Canada's main crude-producing province Alberta ended the 2016-17 fiscal year with a $10.8 billion budget deficit, the government's annual report said on Thursday, as weak oil prices hurt the economy for a third consecutive year. That was C$263 million higher than forecast in the government's original 2016 budget. It reflects the impact of a huge wildfire in the Wood Buffalo region of the oil sands in May 2016 and payments related to the phase out of coal power in the province. The budget [Read more]
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Michigan looks at options to address spill risk of Enbridge’s underwater pipeline
CALGARY - Michigan has released a report looking at how to deal with the spill risk of Enbridge's Line 5 pipeline that runs exposed underwater in a strait between Lake Huron and Lake Michigan. The report Thursday by Dynamic Risk Assessment Systems found that building new pipelines around the Great Lakes would cost between US$2 billion and US$4 billion depending on the route. Barges and trucks were discounted as options because of the logistical constraints of trying to handle the 86 [Read more]
Oil prices rise to two-week high on dip in U.S. output
Oil prices rose to a two-week high on Thursday, extending a rally into a sixth straight session after a decline in weekly U.S. production eased concerns about deepening oversupply. Crude prices slipped to the lowest in 10 months last week but have since rebounded more than 7 percent, stretching their bull-run to the longest since April. Global benchmark Brent crude futures LCOc1 were up 43 cents at $47.74 a barrel at 1321 GMT, having touched a two-week high of $47.98 earlier in the [Read more]
E3 Metals Corp forms Advisory Committee and welcomes three new members
Vancouver, British Columbia - (June 29, 2017) – E3 METALS CORP. (TSX.V: ETMC) (the “Company” or “E3 Metals”) is pleased to announce that it has formed an advisory committee with the objective of assisting the company in developing the long and short term strategic direction for the company. E3 Metals is pleased to welcome Kevin Reinhart, Jean Croteau and Alex Rothwell to the committee. The formation of the advisory committee follows E3 Metals Corp’s commitment to develop our Alberta Lithium [Read more]
Enbridge Inc. and Enbridge Energy Partners, L.P. Close Midcoast Gas Gathering and Processing Transaction
CALGARY, ALBERTA--(Marketwired - June 28, 2017) - Enbridge Inc. (TSX:ENB)(NYSE:ENB) (Enbridge) and Enbridge Energy Partners, L.P. (NYSE:EEP) (EEP) today announced the closing of the sale of EEP's interest in the Midcoast Gas Gathering and Processing business to Enbridge Energy Company, Inc. (EECI), a subsidiary of Enbridge (the Midcoast Sale). The Midcoast Sale was previously announced as part of the conclusion and outcomes of the EEP strategic review. Following the closing of the Midcoast Sale, [Read more]
Marquee Energy Ltd. Announces Executive Change
CALGARY, AB--(Marketwired - June 28, 2017) - Marquee Energy Ltd. ("Marquee" or the "Company") (TSX VENTURE: MQX) announces today, that effective immediately, Mr. Dan Toews, Vice President, Finance & Chief Financial Officer ("CFO") is no longer with the Company. Marquee would like to thank Mr. Toews for his efforts and wishes him well in his future endeavors. The Company also announces that Mr. Howard Bolinger has been appointed as interim CFO, subject to TSX Venture Exchange approval and [Read more]
ING bank says it will not finance major Canadian pipeline projects
Dutch lender ING Groep NV has said it would not finance any of Canada's major pipeline projects, including TransCanada Corp's Keystone XL and Energy East and Enbridge Inc's Line 3, after pressure from activists. The move came after ING earlier this month publicly disavowed Kinder Morgan Canada Ltd's Trans Mountain expansion project, but did not name any other Canadian projects. While ING has a policy of not financing the extraction of oil sands globally, it had been unclear whether that [Read more]
Head of NEB welcomes overhaul recommendations as way to keep up with times
CALGARY - The head of the National Energy Board says a proposed overhaul of how the federal regulator consults, operates and is organized will make it better prepared to respond to modern expectations. Speaking at the sidelines of an industry safety workshop Wednesday, NEB chairman Peter Watson says recommendations last month by a modernization panel could fix some of the limitations of the regulator and help it keep up with the times. "Some of the things at the root of our [Read more]
Safety and environmental protection the focus of pipeline industry performance report
Calgary, Alberta, June 28 2017 - The Canadian Energy Pipeline Association (CEPA) today released its third annual Transmission Pipeline Industry Performance Report, which reveals how CEPA’s members are performing in the areas of safety, the environment and socio-economic contributions. Research continues to show that safety and environmental protection are top priorities for Canadians when it comes to the transmission pipeline industry. This year’s report seeks to address these issues by [Read more]
U.S. charges Penn West Petroleum, ex-executives with accounting fraud
U.S. securities regulators on Wednesday filed civil accounting fraud charges against Canada-based oil and gas company Penn West Petroleum Ltd and several of its former top finance executives. The U.S. Securities and Exchange Commission alleged that Penn West Petroleum, which changed its name earlier this week to Obsidian Energy, had moved hundreds of millions of dollars from operating expense accounts to capital expenditure accounts. That maneuver, the SEC said, artificially reduced the [Read more]