An ongoing lack of pipeline capacity has restricted the growth of Canadian crude production: ATB
Unlike in the U.S., Canada has not been able to reach its full potential when it comes to crude oil production, says ATB Financial’s economics and research team. In its daily economic update The Owl, the financial institution said the U.S. shale oil revolution made possible by horizontal drilling and hydraulic fracturing pushed U.S. field…
Company says its two facilities have created thousands of jobs and contributed over $25 billion in capital spending to the Canadian economy
Calgary-based Cenovus says it has reached a significant milestone with one billion barrels of cumulative production from its Foster Creek and Christina Lake oil sands facilities in northern Alberta. It said it’s the first company to produce one billion barrels of oil using steam-assisted gravity drainage (SAGD) technology. “This incredible achievement for Cenovus represents over…
Part of efforts to fund portfolio of natural gas pipelines, liquids pipelines and power generation projects
TC Energy Corp. has announced it has entered into an agreement to sell its U.S. midstream assets held by its subsidiary Columbia Midstream Group to UGI Energy Services, LLC, a subsidiary of UGI Corp., for about $1.7 billion. The company, formerly known as TransCanada, said the transaction is expected to close in the third quarter…
The law is so full of giant holes that it could make things much worse for anyone planning a large project to improve our economy
Canada is no longer a low-risk, high-return venue for investment. The federal government has boxed itself into a corner in its attempts to square the process for reviewing and approving large mining, pipeline or other projects. It has run counter to the private sector’s desire for any such process to be clear, simple, relatively quick,…
StatsCan said oil sands extraction increased 11% to take advantage of the easing of production restrictions
Canada’s real gross domestic product was up 0.3 per cent in April, following a 0.5 per cent increase in March, according to Statistics Canada. And that was helped by a boost from the mining, quarrying and oil and gas extraction sector. The federal agency reported on Friday that goods-producing industries rose 0.4 per cent, while…
All subsectors fell in the first quarter of the year, as did exports, according to Statistics Canada
Canada’s natural resource sector is a key economic driver for the country – but the sector is still struggling. According to a report released on Wednesday by Statistics Canada, real gross domestic product (GDP) of the natural resources sector fell 1.9 per cent in the first quarter, the largest decline since the second quarter of…
For an issue that’s been so polarizing, the arguments against the pipeline expansion are surprisingly flawed
Nothing has been as divisive to national unity as the Trans Mountain pipeline expansion in the 25 years since the Quebec independence referendum. But unlike separation, this project – approved again last week by the federal government – is good for the country and will benefit all Canadians. Moving to Vancouver two years ago from…
The victory reprieves rather than reverses the march of big spending government with accumulating environmental regulations
The conservative Liberal-National Coalition went to the Australian election on May 18 as a minority government. All opinion polls saw the Labor Party gaining a majority in the 151-seat lower house. But the coalition was returned with a firm majority under Prime Minister Scott Morrison, who was recently installed after bitter leadership battles. The Labor…
Indigenous communities along the transmission line can obtain up to a 40% equity interest
Calgary-based Canadian Utilities Ltd. announced on Monday that it’s selling its Alberta PowerLine, along with its partner Quanta Services Inc., for about $300 million and the assumption of $1.4 billion in debt. It said the purchaser is a consortium including Greystone Managed Investments (TD Greystone Asset Management), as manager for and on behalf of the…
Construction expected to begin this year but analysts warn that it will take years to complete and open new markets
The federal government’s approval on Tuesday of the multibillion-dollar Trans Mountain pipeline expansion project is being called a step in the right direction for Alberta’s economy. The Canadian Association of Petroleum Producers said the approval paves the way for Canada to start competing on the world stage. In a statement, CAPP said the approval “means…
Electricity sector is playing in reducing Canada’s greenhouse gas emissions
Greenhouse gas emissions (GHG) in Canada’s electricity sector have declined by 34 per cent since 2005 and further reductions are expected, says the Conference Board of Canada in a new report released on Tuesday. “Canada-wide, the electricity sector is undergoing fundamental transformation. In each province, electricity generators are playing a leadership role in the move…
If the project is not approved for summer construction, the federal government will hinder employment, innovation and technology development
Any further delays on the Trans Mountain Expansion Project will signal that Canada is closed for business, says the Canadian Association of Petroleum Producers in a statement issued on Monday in advance of the government of Canada's expected announcement on the project on Tuesday. The statement read: “The Trans Mountain expansion project must be approved…
Pipeline constraints, a lack of market diversity and inefficient regulations are blamed
The Canadian Association of Petroleum Producers says capital spending in the oil sands is set to decline for a fifth consecutive year this year as Canada’s oil sector continues to miss a significant opportunity to benefit from the global commodity price and finally receive fair market value for Canadian resources. In its 2019 Crude Oil…
Pipeline constraints, a lack of market diversity and inefficient regulations are blamed
The Canadian Association of Petroleum Producers says capital spending in the oil sands is set to decline for a fifth consecutive year this year as Canada’s oil sector continues to miss a significant opportunity to benefit from the global commodity price and finally receive fair market value for Canadian resources. In its 2019 Crude Oil…Calgary-based energy giant to pay fines after guilty plea for pipeline incident near Lloydminster
Calgary-based energy giant Husky announced on Wednesday it has entered guilty pleas on federal and provincial charges related to a 2016 oil spill in Saskatchewan and will pay fines totalling $3.82 million. It said in a news release that its subsidiary Husky Oil Operations Ltd. was fined $2.5 million under the federal Fisheries Act and…