The Canada Border Services Agency (CBSA) said on Friday that the modules to be used in a liquefied natural gas export terminal near Vancouver should be subject to hefty import tariffs on certain steel elements, in a blow to the proposed $1.6 billion project. In its decision, the CBSA said the fabricated industry steel components (FISC) of an LNG module are not transformed when non-FISC elements are connected, and therefore the 45.8 percent anti-dumping tariffs on the FISC portion should [Read more]
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Alberta business forum applauds linking carbon tax implementation and pipelines
LAKE LOUISE, Alta. - A business crowd of about 400 leapt to their feet in a standing ovation Friday at the suggestion that it should be illegal for Canadian governments to collect carbon taxes until there are new export pipelines delivering Alberta crude oil to world markets. "Until there are pipelines leaving Alberta — plural — and there is oil flowing through them that will go to international markets, and US$40 price differentials are no longer the thing, until that time, it should be [Read more]
Alberta premier disappointed with Ottawa’s response to oil bottleneck
EDMONTON - Alberta Premier Rachel Notley says she's disappointed with Ottawa's lukewarm response to the province's plan to ease oil bottlenecks by buying more rail cars. She says it's simplistic to dismiss buying rail cars by saying they probably wouldn't arrive until a pipeline expansion were already under construction. Alberta oil is currently selling at a discount of about $45 a barrel because of an oil glut due to a lack of pipeline capacity. Notley has proposed Ottawa invest in [Read more]
Oil’s Black Friday drop could hit drilling budgets for 2019
North American oil producers that have been increasing spending to take advantage of this year's higher prices will dial back as November's reversal fuels worries about a 2019 surplus, energy executives say.U.S. light sweet crude settled on Friday at $50.42 a barrel, down nearly 23 percent since October and the lowest in more than a year over worries about oversupply and the Sino-U.S. trade war. The drop comes as many oil producers are assembling drilling budgets for 2019. [Read more]
Progress Energy Changes Name to PETRONAS Energy Canada
CALGARY, Nov. 23, 2018 /CNW/ - Progress Energy Canada Ltd. is pleased to announce it has changed its name to PETRONAS Energy Canada Ltd. (PETRONAS Canada), effective November 22. PETRONAS is Malaysia's fully integrated oil and gas multinational ranked among the largest corporations on FORTUNE Global 500®. PETRONAS entered Canada as part of a joint venture with Progress Energy in 2010, and Progress Energy became a subsidiary of PETRONAS in 2012. "The name change is a reflection of our parent [Read more]
Point Loma Resources Announces Third Quarter 2018 Financial and Operating Results
CALGARY, AB / ACCESSWIRE / November 23, 2018 / Point Loma Resources Ltd. (TSX VENTURE: PLX) (the "Corporation" or "Point Loma") is pleased to report financial and operating results for the three and nine months ended September 30, 2018. Highlights of the period and additional updates are summarized below: HIGHLIGHTS Average daily production has increased to 977 boe/d for the third quarter of 2018, representing a 61% increase compared to the three months ended September 30, 2017. [Read more]
Mr. Prime Minister, thanks for the visit, and hearing so well. Now it’s time to lead
Well, the bully’s back. Canada is getting its lunch money taken again, but this time it’s even worse. The bully shows up at our house on weekends too and takes $50 million per day, give or take $10 or $20 million. This is the same bully that told Canada it had a weak leader. There was a lot of indignation over that; Canadians aren’t all that keen on being seen as weak. On the other hand, Canadians now see themselves in a position where the problem can possibly be rectified. It was [Read more]
Natural gas pressure eases but FortisBC urges restraint for potential cold snap
SURREY, B.C. - The natural gas supply is improving for British Columbia, but FortisBC Energy Inc. is still asking its residential and business customers to conserve ahead of the two coldest months of the year. Fortis says in a news release that measures to boost its natural gas supply, warmer than average weather and an announcement from Enbridge that it will increase its pipeline pressure are all increasing the supply. The Enbridge pipeline that exploded and burned last month near Prince [Read more]
Amherst Announces September 30, 2018 Reserve Report
Amherst Energy Inc. (Amherst) is a private Calgary based oil and gas exploration company. Amherst today reported that an independent engineering evaluation conducted on Amhest’s three (100 % WI) key properties, Morgan, Lloydminster and Leo, resulted in an estimated total proven plus probable reserves of 2.617 million barrels oil with a before tax NPV @ 10% DCF of $39.176 million, with 25 proven undeveloped and 9 probable undeveloped oil drilling locations on Amherst’s lands. The evaluation [Read more]
Alberta in ‘crisis’ over low oil price: Prime Minister Justin Trudeau
CALGARY -- Prime Minister Justin Trudeau says Alberta is in a crisis as the province's oil is being sold at a discount of about $45 a barrel. Speaking in Calgary as pro-oil protesters shut down part of the city's downtown, Trudeau says he understands people in Alberta are having a tough time. Alberta Premier Rachel Notley says the oil price gap is costing the Canadian economy $80 million a day. The province's oil is selling much lower than West Texas Intermediate in the United States [Read more]