News
Oil sands companies not benefiting from federal COVID relief
May 29, 2020Representatives from Canada’s oilpatch say they don’t know of a single energy company that has yet benefited from any of Ottawa’s COVID-19-inspired loan programs. Several company owners and industry advocates are painting a grim picture of the state of the country’s energy…
New legislation would put deadlines on energy project approvals
May 28, 2020Alberta is introducing legislation to allow the government to set maximum time limits on approvals for energy projects. Energy Minister Sonya Savage told Canadian Press that a review of the system has shown that at times it takes too long…
Coating repairs on pace for Line 5
May 28, 2020Enbridge Inc on Wednesday said coating repairs were under way at its Line 5 oil pipeline in the Straits of Mackinac in Michigan, as exposed metal spots were found during seasonal maintenance that began in May. “Four locations will require…
Alberta has cut crude output by 1 million bpd
May 28, 2020Alberta has cut oil output by a quarter or about 1 million barrels per day (bpd), Alberta’s energy minister, Sonya Savage, has informed OPEC. According to Reuters, the output cut by Alberta, home to the world’s third-largest oil reserves, represents…
B.C. receives over 1,100 applications for funding to restore dormant wells
May 27, 2020More than 1,100 applications deluged a British Columbia program creating a funding plan to restore dormant and inactive oil and gas wells, within hours of the program’s launch. Energy Minister Bruce Ralston told Canadian Press that Monday’s requests equal up to $152 million in reclamation work…
Canadian producers ramp up output as crude prices rise
May 27, 2020Western Canadian producers are moving to restore some oil production as crude prices rise with demand thanks to the gradual opening of the world economy and OPEC and Russian output cuts. But analysts say companies hit hard by low crude prices so far this…
Vermilion Energy President steps down
May 26, 2020Vermilion Energy Inc. says Anthony Marino has stepped down as president and chief executive and as a director of the company, effective immediately. The company says instead of replacing Marino it has created an executive committee to run the firm that includes…
Gathering restrictions a great time to build pipelines: Savage
May 26, 2020Alberta’s energy minister says it’s a good time to build a pipeline because public health restrictions limit protests against them. According to Canadian Press, Sonya Savage made the comment Friday in a podcast hosted by the Canadian Association of Oilwell…
Prepare for monster bad bank numbers this week: experts
May 25, 2020Canada’s six-biggest banks are poised to set aside $8.9 billion for souring loans in the fiscal second quarter — a record amount that will wipe out more than half the industry’s profits. The total is the average estimate of five…
Former CCPIB exec sees investment value in Canada’s energy sector
May 22, 2020Canadian energy still presents plenty of value to investors, notwithstanding being shunned by the world’s largest sovereign wealth fund, according to a former chief executive of the Canada Pension Plan Investment Board (CPPIB). “I think it is a question of:…
