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Feb 15, 2013

Enbridge plots new U.S. oil line; profit dips

CALGARY, Alberta, Feb 15 (Reuters) – Enbridge Inc
said on Friday it is teaming up with Dallas-based Energy
Transfer Partners in the latest conversion of a natural
gas pipeline to oil use, a $3.4 billion project to move large
volumes of Canadian crude to Louisiana refineries.

Calgary-based Enbridge, which also reported an 8 percent dip
in fourth-quarter profit, said the conversion should help reduce
the deep discount on heavy Canadian crude that has pressured
producer profits and the economies of Alberta and Canada.

Feb 12, 2013

TransCanada’s Eastern oil plan gathers steam

CALGARY, Alberta, Feb 12 (Reuters) – TransCanada Corp’s
plan to ship Alberta oil to Eastern Canada through a
converted natural gas pipeline is quickly gaining traction,
executives said on Tuesday, as the company’s wait for a U.S.
decision on its long-delayed Keystone XL project drags on.

TransCanada, which reported a 19 percent drop in
fourth-quarter profit, expects to file an application by the end
of this year for its mainline conversion project, which could
allow up to one million barrels a day of oil sands-derived crude
to flow to Quebec and the Atlantic provinces by 2017.

Feb 6, 2013

Alberta seeks Eastern oil route as Keystone drags

CALGARY, Alberta, Feb 5 (Reuters) – The premiers of oil-rich
Alberta and New Brunswick agreed on Tuesday to cooperate on
promoting a cross-Canada pipeline to move heavy oil to the
Atlantic seaboard as delays in projects to export the fuel
generate deep price discounts.

Alberta’s Alison Redford and David Alward of New Brunswick
met with energy executives this week to discuss concepts for
shipping the oil sands-derived crude as far as the Irving Oil
refinery in Saint John, New Brunswick, Canada’s largest, and to
international markets through that city’s deep-water port.

Feb 5, 2013

Alberta may offer more to smooth way for Keystone: envoy

CALGARY, Alberta (Reuters) – Alberta could offer up new environmental initiatives for oil sands development to show the Obama administration that approving a $5.3 billion pipeline to U.S. Gulf Coast refineries will not increase pollution, the Canadian province’s new envoy in Washington said on Monday.

Alberta, anxious to tap new markets in the United States for its growing volumes of oil, has already boosted monitoring of the impacts of tar sands projects on northern waterways. It also has established a land-use plan for the region to protect some areas, said David Manning, appointed by Premier Alison Redford last week as the province’s envoy in Washington.

Jan 31, 2013

Alberta unlikely to balance books in 2013-14-Moody’s

CALGARY, Alberta, Jan 31 (Reuters) – Moody’s Investors
Service forecast something on Thursday that Alberta’s premier
will not yet admit – that a projected C$6 billion ($6 billion)
shortfall in oil revenue will likely force the Canadian province
to miss its target of balancing the books this year.

Premier Alison Redford has said an unusually deep discount
on the price of heavy crude from Alberta’s oil sands is forcing
her Progressive Conservative government to consider tough
cost-saving moves for its 2013-14 budget, due on March 7.

Jan 30, 2013

EU executive thwarts Canada lobby on tar sand oil

BRUSSELS/CALGARY, Alberta, Jan 30 (Reuters) – Canada’s
urgent hunt for buyers for its oil is being thwarted as the
European Commission sticks to a plan to label fuel from tar
sands deposits as highly polluting, deterring refiners bound by
environmental rules.

Intense pressure from Canada, seeking new markets to
compensate for dwindling U.S. buying and discounted sales, has
not convinced the EU executive to abandon its proposal to brand
tar sands oil as more carbon-intensive than conventional crude.

Jan 25, 2013

Alberta premier warns of $6 bln shortfall in oil revenue

CALGARY, Alberta, Jan 24 (Reuters) – Alberta’s premier
warned on Thursday that the Western Canadian province faced a
C$6 billion ($6 billion) shortfall in revenue due to deeply
discounted prices for its crude oil but offered no specifics on
how to prevent falling deeper into the red.

Alberta’s financial forecasts have been thrown into disarray
by fast-growing output from its vast oil sands and limited
pipeline capacity to move it to markets in the United States and
elsewhere. That has pulled the price of a barrel down to less
than half that of international benchmark Brent oil.

Jan 24, 2013

Enbridge CEO says eastern U.S. Gulf coast may be next big market

CALGARY, Alberta (Reuters) – Enbridge Inc (ENB.TO: Quote, Profile, Research, Stock Buzz) has started to sketch out plans for moving Canadian crude oil to a U.S. refining market it has so far had little access to – the eastern Gulf Coast region of Louisiana and Mississippi, its chief executive said on Thursday.

Enbridge, the largest shipper of Canada’s oil, has been a main player in adding pipeline capacity to the western Gulf Coast, most recently with the expansion of the Seaway pipeline between the hub at Cushing, Oklahoma, and the Houston area.

Jan 21, 2013

Alberta warns of tough budget, sees no tax hike

CALGARY, Alberta, Jan 21 (Reuters) – Alberta is more than
C$3 billion ($3 billion) short of its target for sales of oil
from the oil sands due to deep discounts on the crude, but the
shortfall is not pushing the Western Canadian province to raise
taxes, tts finance minister said on Monday.

The Progressive Conservative government of Premier Alison
Redford is doing what it can to pry open new markets for the
heavy oil it depends on for up to three quarters of its
nonrenewable resource revenue. However, it does net expect
short-term results, Finance Minister Doug Horner said.

Jan 18, 2013

Canada pipelines offer investors shelter from economic storm

CALGARY, Alberta (Reuters) – Shares in Canada’s pipeline companies are hitting new peaks as their stable business models and prospects for rising dividends prompt investors to overlook environmental and regulatory risks surrounding their new multibillion-dollar project proposals.

A shaky economic outlook in the United States and Europe has investors seeking defensive stocks, and TransCanada Corp (TRP.TO: Quote, Profile, Research) and Enbridge Inc (ENB.TO: Quote, Profile, Research) offer more than just shelter from the storm, analysts said.

    • About Jeffrey

      "Jeffrey Jones is a senior reporter based in Calgary, Alberta, Canada. Jeff covers a wide array of topics, including energy, environment, business and general news. He is also in charge of coordinating in-depth energy-related stories for the United States and Canada. Jeff has a keen interest in music."
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