OTTAWA/CALGARY, Oct 26 (Reuters) – Malaysian state-owned oil
company Petronas was so confident last Friday that its
purchase of Progress Energy Resources Corp would be
approved by Canada that company officials had drafted a press
release to announce the news.
At midnight Kuala Lumpur time, they were flabbergasted to
learn that Ottawa wanted more time to make a decision.
CALGARY/TORONTO (Reuters) – Canadian markets could face a bloody opening on Monday after the government blocked the C$5.17 billion ($5.22 billion) acquisition of Progress Energy Resources Corp (PRQ.TO: Quote, Profile, Research, Stock Buzz) by Malaysian state oil company Petronas PETR.UL, raising questions about other, bigger bids and about Canada’s willingness to let foreign investors in.
Canadian Industry Minister Christian Paradis said late Friday night that Petronas’ bid for Progress — one of the largest owners of exploration lands in the gas-rich Montney shale region in northeastern British Columbia — would not provide the “net benefit” for the country required by Canada’s foreign investment laws.
CALGARY/TORONTO (Reuters) – Canada could still approve the C$5.17 billion ($5.22 billion) acquisition of Progress Energy Resources Corp (PRQ.TO: Quote, Profile, Research, Stock Buzz) by Malaysian state oil company Petronas PETR.UL, the country’s finance minister said on Sunday, despite blocking the bid late last week.
While observers predict a chaotic market reaction following the federal government’s statement late on Friday that the deal did not provide the “net benefit” required from foreign buyers under the Investment Canada Act, Finance Minister Jim Flaherty said on Canadian television that negotiations continue.
CALGARY, Alberta (Reuters) – Exxon Mobil Corp agreed on Wednesday to buy Celtic Exploration Ltd for C$2.6 billion ($2.64 billion), as the world’s largest publicly traded energy company looks to raise its presence in some of Western Canada’s most promising shale oil and gas regions.
The deal, announced Wednesday, will give Exxon vast tracts in the liquids-rich Montney shale gas region in northeastern British Columbia, joining other world-scale energy companies looking to tap Montney’s massive reserves to feed planned liquefied natural gas plants planned for province’s Pacific coast.
CALGARY, Alberta, Sept 7 (Reuters) – Bank of Canada Governor
Mark Carney on Friday said high commodity prices were
unambiguously good for the economy and he made clear the central
bank would not counter commodity-driven increases in the value
of the Canadian dollar.
In a speech in Calgary, Carney dismissed the idea that the
economy was suffering from so-called Dutch disease, whereby high
commodity prices increase the value of the currency and help
hollow out the manufacturing sector.
CALGARY/WASHINGTON (Reuters) – Enbridge Inc said on Monday that repairs to a ruptured Wisconsin pipeline could be complete as early as tomorrow, though regulators have not yet said when they will allow the company to restart the line.
U.S. pipeline regulators said no decision had been made on whether Enbridge will have to take any corrective measures before restarting a pipeline shuttered after spilling more 1,000 barrels of crude oil in Wisconsin.
CALGARY/WASHINGTON (Reuters) – U.S. pipeline regulators said on Monday no decision had been made on whether Enbridge Inc will have to take any corrective measures before restarting a pipeline shuttered after spilling more 1,000 barrels of crude oil in Wisconsin.
The 318,000 barrel per day Line 14 — which carries Canadian crude to refiners in the Midwest — was shut on Friday after the discovery of the spill, the latest in a series of incidents that threaten to damage the reputation of a company that launched its most ambitious expansion program ever just two months ago.
CALGARY, Alberta, July 25 (Reuters) – Encana Corp
said on Wednesday it is no longer including any of its Michigan
properties in an asset sale package after Reuters reported that
it colluded with Chesapeake Energy Corp to lower the
price of exploration lands in the state.
Randy Eresman, chief executive of Canada’s No. 1 natural gas
producer, declined to answer questions on the allegations on a
conference call held to discuss the company’s quarterly
earnings. Encana reported a $1.5 billion second-quarter loss on
Wednesday due a $1.7 billion charge stemming from low natural
CALGARY, Alberta, July 25 (Reuters) – The new chief
executive of Suncor Energy Inc, Canada’s No. 1
integrated oil producer and refiner, said on Wednesday the
company is revisiting plans for a massive expansion of its oil
sands operations as looks to increase profits.
Suncor, which late on Tuesday reported a
better-than-expected 28 percent jump in second-quarter profit,
will no longer commit to an ambitious growth program that would
see production nearly double by the beginning of the next
CALGARY, Alberta, July 24 (Reuters) – The head of Canada’s
national aboriginal lobby made a forceful call on Tuesday that
the country’s natives be included as key players in decisions on
the development of natural resources on their lands, as well as
sharing in the revenues.
Shawn Atleo, who was re-elected last week as national chief
of the Assembly of First Nations, said in an interview that the
Canadian government and the companies looking to exploit natural
resources on First Nations territories must move to include
aboriginal groups in the development process and get their
consent before mines, pipelines or other projects go ahead.