CALGARY - It's more vital than ever that three other pipelines to oil export markets proceed as planned in the wake of TransCanada Corp. (TSX:TRP) shelving its Energy East pipeline on Thursday, says AltaCorp Capital analyst Dirk Lever. Lever says Canadian producers will have to transport any incremental new oil production over the next year or so using railcars, and the pipeline transportation system out of Western Canada will remain tight for years. "We already know the next incremental [Read more]
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Manitok Energy Inc. and Questfire Energy Corp. Provide Updated Information on the Proposed Plan of Arrangement
CALGARY, Oct. 6, 2017 /CNW/ - Manitok Energy Inc. ("Manitok") (TSXV: MEI) and Questfire Energy Corp. ("Questfire") (TSXV: Q.A) are pleased to provide additional information to its press release dated July 5, 2017 where Manitok and Questfire had announced that they had entered into a definitive agreement (the "Arrangement Agreement") providing for the acquisition by Manitok of all the issued and outstanding common shares of Questfire (the "Questfire Shares") pursuant to a plan of arrangement [Read more]
U.S. Gulf oil producers curtail output ahead of Tropical Storm Nate
HOUSTON (Reuters) - Oil and natural gas operators began evacuating staff and halting production at U.S. Gulf of Mexico platforms on Thursday ahead of Tropical Storm Nate, the second storm in as many months to rattle the Gulf Coast energy corridor. Nate, which has killed at least 10 people in Costa Rica and Nicaragua and caused intense rainfall, is forecast to scrape Honduras and Mexico, enter the Gulf and strengthen into a hurricane before making landfall this weekend in Louisiana, near several [Read more]
Controversial events in the history of TransCanada’s Energy East pipeline
TORONTO - TransCanada Corp. has cancelled its $15.7-billion proposed Energy East pipeline, with CEO Russ Girling citing non-specific "changed circumstances" Thursday morning. Supporters of the Calgary-based company's project — which would build and operate a 4,500-kilometre pipeline from Alberta to the East Coast — are casting the blame on costs and delays from federal government regulatory meddling, while other point to simple market forces. Here's a timeline of events in the controversial [Read more]
Energy East’s demise is unwelcome news for workers
TORONTO, Oct. 5, 2017 /CNW/ - Unifor was disappointed to learn that the Energy East pipeline proposal has been withdrawn and says that a national energy strategy is needed more than ever. "Unlike most other pipeline proposals being discussed today, Energy East had significant benefit for Canadians," said Jerry Dias, Unifor National President. "The National Energy Board's inability to secure this project only underscores how ineffective it has become." Unifor has supported TransCanada's [Read more]
‘Deeply disappointed:’ Premiers say loss of Energy East pipeline bad for West
REGINA - The premiers of Alberta and Saskatchewan say Energy East would have been a nation-building project and that TransCanada's decision to cancel the pipeline is a bad day for the West. Alberta Premier Rachel Notley says Energy East — which would have carried Alberta oil to tidewater — would have benefited all of Canada with new jobs, investment, energy security and the ability to displace imported oil. Saskatchewan Premier Brad Wall says the reasons for the decision fall at the feet [Read more]
Irving Oil responds to TransCanada’s decision to terminate Energy East pipeline project
SAINT JOHN, NB, Oct. 5, 2017 /CNW/ - This morning, Irving Oil's joint venture partner, TransCanada, announced it will be terminating the Energy East project as a result of changing circumstances around the project. "We are disappointed with this decision," says Ian Whitcomb, President of Irving Oil. "This is a sad day for Canada. The construction of the Energy East pipeline was a once-in-a-lifetime opportunity. This was a $15-billion private-sector investment that would have enabled further [Read more]
Conservatives savage Liberal government over cancelled Energy East pipeline
OTTAWA - TransCanada's decision to cancel the Energy East pipeline project exposed deep divisions across the political landscape Thursday, highlighting the ever-present clash between energy development and environmental protection. The premiers of Alberta and New Brunswick and Calgary Mayor Naheed Nenshi all expressed disappointment over the decision, while the Opposition Conservatives blasted Prime Minister Justin Trudeau's Liberal government for "disastrous" energy policies that they [Read more]
Oil steady as talk of new OPEC deal balances U.S. exports
LONDON (Reuters) - Oil prices steadied on Thursday on expectations that Saudi Arabia and Russia would extend production cuts, although record U.S. exports and the return of supply from a Libyan oilfield dragged on the market. “OPEC and Russia are talking about extending production limits, but there’s still plenty of supply with U.S. crude exports up sharply,” said Carsten Fritsch, commodities analyst at Commerzbank in Frankfurt. Brent crude was up 35 cents at $56.15 a barrel by 1000 GMT. U.S. [Read more]
TransCanada Announces Termination of Energy East Pipeline and Eastern Mainline Projects
CALGARY, ALBERTA--(Marketwired - Oct. 5, 2017) - News Release - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) announced today it will no longer be proceeding with its proposed Energy East Pipeline and Eastern Mainline projects. Following is a statement from TransCanada President and Chief Executive Officer Russ Girling: After careful review of changed circumstances, we will be informing the National Energy Board that we will no longer be proceeding with our Energy East and [Read more]