Whether it’s for year-end financial reporting or the annual bank credit redetermination process, operators across the WSCB are finding they need to pay closer attention to how they assign value to asset retirement obligations, or ARO. Until now, the process of evaluating, tracking, managing, and reporting ARO would typically involve a tangle of spreadsheets, thousands of points of data, and several days or weeks of work per year. And still there would be no certainty or standardization across [Read more]
Headlines
Canada is “Closed for Business” is the message sent by the Trudeau Government with Bills C-69 and C-48
The Petroleum Services Association of Canada (PSAC) is expressing extreme disappointment with the decision by the Trudeau government to not accept the full slate of amendments for Bill C-69 proposed by the Senate following lengthy consultation with Canadians. Gary Mar, President and CEO of PSAC, says, “Bill C-69 in its current form will mean the end of pipeline infrastructure for Canada as no proponent would be prepared to make application or invest in the face of the uncertainty and risk [Read more]
The federal government is damaging Canada’s economic future with Bill C-69: CAPP
CALGARY, June 12, 2019 /CNW/ - It is now clear the federal government is ignoring the Senate and the will of Canadians, damaging the country's economic future by not accepting the package of amendments the Senate proposed to Bill C-69, the Impact Assessment Act, according to the Canadian Association of Petroleum Producers (CAPP). The amendments to Bill C-69 were developed after the biggest cross-country legislative consultation process ever held. The Government of Canada has rejected [Read more]
Husky Accepts Fines for 2016 Saskatchewan Oil Spill
CALGARY, Alberta, June 12, 2019 (GLOBE NEWSWIRE) -- Husky entered guilty pleas today on federal and provincial charges related to a 2016 oil spill in Saskatchewan and will pay fines totaling $3.82 million. Husky subsidiary Husky Oil Operations Limited was fined $2.5 million under the federal Fisheries Act and $200,000 for a violation of the federal Migratory Birds Convention Act. It was fined $800,000 under the Saskatchewan Environmental Management and Protection Act and assessed a 40% victim [Read more]
Alberta Premier Jason Kenney seeks alliance with Quebec’s Francois Legault
MONTREAL - Alberta Premier Jason Kenney says he and Quebec Premier Francois Legault are natural allies in the fight to defend provincial autonomy in the face of federal interventions. He made the comments today at the International Economic Forum of the Americas in Montreal, hours before a scheduled meeting with Legault in Quebec City. Kenney says he wants to revive what he called the historic alliance between the two provinces that existed at the time of the patriation of the [Read more]
TC Energy completes U.S.- Mexico Sur de Texas pipeline
Canadian energy company TC Energy Corp completed the $2.5 billion Sur de Texas pipeline from Texas to Mexico. The project is part of the biggest gas pipe between Mexico and the United States and will increase Mexico's capacity to import cheap U.S. gas by about 40 percent, TC Energy said on Tuesday. Along with liquefied natural gas (LNG) exports, pipeline exports to Mexico are expected to be the primary sources of growth for U.S. gas demand over the next decade. Sur de Texas will help [Read more]
Trudeau’s Liberals reject most Senate amendments to major projects bill
Canada's Liberal government has rejected most of the amendments proposed by senators to a bill that will overhaul how major projects like pipelines are assessed, a move criticized by Canada's main crude-producing province, Alberta. Prime Minister Justin Trudeau's government introduced Bill C-69 to fulfill a 2015 election pledge to streamline and restore trust in Canada's environmental approval process for major projects. The legislation in its original form was fiercely opposed by the oil [Read more]
Husky pleads guilty over oil leak into North Saskatchewan River
LLOYDMINSTER, Sask. - Husky Energy has pleaded guilty in a pipeline leak that sent oil spilling into a major river that is the source of drinking water for a number of Saskatchewan communities. The spill into the North Saskatchewan River in July 2016 forced the cities of North Battleford, Prince Albert and Melfort to shut off their water intakes for almost two months. Calgary-based Husky entered guilty pleas on three environmental charges in provincial court in Lloydminster, [Read more]
CodeWest API training courses are coming to Calgary, Alberta!
Are you planning to take the API 1169, API 510, API 570 or API 563 exams and need help prior to the exams? We are bringing the CodeWest instructors to Calgary for the following sessions: API 1169 Pipeline Inspector Certification Training (4.5 days) $1,500 Cdn July 29 – Aug 2, 2019 (for API exams run Aug 16-30) API 510 Pressure Vessel Inspection Certification Training (8 days) $2,900 Cdn Aug 20 – 27, 2019 (for API exams run Sep 13-27) API 570 Piping Inspection [Read more]
XI Technologies: Bank redeterminations now include a detailed ARO component – are you ready?
Each week, XI Technologies scans their unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you'd like to receive our Wednesday Word to the Wise in your inbox, subscribe here. Redetermination of bank credit facilities is an annual or semi-annual exercise that almost all E&P companies have become used to. While credit redeterminations can involve reviewing a range of financial information, until a [Read more]