Whenever Alberta experiences the stresses and strains associated with a downturn in the oil & gas sector, many beat up our government for not diversifying the Alberta economy faster. We forget that we’ve been making steady diversification progress. When diversifying the Alberta economy, slow and steady wins the race. By contrast the big, flashy government investments that I described in my last article were a bust for taxpayers and for economic diversification. The main problem is that [Read more]
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Alberta finance minister looking to boost budget with investors
EDMONTON - Alberta Finance Minister Joe Ceci has received some bad news on the first day of a trip to meet with investors and credit-rating agencies.Ceci is in Toronto and it was during one of those meetings that Moody's Investor Services downgraded Alberta's credit rating to double-A1 from triple-A.Moody's cited the Alberta government's growing and unconstrained debt burden and extended timeline to get its books back in the black.It also said the outlook for growth is subdued.As well, the [Read more]
Notley’s pleas to federal cabinet on pipelines and EI make no immediate headway
KANANASKIS, Alta. - Alberta Premier Rachel Notley's pleas to the federal cabinet to give the province a pipeline and enrich employment insurance seem to be gaining little traction.Notley met with Prime Minister Justin Trudeau privately on Sunday and then addressed about half the cabinet at the beginning of a three-day retreat in Kananaskis, Alta.But on Monday morning, even as ministers said the meeting with Notley was productive, there were no signs that anything was changing for the [Read more]
Middle East economies take hit from low oil prices
DUBAI, United Arab Emirates — Oil exporting countries in the Middle East lost a staggering $390 billion in revenue due to lower oil prices last year, and should brace for even deeper losses of around $500 billion this year, the International Monetary Fund said Monday. The fund had projected in October that oil exporting countries in the region would see revenue losses of $360 billion in 2015, but oil prices took a tumble by year’s end and the drop in revenue amounted to $30 billion [Read more]
The Impact of the Modernized Royalty Framework on Oil & Gas Companies in Alberta
With the completion of the last step of the Alberta Royalty Review, companies can now gain a complete view on how the new Modernized Royalty Framework (MRF) will impact them. Palantir Solutions would like to invite industry colleagues to a complimentary breakfast where the major changes to the royalty framework will be examined, in addition to how these changes will impact oil and gas royalties in Alberta. Palantir’s Principal Consultant, Rob Hansen, will provide his expert opinion on how [Read more]
Pan Orient Energy Corp. 2015 Year End Financial & Operating Results
CALGARY, ALBERTA--(Marketwired - April 25, 2016) - Pan Orient Energy Corp. ("Pan Orient") (TSX VENTURE:POE) reports 2015 year-end and fourth quarter consolidated financial and operating results. Please note that all amounts are in Canadian dollars unless otherwise stated and BOPD refers to barrels of oil per day. The Corporation is today filing its audited consolidated financial statements as at and for the year ended December 31, 2015 and related management's discussion and analysis with [Read more]
Long Run Exploration Ltd. Announces Updated Timing of Arrangement
CALGARY, ALBERTA--(Marketwired - April 25, 2016) - Long Run Exploration Ltd. ("Long Run" or the "Company") (TSX:LRE) and Calgary Sinoenergy Investment Corp. (the "Purchaser") have been advised by Industry Canada that the Investment Canada Act review period has been extended by 30 days to allow additional time to complete the review of the proposed plan of arrangement involving Long Run, the Purchaser and the Long Run securityholders (the "Arrangement"). Under the Arrangement, the Purchaser [Read more]
Trudeau, ministers to discuss Alberta’s reeling economy during cabinet retreat
KANANASKIS, Alta. - Prime Minister Justin Trudeau and his 30 ministers holed up Sunday at a luxury mountain resort in Alberta to discuss the devastation wrought by plunging oil prices on the province's economy.Premier Rachel Notley met privately with Trudeau and then gave a detailed presentation to about half the cabinet in the evening at which she drove home the message that a healthy Alberta economy is a necessary precondition for robust national economic growth.She spoke of the desperate need [Read more]
No jobs: Engineering students face tough market in wake of oil downturn
CALGARY - Shady Hashem travelled part way around the world to study as a mine engineer in Canada, at times paying triple the local tuition and working at a call centre to put himself through school, only to graduate in one of the worst job markets in recent memory. "There's no jobs," says Hashem, 28."I talk to a lot of engineers, and the expected time to get a job is between six months and a year."He came to Calgary to look for work after finishing classes at Halifax's Dalhousie University in [Read more]
Halliburton cuts 6,000 jobs amid slowdown in drilling
HOUSTON - Halliburton Co. said Friday that it cut more than 6,000 jobs in the first quarter, continuing a purge at the oilfield-services company that has reduced its workforce by one-third since late 2014.The company revenue in the first quarter fell to $4.2 billion, a 40 per cent decline from the first quarter of 2015. That's in line with the average analyst estimate of $4.2 billion, according to FactSet.Halliburton has been slammed by the slowdown in drilling since oil prices began falling in [Read more]