0.2 C
Fort St. John
Monday, December 10, 2018
Tel: 250-787-7100
Email: contact@energeticcity.ca
9924 101 ave Fort St. John, B.C.
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Federal government failed to get oil moving, prompted oil cut says Andrew Scheer

WINNIPEG, M.B. - Federal Conservative Leader Andrew Scheer says Alberta's decision to order a cut in oil production is a direct result of Prime Minister Justin Trudeau's failure to get Canadian energy to market. Scheer says there were three pipeline projects in the works when Trudeau became prime minister, and none have come to fruition. He says a Conservative government would ensure...

Shares in Cenovus, Canadian Natural soar on Alberta crude production cuts

CALGARY, A.B. -  Shares in oilsands companies most likely to benefit from Alberta's move to curtail crude production starting Jan. 1 are soaring in the wake of Sunday's announcement by Premier Rachel Notley. In early trading Monday morning, Cenovus Energy Inc. rose as much as 13 per cent over its Friday close to $11.11, while Canadian Natural Resources Ltd. rose...

B.C. First Nation to present oral evidence about Trans Mountain expansion impact

NANAIMO, B.C. - The Tsleil-Waututh Nation will be presenting Indigenous oral traditional evidence to the National Energy Board at a hearing in Nanaimo, B.C. A news release says the board is hearing new evidence about the environmental effects of Trans Mountain pipeline expansion including adverse effects of shipping to species at risk such as southern resident killer whales. The traditional oral...

Suncor assessing impact of Alberta’s move to cut oil production next year

CALGARY, A.B. - Suncor Energy Inc. says it's assessing the impact of the Alberta government's move to curtail oil production next year. The company says the specific impact of the production cut will be provided when it issues its 2019 capital and production guidance. The Alberta government announced a plan Sunday to impose across-the-board oil production cuts to reduce a glut...

Alberta orders oil production cut to deal with price differential

EDMONTON, A.B. - Alberta Premier Rachel Notley is ordering a mandatory cut in oil production to deal with a price crisis that she says is costing Canada an estimated $80 million a day. Notley says as of January there will be an 8.7 per cent reduction ordered in oil production. Output of raw crude oil and bitumen will be reduced by...

Notley to announce next steps for dealing with oil backlog on Sunday

EDMONTON, A.B. - Premier Rachel Notley discusses the case for imposing industry-wide oil production cuts in a letter to Albertans ahead of a scheduled news conference. The provincial government says Notley will speak to reporters Sunday evening about the next steps to ensure Albertans get the best possible value for their energy resources. The premier has also released an op-ed piece...

Overflowing oil production continues to dampen oilpatch outlook, prices

CALGARY, A.B. - Oil market analyst Kevin Birn likens Western Canada's crude supply to a bathtub with a drain that's too small to keep up with the increasing volume pouring out of the tap. As barrels of surplus oil lap the edge of the tub, desperate producers are forced to sell at rock-bottom prices to avoid a big mess. Meanwhile, no...

Oil and gas commission investigates quake in northeast British Columbia

FORT ST. JOHN, B.C. - The British Columbia Oil and Gas Commission says it is investigating a series of earthquakes that took place Thursday evening in the province's northeast. The commission says the seismic events struck between 16 kilometres southwest and 25 kilometres southeast of Fort St. John. It says operations in the area were immediately shut down as a precaution...

Woodfibre LNG moves to next step with approval from Squamish First Nation

SQUAMISH, B.C. - The Squamish Nation has approved economic benefit agreements for Woodfibre LNG, a project worth up to $1.8 billion in British Columbia's Howe Sound. The approval of the agreements by an eight to six vote means the First Nation could receive cash and contract benefits worth almost $1.1 billion. Woodfibre LNG is licensed to export about 2.1 million tonnes of...

Vermilion to operate Irish natural gas project for CPPIB, Norwegian energy giant

CALGARY, A.B. - Vermilion Energy Inc. says it's now the operator of the Corrib natural gas project in Ireland on behalf of partners that include a subsidiary of the Canada Pension Plan Investment Board and Norway's Equinor. The CPPIB's Nephin Energy Holdings Ltd. is expected to hold a 43.5 percent interest in the Corrib project after a series of transactions, with...

Alberta plans to buy 7,000 railcars to ease ‘crisis’ in oil price differentials

TORONTO, O.N. - Alberta needs to buy as many as 7,000 railcars if it wants to be able to meet its goal of shipping an additional 120,000 barrels of oil a day, says Premier Rachel Notley. In a speech to the Toronto Board of Trade, Notley says her province is prepared to buy roughly 80 locomotives, with each train pulling 100...

Bonterra Energy slashes monthly dividend to a penny due to low oil prices

CALGARY, A.B. - Bonterra Energy Corp. is slashing its monthly dividend to a penny per share due to the drop in oil prices. The energy company says the new rate will apply to its November dividend, which is payable on Dec. 31. Bonterra had been paying a monthly dividend of 10 cents per share. The company says it is taking the steps to...

Jason Kenney says he will work with Premier Rachel Notley on oil-price differential

EDMONTON, A.B. - Alberta Opposition leader Jason Kenney says it's time to take immediate action on the oil-price differential before it leads to further job cuts and losses to the province's core industry. Kenney says he will work with Premier Rachel Notley's government to fast-track a new law that would order companies to cut production by 10 percent. He says it's a...

Alberta buying its own rail cars to move oil without feds, Notley says

OTTAWA -  Alberta Premier Rachel Notley says her province is buying enough new rail cars to ship another 120,000 barrels of oil a day, without the federal government's help. The premier was in Ottawa Wednesday to deliver a speech steps from Parliament. She said she's disappointed the federal government hasn't even officially responded to her request to help buy more...

Chamber of Commerce hosts an evening with PETRONAS Canada

FORT ST. JOHN, B.C. - The Fort St. John Chamber of Commerce hosted an evening with PETRONAS Canada. The evening allowed members of the community to hear a company update and the projected activity near Fort St. John and the surrounding area. The company recently changed their name from Progress Energy to PETRONAS Canada to better reflect with the parent company's...

Steep oil price discounts place oilpatch credit ratings in danger, warns DBRS

CALGARY, A.B. - Credit rating agency DBRS Ltd. is warning that some of the big Canadian oil and gas companies it covers could face downgrades in their credit scores if current steep price discounts for their products continue. Such rating cuts could affect the companies' ability to access credit to fund growth and potentially increase what they pay to service their...

Morneau vows oilpatch support through Trans Mountain as protesters chant outside

CALGARY, A.B. - Hundreds of protesters chanting "Build that pipe now" jammed a downtown Calgary street for the second time in five days on Tuesday, this time to mark a speech by federal Finance Minister Bill Morneau. Organizer James Robson with the Canada Action Coalition says his group, which picketed a speech by Prime Minister Justin Trudeau last Thursday, plans...

Precision claiming $20 million break fee after Ensign set to take over Trinidad

CALGARY, A.B. - Precision Drilling Corp. says it is entitled to a $20-million break fee after Ensign Energy Services Inc. announced Tuesday that it will take control of Trinidad Drilling Ltd. by acquiring a majority of Trinidad's shares. Calgary-based Precision, the largest driller in Canada, said the fee is owed as part of the Oct. 5 arrangement it had with Trinidad...
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