Industry blames ‘punitive’ federal policies and regulations for its struggles
Following the federal election in October, the sentiment toward Canadian oil and gas is nearing all-time lows, says a report by the Canadian Association of Oilwell Drilling Contractors. The association says that since 2017 the industry has lost an estimated $30 billion in foreign capital, and companies continue layoffs and relocation efforts. It says its…
Certainly there are factors beyond domestic control, but some simple regulatory changes and a general will to help industry will go a long way
Andrew Leach, an energy and environmental economist at the University of Alberta, recently observed that a number of things challenge the oil and gas industry in Canada, particularly the oil sands sector. And some of those challenges aren’t the fault of Canadian politicians or environmental activists. He noted that the Canadian Association of Petroleum Producers…
There’s already a strong engineering, finance and transportation capability in the province. We need to build on that in the new economy
A new study related to abandoned coal mining in the United Kingdom and the movement of displaced workers offers insight for Albertans. Not many of us read the online peer reviewed academic journal Nature Human Behaviour. That’s why occasionally perusing the back pages of The Economist makes sense. The Oct. 26, 2019, Economist reviews an…
Shale-gas policy changes, followed by investments across the country, would turn Canada into an international leader in the transition towards clean energy
“It takes real skill to derail an industry where Canada has so many competitive advantages,” writes Rick Rule regarding energy markets. The chief executive of Sprott US Holdings, a natural-resource brokerage, says the barrier is politics, while Canadian firms, technology and geology are top tier. Fortunately, policy can change and Canada can lead clean-energy production.…
StatsCan said crude oil delivered by pipelines to Canadian refineries was up 9.1% to 8.6 million cubic metres
Energy production in Canada declined in several sectors in August compared with the same month in 2018, according to Statistics Canada. The federal agency reported on Monday that production of crude oil and equivalent products (-2.4 per cent), natural gas (-4.8 per cent) and coal (-5.2 per cent), as well as electricity generation (-3.6 per…
Capital, companies, equipment and crews are leaving Canada for better opportunities, with the U.S. an easy choice: PSAC
The Petroleum Services Association of Canada has decreased its forecast for the number of wells expected to be drilled across Canada for this year. In its third update to its 2019 Canadian Drilling Activity Forecast, PSAC revised its number from 5,300 (May 2019 revision) to 5,100 wells drilled. PSAC now projects 2,425 wells to be…
On Thursday, Encana Corp. dropped a major bombshell on Canada’s energy industry – the company plans to move its headquarters to the U.S. early next year, and to rebrand under a new name. Who can blame them? The new name – Ovinitiv Inc. – drops the reference to Canada in their corporate branding. Encana evolved…
Encana, Canada’s flagship energy company, has now become Americanized, driven south by disastrous Liberal policies
Ed. Note: Gwyn Morgan was the first CEO of Encana when it was formed in 2002. In this Nov. 22, 2018 column, the respected oil pioneer outlines the federal regulatory impediments that are driving companies to leave our country. With the announcement this week that Encana is rebranding and heading to the U.S., the column…
China’s and India's greenhouse gas emissions in 2018 equal to 150 Canadian oil sands
What will happen in Alberta’s energy sector in the aftermath of the federal election is anyone’s guess. But we need to change what we have been doing. We do know that there are many reasons a Canadian voter would be attracted to the Liberal or NDP platforms, and we know that concerns for the environment…
Total oil sands production during the third quarter increased to 670,000 barrels per day
Calgary-based energy giant Suncor is reporting net earnings of $1.035 billion ($0.67 per common share) in the third quarter of this year. That’s down from $1.812 billion ($1.12 per common share) in the corresponding quarter in the prior year. Funds from operations were $2.675 billion ($1.72 per common share) in the third quarter compared to…
Move still requires shareholder, stock exchange and court approval but it is expected to take place in early 2020
Alberta's Energy Minister lashed out at the federal Liberal government Thursday, blaming its policies for the decision by energy giant Encana Corporation to move its corporate headquarters to the United States and change its name to Ovintiv Inc. The Calgary-based company said the move still requires shareholder, stock exchange and court approval but it is…
Nation’s network of transmission pipelines grew to about 121,000 km last year, delivering more than 1.6 billion barrels of crude oil and 5.9 trillion cubic feet of natural gas
A report released on Wednesday by the Canadian Energy Pipeline Association says Canada’s vast network of transmission pipelines grew to approximately 121,000 km in 2018, delivering more than 1.6 billion barrels of crude oil and 5.9 trillion cubic feet of natural gas. And it says there were 19 incidents last year. “Canadians rely on pipelines…
Rapid adoption could cause an 11% spike in Canadian electricity demand, requiring utilities to make significant infrastructure investments
A new report the presence of an estimated 13.2 million electric vehicles on the road by 2030 will change Canadian energy demands. The EY Canadian electric vehicle transition – the difference between evolution and revolution report was released on Monday. It says Canadian sales of electric vehicles grew 165 per cent year over year in…
This Crown corporation’s long-term future is safest in private, rather than public, hands
By Dónal Gill Research Associate Frontier Centre for Public Policy The Frontier Centre for Public Policy recently released Running Hard to Adapt in a Dangerously Fast-Changing Industry by Ian Madsen, a senior policy analyst with the centre. The paper conducts an in-depth valuation and strategic appraisal of SaskPower, using an intrinsic value method and market-based…
During the quarter, the Calgary-based company says it reduced its debt by $21 million
Calgary-based Precision Drilling narrowed its net loss in its third quarter to $4 million from $31 million in the third quarter of last year. In a news release on Wednesday, the company said third-quarter revenue of $376 million was a decrease of two per cent compared to last year. Funds provided by operations were $80…