sustainability bonds in climate-goal push
Enbridge Inc said on Monday it has closed its inaugural sustainability-linked bond (SLB), the first company in the midstream sector to raise sustainable bonds in North America, as it moves a step closer to its environment goals. Enbridge said in a statement that as part of a larger $1.5 billion financing, it issued a $1 billion 12-year term senior note, integrating emissions and inclusion goals into the financing terms. The energy infrastructure firm said it also closed a 30-year $500 [Read more]
Cenovus releases 2020 environmental, social & governance data report
CALGARY, Alberta - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) has published its 2020 environmental, social & governance (ESG) data report, the first for the company following its combination with Husky Energy Inc. on January 1, 2021. This report is one of several important sustainability milestones for Cenovus this year and highlights the ESG metrics for each legacy company enabling investors, the financial community, and rating agencies to assess our ongoing performance. Following the [Read more]
Uneven global recovery creates ‘daunting challenges’ for policymakers, BIS says
An uneven global recovery from the COVID-19 crisis will make recalibrating the fiscal and monetary stimulus a "daunting" challenge for policymakers, the Bank for International Settlement's annual report said on Tuesday. Dubbed the central bank to world's central banks, the Swiss-based BIS said its main scenario was one of a solid global pick-up, albeit at varying speeds across countries. The bank set out two alternative scenarios. One where large fiscal stimulus and a drawdown of [Read more]
Perpetual Energy Inc. announces extension of credit facility and term loan
CALGARY, AB - (TSX: PMT) – Perpetual Energy Inc. ("Perpetual" or the "Company") announced today that the maturity date applicable to the Company's first lien revolving credit facility has been extended to July 16, 2021 and the $20 million borrowing limit maintained. The borrowing limit is scheduled to be redetermined and the revolving credit period extended on or before July 16, 2021. The maturity of the Company's second lien Term Loan has been extended to July 30, 2021. These loan maturity [Read more]
Enbridge announces closing of Sustainability Linked Bond Financing
CALGARY, AB - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) announced the closing of its inaugural Sustainability Linked Bond ("SLB"). As part of a larger US$1.5 billion financing, the Company issued a US$1 billion 12-year term senior note which is consistent with our recently published SLB Framework, incorporating emissions and inclusion goals into the financing terms. The SLB carries a coupon of 2.5%. Enbridge also closed a 30-year US$500 million term senior note issuance with [Read more]
Alberta in good position with hydrogen
Long known for its abundance of natural resources that have fuelled its economy, both literally and figuratively, for decades, Alberta has found itself in an advantageous position with regard to hydrogen and natural gas. Hydrogen is the most abundant element in the world and is making a name for itself and providing the province with an opportunity to supply a clean and responsibly sourced natural gas in a world with increasing momentum towards a low carbon future. The province is making [Read more]