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Tuesday, September 17, 2019
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Crescent Point selling $912M in assets including Uinta Basin asset

CALGARY — Crescent Point Energy Corp. is selling its Uinta Basin asset in Utah and certain southeast Saskatchewan conventional assets for a total of approximately $912 million. The Calgary-based company says the agreements include 27,000 barrels of oil equivalent per day of upstream assets. Crescent Point says the transactions are expected to help strengthen its balance sheet. Net debt is expected to...

Chinese companies commit to oilsands despite setbacks and poor operating results

CALGARY — While some European and U.S. companies cut their exposure to the Canadian oilsands, China's Big Three oil giants — CNOOC, PetroChina and Sinopec — seem content to let their bets ride even if the results haven't been spectacular. In 2018, PetroChina produced an average of just 7,300 barrels per day of bitumen from its MacKay River thermal oilsands project, although it was designed...

Supreme Court rejects Saskatchewan’s request to delay carbon tax appeal

REGINA — Saskatchewan says the Supreme Court of Canada has denied the province's request to delay its appeal hearing over the carbon tax. The province says the Supreme Court recently issued an order stating the hearing remain tentatively set for Jan.14. The government had asked for more time and expected a delay could mean a hearing next spring. It argued a delay would allow for better co-ordination of...

U.S. methane regulation reversal widens its competitive advantage, says CAPP CEO

CALGARY — A U.S. proposal to ease regulations aimed at cutting methane emissions will create another competitive advantage for American producers over Canadians, the CEO of the Canadian Association of Petroleum Producers says. On Thursday, the U.S. Environmental Protection Agency said it is following President Donald Trump's directive to remove regulatory burdens on the oil and gas sector by considering rescinding many of its requirements to...

Supreme Court rejects Saskatchewan’s request to delay carbon tax appeal

REGINA — Saskatchewan says the Supreme Court of Canada has denied the province's request to delay its appeal hearing over the carbon tax. The province says the Supreme Court recently issued an order stating the hearing remain tentatively set for Jan.14. The government had asked for more time and expected a delay could mean a hearing next spring. It argued a delay would allow for better co-ordination of...

Ottawa, B.C. to push electrification of gas industry to cut carbon emissions

SURREY, B.C. - The federal and British Columbia governments want to power the production of the natural gas industry in the province using electricity. As part of an agreement announced today, the two governments and BC Hydro are forming a committee to push projects that increase power transmission. Prime Minister Justin Trudeau says the agreement is aimed at reducing greenhouse gas...

Heavy oil project sale founders after buyer fails to win Chinese partner’s OK

CALGARY, A.B. - Highwood Oil Company Ltd. says its deal to buy a 55 percent stake in a heavy oil project in northern Alberta has been terminated after it failed to win approval from the Chinese partner to take over as operator. Calgary oil company Obsidian Energy Ltd. (formerly Penn West Energy Trust) had agreed to sell its position in...

Approval received for $500M, 400 MW southern Alberta solar power project

CALGARY, A.B. - Provincial regulators have approved a $500-million solar power project in southern Alberta that its developers say will be the largest in Canada. Privately held Greengate Power Corp. of Calgary says approval from the Alberta Utilities Commission means it can proceed with construction next year of its Travers Solar project, with full commercial operations targeted for 2021. The electricity...

Oil producer complaints won’t alter Mainline pipeline open season plan: Enbridge

CALGARY, A.B. - A senior executive with Enbridge Inc. says the company won't change course on its plan to convert most of its Mainline pipeline system to long-term contracts despite growing opposition from major Canadian oil producers. Canadian Natural Resources Ltd. is the latest producer to file a letter of complaint with the National Energy Board about Enbridge's open season...

Oil prices, tax income keep Alberta first quarter revenue in line with last year

EDMONTON, A.B. - A first-quarter fiscal update from the Alberta government is reporting consistent revenues compared with the same period last year. The province says it brought in $13.4 billion from April to June _ almost identical to the number in 2018. It says resource revenue was $164 million higher, mainly from a narrower oil price differential. Income tax revenue was also...

Suncor asks NEB to close down Enbridge open season on Mainline crude pipeline

CALGARY, A.B. - Suncor Energy Inc. is calling on regulators to close down an open season launched by Enbridge Inc. to gauge support for a fundamental change in how it assigns space on the pipeline system responsible for 70 per cent of Canada's oil transportation. Calgary-based Suncor, Canada's largest oil and gas producer by market capitalization, joins oilsands producers Shell...

Is federal carbon tax killing jobs? Experts say answer isn’t ‘black and white’

REGINA — The Saskatchewan government says the federal carbon tax is killing jobs, but experts and even the province's trade minister say it's not that easy to calculate. The government reports that jobs are down in the oil and gas sector by about 1,400 and by another 1,500 in mining compared with July 2018. The province brought in its own tax on excess emissions...

TC Energy applauds Nebraska court victory over opponents of Keystone XL pipeline

CALGARY, A.B. - One of the last major hurdles for the Keystone XL crude oil pipeline was removed on Friday by the Nebraska Supreme Court which rejected an attempt to force the developer to reapply for state approval. The court upheld the decision of regulators who voted in November 2017 to greenlight a route through the state. The court's decision...

BC Hydro seeks approval for first rate decrease in decades: Ministry

VICTORIA, B.C. - The B.C. Government says BC Hydro customers could see their bills go down for the first time in decades as part of a smaller than anticipated five-year rate hike if Hydro's application is approved by an independent regulator. The Energy Ministry says in a statement the Crown utility is applying to the B.C. Utilities Commission for approval...

Alberta to limit oil production to end of 2020 as pipeline delays persist

CALGARY, A.B. - The Alberta government says some oil companies will have to limit their production until the end of 2020 as pipeline delays persist. Energy Minister Sonya Savage says the current limit is being extended because there are no new pipeline expansions on the horizon in the near term that could open markets. Production limits were supposed to last until...

Bonterra has 70 workers cleaning up oil spill site in Alberta creek

DRAYTON VALLEY, Alta. — Bonterra Energy Corp. says it has 70 workers cleaning up the site of an oil emulsion leak from a pipeline into a creek that feeds the North Saskatchewan River in west central Alberta. In an update posted on its website Monday, the Calgary-based oil and gas producer says clean up and recovery of the saltwater-and-oil leak...

Kenney says Legault has shaky grasp of history when it comes to equalization

QUEBEC — Alberta Premier Jason Kenney shot back at his Quebec counterpart Monday, saying Francois Legault does not understand the history of equalization. On Sunday, Legault defended equalization against criticism from Alberta, saying the program was part of the "original deal" when Quebec entered Confederation in 1867. Kenney pointed out that the first equalization system was introduced in 1957, and the principle of equalization...

Pipeline rupture sends 40,000 litres of oil into Alberta creek

DRAYTON VALLEY, Alta. — The Alberta Energy Regulator says a pipeline has spilled 40,000 litres of crude oil into a creek. The regulator says on its website that the incident happened Thursday on a Bonterra Energy Corp. line 14 kilometres south of Drayton Valley, Alta. It says the line was shut in and depressurized, and that containment booms were installed. The AER...

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