A former Enbridge executive has been appointed to head a committee that will advise the federal government as it consults with Indigenous communities that want a financial stake in the Trans Mountain pipeline expansion. Finance Minister Bill Morneau says Linda Coady will lead a group of experts that will help the government during the engagement process. Coady was chief sustainability officer for Calgary-based Enbridge Inc. and was the former co-chair of the government's Generation Energy [Read more]
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Canada weekly rig count up 3 to 140
Western Canada’s fleet of drilling rigs went up by 3 to 140 according to data collected by Baker Hughes for the week of August 9th. Alberta grew its fleet by 8 to 94, while Saskatchewan decreased by 3 to 33. Oil drilling went from 91 to 94, natural gas rigs remained the same at 46. View a full breakdown of Western Canada's rig activity. [Read more]
Inter Pipeline confirms takeover offer on regulator request after stock halted
CALGARY - Inter Pipeline Ltd. confirmed Friday afternoon it received a "proposal" to purchase the company, in a statement issued at the behest of regulators a few hours after executives refused to discuss the matter on a conference call with analysts. At 3 p.m. EDT, about an hour after its stock was halted from trading pending news, the Calgary-based midstream company issued a brief statement in response to a request from the Investment Industry Regulatory Organization of Canada, or [Read more]
Questerre reports second quarter 2019 results
CALGARY, Alberta, Aug. 09, 2019 (GLOBE NEWSWIRE) -- Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today on its financial and operating results for the second quarter ended June 30, 2019. Michael Binnion, President and Chief Executive Officer of Questerre, commented, “During the quarter, we continued to build support for our Clean Tech Energy project during the quarter. Teamsters Canada, one of the largest trade unions in Canada, publicly declared their [Read more]
Exxon says working to return Canada’s Hibernia oil platform back to production
Exxon Mobil Corp said on Friday it was working with regulatory and response agencies to prepare for the return of Canada's Hibernia oil platform to production after a spill in mid-July.Return to production date will be determined during continued discussions with authorities, Hibernia's largest shareholder Exxon said.Hibernia has been producing oil since 1997 and sits roughly 315 km (200 miles) east of St. John's, Newfoundland and Labrador. ExxonMobil owns the largest stake in [Read more]
U.S. oil drillers cut rigs for sixth week in a row -Baker Hughes
U.S. energy firms this week reduced the number of oil rigs operating for a sixth week in a row as producers cut spending on new drilling and completions leading to lower production growth forecasts.Drillers cut six oil rigs in the week to Aug. 9, bringing the total count down to 764, the lowest since February 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That is the most weekly declines in a row since March when drillers [Read more]
Column: Canadians have every reason to be calm and confident about how the energy future is unfolding
Finding a politically acceptable middle-ground between reducing emissions and growing the economy is difficult, particularly for an energy-producing country like Canada. Discord on related issues is certain to be a significant factor in the upcoming federal election. Anti-fossil fuel activists, not satisfied with their uneven success in setting Canadians’ hair on fire, have now announced they are importing the ideas of the Extinction Rebellion from the United Kingdom. The Extinction [Read more]
Canada’s Inter Pipeline shares extend climb on takeover bid report
Shares of Inter Pipeline Ltd rose for a second day in a row on Friday on a newspaper report that the Canadian oil pipeline and storage company had received a takeover bid. The company declined to comment. Inter Pipeline's shares jumped nearly 9% on Thursday after Canada's Globe and Mail newspaper reported that it had received a takeover offer from an unnamed suitor that could be worth C$12.4 billion ($9.37 billion). The Globe reported that Inter Pipeline's board turned down the cash offer [Read more]
Enbridge works to return Texas Eastern natgas pipe after Kentucky blast
Canadian energy company Enbridge Inc said it is working on a plan to put in service a couple of pipelines adjacent to the Texas Eastern natural gas pipeline in Kentucky that exploded on Aug. 1, killing one person. The company, which made the announcement on Thursday, did not say when the two pipes would return to service. Earlier in the week, the company told customers it expected they would remain shut at least through Aug. 12. Enbridge said it is working with several agencies looking [Read more]
Oil rises despite IEA report showing demand growth at decade low
Oil prices rose on Friday, supported by expectations of more OPEC production cuts despite the International Energy Agency (IEA) reporting demand growth at its lowest level since the financial crisis of 2008. Brent crude futures were up 89 cents at $58.27 a barrel by 1057 GMT. West Texas Intermediate (WTI) futures were at $53.33 per barrel, up 79 cents. “Despite a further cut in oil demand growth by the IEA, oil prices are trading marginally higher, as the demand growth cut was already [Read more]