CALGARY, Alberta, June 26 (Reuters) – A review of royalties
paid by Alberta’s oil and gas industry will be finished by
year-end, the government of Canada’s largest oil-producing
province said Friday, making good on an election promise to
reassess how fairly resource revenues are divided up.
Environment Minister Margaret McCuaig-Boyd said Dave Mowat,
chief executive of provincially owned financial services agency
ATB Financial, will lead the review.
CALGARY, Alberta, June 25 (Reuters) – Oil-rich Alberta will
raise the cost of greenhouse-gas emissions for large industrial
plants and boost targets for emission cuts as its new government
took action on Thursday to strengthen the Canadian province’s
Alberta is the largest source of U.S. oil imports, and its
oil sands plants are Canada’s fastest-growing source of
CALGARY, Alberta, June 23 (Reuters) – Pipeline company
TransCanada Corp and oil and gas producer Encana Corp
both said on Tuesday they were cutting jobs, joining
other Canadian energy firms that have laid off staff since
global oil prices slumped.
TransCanada, the backer of the controversial Keystone XL
pipeline project, said it cut 185 jobs following a restructuring
to lower costs for customers affected by weak oil and natural
CALGARY, Alberta, June 17 (Reuters) – Statoil ASA
said on Wednesday it is still working with the government of
Canada’s Newfoundland to come up with terms for developing the
Bay du Nord oil discovery in the North Atlantic off the
Jez Averty, the company’s senior vice-president,
exploration, for North America, said in an interview he is
optimistic Statoil will be able to reach a deal on terms to
develop the 600 million-barrel find but is not yet ready to say
when he expects to reach an agreement.
CALGARY, Alberta, June 17 (Reuters) – Imperial Oil Ltd
said on Wednesday it will delay plans to boost the
output of its Kearl oil sands project, backing off its 2020
fixed date for the next expansion phase.
Canada’s No. 2 integrated oil producer and refiner said a
day earlier that production had begun at the second, C$9 billion
($7.3 billion) phase at Kearl, doubling capacity to 220,000
barrels per day when it reaches full output in a
CALGARY, Alberta, June 15 (Reuters) – The two biggest
customers on Enbridge Inc’s newly reversed pipeline to
carry Western Canadian oil from Sarnia, Ontario, to Montreal
want to meet Canada’s energy regulator to find out why the
pipeline’s opening has been delayed by months.
Valero Energy Corp and Suncor Energy Inc,
each of which owns of two refineries in the province of Quebec,
said in separate letters posted on the National Energy Board’s
website that the delay in approving the startup of the 300,000
barrel per day Line 9 pipeline is pushing up their costs and
harming their operations.
CALGARY, Alberta (Reuters) – Alberta, the largest source of U.S. oil imports, will probably run a budget deficit of about C$5 billion ($4.1 billion) this fiscal year as low oil prices cut into its revenues, the Western Canadian province’s new finance minister said on Thursday.
Joe Ceci, a former Calgary city councillor who became finance minister last month after the left-leaning New Democratic Party (NDP) won a surprise election victory, said in an interview he expects the deficit to be near the C$5 billion projected by the previous Conservative government.
CALGARY, Alberta, June 9 (Reuters) – Weak oil prices will
slash growth in Canada’s prolific oil sands, cutting production
and discouraging investment in the world’s third-largest crude
reserve, according to a new forecast from Canada’s most
influential oil industry lobby group.
In its annual production forecast, the Canadian Association
of Petroleum Producers said it expected the country’s output to
rise to 5.3 million barrels per day by 2030, down 17 percent
from its prior-year estimate of 6.4 million bpd.
CALGARY, Alberta, June 4 (Reuters) – Production at two of
Canada’s major oil sands operations remained suspended on
Thursday as wildfires continue to rage in northern Alberta.
Cenovus Energy Inc’s 135,000 barrel per day Foster
Creek oil sands project and Canadian Natural Resources Ltd’s
80,000 bpd Primrose site have been shut for a week
after staff were evacuated when a wildfire threatened the two
CALGARY, Alberta (Reuters) – Alberta, the Canadian province whose carbon-intensive oil sands are the largest source U.S. oil imports, said on Tuesday it will have new climate change regulations in place by June 30, when its current system is set to expire.
Shannon Phillips, the environment minister for the province’s newly elected left-wing government, said in a statement that her first steps will include energy-efficiency and renewable-energy strategies.