TURNER VALLEY, Alta. - Leader Jason Kenney says a UCP government in Alberta would reduce wait times on energy projects to try to make them the fastest in North America. Kenney says approvals for oil wells currently take 1 1/2 year, which he says places Alberta far behind Saskatchewan and U.S. jurisdictions and puts the province at a competitive disadvantage. He says if his party were elected April 16, he would set up legislated targets to cut wait times and would publish data to update [Read more]
Headlines
Cenovus asks investors to vote against emissions target motion at annual meeting
CALGARY - Oilsands producer Cenovus Energy Inc. is recommending investors at its annual general meeting vote against a shareholder motion requiring it to set greenhouse gas emission targets aligned with the goals of the Paris climate accord. The proposal by the Fonds de Solidarite des Travailleurs du Quebec would force Cenovus to set medium- and long-term targets for its direct and indirect methane and other GHG emissions from operations. The text of the motion in a filing ahead of its [Read more]
GLJ’s April Price Forecast: Rising oil prices and lower volatility – too good to last?
Enjoy the recovery for now, but brace for inevitable disruptions Despite the possibility of oversupply, trade disputes, and slowing economic growth, oil prices have steadily recovered in 2019 – both internationally and in Canada. The hope, as it should be, is that this welcome period of rising oil prices and lower volatility will continue as we move towards 2020. Unfortunately, that hope may be short lived, as the conditions that resulted in significant instability in broad equity markets [Read more]
AER Legal Notice: Proceeding ID 376, Imperial Oil Resources Limited, Cold Lake Expansion Project
This notice provides a summary only. For more details, see the notice of hearing for this proceeding at www.aer.ca under Regulating Development > Project Application > Notices > Hearing Notices. A hearing will be scheduled to consider: On September 12, 2018, the AER received a request for a regulatory appeal from the Elizabeth Métis Settlement, under Part 2, Division 3 of the Responsible Energy Development Act and Part 3 of the Alberta Energy Regulator Rules of Practice (Rules of [Read more]
Gibson Energy Announces the Sale of Canadian Truck Transportation for Aggregate Proceeds of Approximately $100 Million, Completing Its Non-Core Divestitures, and Receipt of Investment Grade Credit Rating
All financial figures are in Canadian dollars unless noted otherwise CALGARY, Alberta, April 02, 2019 (GLOBE NEWSWIRE) -- Gibson Energy Inc. (“Gibson” or the “Company”), (TSX: GEI), announced today the sale of its Canadian Truck Transportation business for aggregate proceeds of approximately $100 million prior to closing adjustments and contingent bonus payments to Gibson. With the sale of the Canadian Truck Transportation business, Gibson has successfully completed all of the non-core [Read more]
Rare glimpse into Saudi Aramco shows $111 billion net profit
DUBAI, United Arab Emirates - Saudi Aramco's net profits reached $111 billion last year, according to an assessment published Monday by Moody's Investors Services that offered a rare glimpse into the state-owned oil firm's finances before it issues its first bonds in international markets. That places Aramco ahead of some of the world's most profitable firms. By contrast, Apple booked a net profit of about $60 billion in its last full year, Royal Dutch Shell had net income of $23 billion [Read more]
Alberta crude inventories rise despite production curtailments
The amount of oil in storage in Alberta rose in February, monthly data shows, despite moves by the government of Canada's largest crude-producing province to reduce inventories by imposing curtailments on production.The reason is a sharp decline in crude by rail shipments, analysts say. A significantly narrower discount on Canadian crude compared with U.S. barrels as a result of the curtailments has made rail shipments uneconomic.Alberta had 72 million barrels of oil in storage at the end [Read more]
Kenney sets date to launch carbon tax court fight if he wins election
EDMONTON - United Conservative Leader Jason Kenney says if he wins the Alberta election, a formal court challenge of the federal carbon tax will be launched by the end of the month. Kenney, who has already pledged to axe Alberta's carbon tax, says he would instruct his attorney general to file the challenge in Alberta's Appeal court no later than April 30. Kenney says there are constitutional questions surrounding whether Ottawa can even impose the tax, which formally began today [Read more]
Full steam ahead for more Alberta crude by rail despite looming election
The Alberta government and oil transportation companies are pressing ahead with plans to move 120,000 barrels per day of crude by rail, ignoring threats to quash the deals from the man tipped to become the province's next premier. Latest polls show United Conservative Party leader Jason Kenney is on track to oust the New Democratic Party government in the April 16 election. If successful, Kenney has vowed to rip up contracts signed as part of the NDP government's C$3.7 billion plan to ship [Read more]
Notley says Kenney rail cancellation plan forgoes jobs, leaves oil in ground
CALGRY, Alta. - Alberta NDP Leader Rachel Notley says the United Conservative Party's budget plan will leave oil in the ground, limit job creation and cost the province $2.2 billion in royalties. Notley says UCP Leader Jason Kenney needs to account for lost revenue in his budget platform, since he would cancel the government's plan to get more oil to market by leasing rail cars. Kenney has said the $3.7-billion lease deal doesn't make financial sense. Notley will get a [Read more]