TC Energy Corp's proposed Coastal GasLink pipeline to supply the LNG Canada project in northern British Columbia is not subject to federal regulation, Canada's National Energy Board (NEB) said on Friday. The decision means the 670-kilometer-long (416 miles) natural gas pipeline will not have to submit a new application for approval and cuts the risk of extra regulatory scrutiny delaying construction. Once built, Coastal GasLink will run from Dawson Creek in the northeast of the province to [Read more]
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Alberta government eases oil production curtailments for September
The government of Canada's main crude-producing province Alberta eased oil production curtailments for September on Friday, setting the new limit at 3.76 million barrels per day (bpd). That is a 25,000 bpd increase on the August production limit. Alberta introduced curtailments effective Jan. 1 2019 to ease congestion on export pipelines that left crude stranded in storage tanks and pushed the discount on Canadian crude versus U.S. barrels to record levels. "Alberta is increasing [Read more]
Indigenous-led group submits preliminary proposal to buy Trans Mountain pipeline
An indigenous-led group has submitted a preliminary proposal to the Canadian government outlining its plans to bid for a majority stake in the Trans Mountain oil pipeline expansion project, a spokeswoman for the group said on Friday. Project Reconciliation has previously said it wants to buy a 51% stake in the existing pipeline and planned expansion project for C$6.9 billion ($5.24 billion). Prime Minister Justin Trudeau's Liberal government bought Trans Mountain last year and approved the [Read more]
Canadian regulators recommend approving new Teck oil sands mine
Canadian energy regulators recommended approval of an oil sands mine proposed by Teck Resources Ltd in northern Alberta, saying economic benefits would outweigh "significant" adverse effects on the environment and indigenous communities. In a decision released late on Thursday, a joint provincial and federal review panel found the 260,000 barrel per day Frontier mining project, to be situated 110 kilometers (68 miles) north of the oil sands hub of Fort McMurray, would be in the public [Read more]
U.S. oil drillers cut rigs for fourth week in a row -Baker Hughes
U.S. energy firms this week reduced the number of oil rigs operating for a fourth week in a row as producers follow through on plans to cut spending on new drilling and completions.Drillers cut three oil rigs in the week to July 26, bringing the total count down to 776, the lowest since February 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That compares with 861 rigs operating during the same week a year ago.For the month, [Read more]
Oil prices nudge up as geopolitical tensions counter sluggish demand
Oil prices edged higher on Friday on worries about Middle East tensions, offset by a flagging global economic growth outlook amid the U.S.-China trade war. U.S. West Texas Intermediate crude was 18 cents higher, or 0.3%, at $56.20 a barrel, after gaining 0.25% overnight. Brent crude futures were up 7 cents, or 0.1%, at $63.46 a barrel by 0457 GMT. They rose 0.3% in the previous session. "Growing challenges in the macroeconomic environment have kept bullish bets in check as risk [Read more]
U.S. natgas futures fall close to 3-year low as output rises
U.S. natural gas futures fell about 1% early Friday, nearing a three-year low, as rising gas output offset forecasts for higher cooling demand as weather heats up through mid August. On its second to last day as the front month, gas futures for August delivery on the New York Mercantile Exchange slid 4.1 cents, or 1.8%, to $2.203 per million British thermal units at 8:39 a.m. EDT (1239 GMT). That was within a few cents of its $2.185 close on June 20, its lowest settle since May [Read more]
TransAlta Responds to Continued Energy-Only Market in Alberta
CALGARY, July 25, 2019 /PRNewswire/ - TransAlta Corporation ("TransAlta" or the "Company") (TSX: TA; NYSE: TAC) today commented on the Government of Alberta's announcement that the energy-only market framework in Alberta will be maintained. The promise by the Government of Alberta to deliver a decision on market structure within 90 days was fulfilled, thereby reducing significant uncertainty for TransAlta in assessing investment decisions in the Alberta power generation market. The Company [Read more]
Suncor hopeful on deal with Alberta govt to boost oil production
Canada's Suncor Energy is hopeful the Alberta government will decide "in the next month or so" to strike a deal that would allow oil producers to boost their output despite ongoing curtailments, the company's chief executive said on Thursday. Alberta is Canada's energy heartland but crude production has been limited since the start of 2019 when the provincial government imposed curtailments to ease congestion on export pipelines that had pushed the discount on Canadian crude to record [Read more]
Enbridge says open to re-route Line 5 after legal action by Wisconsin tribe
Enbridge Inc on Thursday said it was open to working with the Bad River Band and will consider re-routing its Line 5 oil pipeline after the native American tribe in Wisconsin sued the company seeking to shut the pipeline. The Bad River Band filed a federal lawsuit against Enbridge on Tuesday in the Western District of Wisconsin, asking for the section of Line 5 that runs across its reservation to be decommissioned and removed because of the risk of a leak. "The vast majority of the [Read more]