LONDON (Reuters) - An overhang of homeless crude in the Atlantic Basin has halved in recent weeks, suggesting oil traders are bracing for a further supply loss from Iran due to U.S. sanctions and a new rally in prices. Iran’s oil exports are already dropping fast as refiners scurry to find alternatives ahead of a reimposition of U.S. sanctions in early November, which in turn has helped drain a glut of unsold oil. The millions of unsold barrels of crude that had pooled around northwest [Read more]
Headlines
Canada Weekly Rig Count Down 1 to 228
Western Canada’s fleet of drilling rigs increased to to a total of 228 according to data collected by Baker Hughes for the week of August 31st From one week ago, Alberta rig counts increased from 159 to 160. Saskatchewan's rig count decreased from 49 to 48. Oil drilling went from 153 to 151; natural gas rigs increased from 76 to 77. View a full breakdown of western Canada’s rig activity. [Read more]
First-quarter budget update: Alberta projects deficit drop of $1B
EDMONTON - Alberta's finance minister says the province is on track to reduce its deficit by $1 billion this year. Joe Ceci says more oil revenue and higher than expected returns on income tax are the reason this year's projected deficit has dropped to $7.8 billion. The numbers are part of the government's first-quarter budget update. They show overall spending remains stable at $56 billion, although an extra $2 million has been added to go toward a plebiscite on Calgary's 2026 Olympic [Read more]
PM determined to build pipeline, tackle climate change despite court ruling
OTTAWA - Justin Trudeau says his government remains committed to getting the Trans Mountain pipeline expansion built and also to its national climate-change plan — both of which were put in jeopardy by a court ruling that overturned federal approval for the project. The prime minister says the government will move forward to get the project built "in the right way" by acknowledging the court's criticism of the flawed environmental review process and the failure to meaningfully consult with [Read more]
Trans Mountain ruling increases uncertainty among resource industry groups
The Federal Court of Appeal's ruling that consultations for the Trans Mountain project were inadequate has raised concerns from the resources industry about added uncertainty around the duty to consult Indigenous communities, though experts say the precedent adds further clarity to what it means to meaningfully engage. Thursday's ruling found the federal government failed in its duty to meaningfully consult with First Nations on major projects as required by established legal principles and [Read more]
Canadian Natural Resources Limited Announces Acquisition of 100% Working Interest in the Joslyn Oil Sands Project
CALGARY, Alberta, Aug. 31, 2018 (GLOBE NEWSWIRE) -- Canadian Natural Resources Limited (“Canadian Natural” or the “Company”) announces that it has entered into an agreement to acquire a 100% working interest in the Joslyn oil sands project for a total consideration of $100 million cash on closing and annual cash payments of $25 million over each of the next five years. The Joslyn lease, which is located directly south of the Company’s current Horizon Oil Sands Mining and Upgrading project [Read more]
Trans Mountain pipeline ruling shakes central pillar of Trudeau agenda
OTTAWA - On Wednesday, Prime Minister Justin Trudeau painstakingly explained to students in Kapuskasing, Ont., how the Trans Mountain pipeline expansion project is a central pillar of his government's agenda. Less than 24 hours later, the Federal Court of Appeal quashed the government's approval of the project, imperilling the pillar holding up Trudeau's signature promise to tackle climate change by balancing economic growth and environmental protection. Moreover, it underscored a gap [Read more]
Reaction to the Federal Court of Appeal decision on the Trans Mountain pipeline
VANCOUVER - The Federal Court of Appeal has overturned Ottawa's approval of the Trans Mountain pipeline expansion. Here's what some are saying about the court decision: "As we move ahead with the project and the purchase, our government remains committed to ensuring the project proceeds in a manner that protects the public interest. That means ensuring the highest level over governance — including environmental protection. It means upholding or commitments with Indigenous peoples and it means [Read more]
Hey, nice coup! Protesters: what is your plan for the country?
Maybe it’s just poetic justice that for decades we’ve struggled with how to reconcile Canada’s history with indigenous peoples. Some think we’ve done not enough, some think too much, and most agree it doesn’t work very well. Maybe it’s a reflection of reality that Canada caters to the protest movement, we’re too nice to deal with them in any meaningful way, and we let them dictate national agendas. Maybe the two, along with Canada’s inability to deal with either, are a marriage made in [Read more]
Timeline: Key dates in the history of the Trans Mountain pipeline
Here are some key dates in the history of the Trans Mountain pipeline and Kinder Morgan Canada's efforts to expand its capacity: October 1953: The Trans Mountain pipeline begins shipping oil with an initial capacity of 150,000 barrels per day. The project features four pump stations along its 1,150-kilometre route and a marine dock that connects loading facilities on the east side of Edmonton with ocean tankers in Burnaby, B.C. 1957: Pipeline capacity is expanded via the construction of a [Read more]