OPEC, Russia Approve Biggest-Ever Oil Cut to Support Prices
OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%. Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the U.S.
US Judge Halts Keystone XL Oil Pipeline
A U.S. judge in Montana has halted construction of the Keystone XL pipeline designed to carry heavy crude oil from Canada to the United States, drawing a sharp rebuke on Friday from President Donald Trump.The ruling of a U.S. Court in Montana late on Thursday dealt a major setback to TransCanada Corp, whose stock dropped 2 percent in Toronto. Shares of companies that would…
Canada to Buy Kinder Morgan's Trans Mountain Pipeline
The Canadian government said on Tuesday it will buy Kinder Morgan Canada Ltd's Trans Mountain pipeline project for C$4.5 billion but does not intend to be the long-term owner of the project, which has faced fierce environmental opposition.Canada will also offer federal loan guarantees to ensure construction continues through the 2018 season as part of the deal with the company, a unit of Houston-based Kinder Morgan Inc ."The federal government has reached an ag
Canada Government to Give Briefing on Pipeline Expansion Aid
The Canadian government will give a 9 am ET (1300 GMT) briefing on Tuesday on how it has decided to aid a Kinder Morgan Canada Ltd crude oil pipeline project, an official said. Ottawa says it is prepared to financially backstop the planned expansion of the company's Trans Mountain pipeline, which has run into fierce opposition. Reporting by David Ljunggren
Canada Ready to Cover Kinder Morgan Loss
Canada is prepared to cover some losses Kinder Morgan Canada Ltd might suffer if a proposed oil pipeline expansion is delayed and thinks other investors are ready to step in if need be, Finance Minister Bill Morneau said on Wednesday. The company has given Ottawa a deadline of May 31 to provide assurances it can proceed with a plan to more than double the capacity of its Trans Mountain line from Alberta to British Columbia.
Canada Govt Ready to Indemnify Kinder Morgan Pipeline Project
The Canadian government is prepared to financially shield Kinder Morgan Canada Ltd's proposed Trans Mountain pipeline expansion against unnecessary delays that are politically motivated, Finance Minister Bill Morneau said on Wednesday.Morneau also told a news conference that if Kinder Morgan decided to walk away from the project, which the provincial government of British Columbia opposes…
Trudeau's Political Troubles Boil as Pipeline Surprise Weighs
Canada's government got just 24 hours notice that it would be thrust into a political and economic crisis by an ultimatum from a pipeline operator, government sources said, leaving Prime Minister Justin Trudeau scrambling for options in a dispute that could damage his re-election chances. The Kinder Morgan Canada pipeline issue has pitted Ottawa against the Pacific province of British Columbia and could turn into a constitutional crisis…
Canada Cabinet to Discuss Troubled Kinder Morgan Pipeline
Prime Minister Justin Trudeau will meet on Tuesday with his cabinet ministers to discuss Kinder Morgan Canada Ltd's threat to walk away from a troubled pipeline expansion as various levels of government signal interest in spending public funds to ensure the project proceeds. The company, losing patience with moves by politicians and activists to block plans to almost triple the capacity of its Trans Mountain pipeline…
Kinder Morgan Halts Most Work on Disputed Canada Pipeline
Kinder Morgan Canada on Sunday suspended most work on a C$7.4 billion ($5.8 billion) oil pipeline expansion that has become the focus of protests, a move underscoring uncertainty over major energy projects in Canada. Company Chairman Steve Kean said he would scrap plans to nearly triple the capacity of the Trans Mountain pipeline, which takes crude from Alberta's oil sands to a facility in the Pacific province of British Columbia…
Canada Mulls Single Body to Assess Pipelines
Canada needs a single federal authority to assess the potential impact of major projects such oil pipelines and mines, a move that could help quell environmental protests, an official panel said on Wednesday. Responsibility for examining the potential impact of projects on federally-regulated land in Canada is shared between three separate entities, a much-criticised system that the Liberal government says the public does not trust.
Canada to Restart Review of Energy East Pipeline
Canada's energy regulator on Friday scrapped a partially completed hearing into TransCanada Corp's proposed Energy East pipeline and said the process would start again from the beginning. The National Energy Board said in a statement that the new panel examining the project would decide how to proceed. The previous panel stepped down last year after it was revealed that members had met privately with a TransCanada consultant.
Canada to Rule on Two Pipelines; Kinder Morgan Still Up In Air
Canada will this week decide the fate of two Enbridge Inc pipelines but is keeping quiet about its verdict on Kinder Morgan Inc's plans to more than double the capacity of its Trans Mountain line, a move environmentalists strongly oppose. The Liberal government is widely expected to veto Enbridge's Northern Gateway pipeline from Alberta's oil sands to the province of British Columbia on the Pacific Coast.
Canadian Watchdog Raps Nuclear Regulator Over Power Plant Probes
Canada's nuclear regulator is so bad at paperwork that it cannot prove it is properly inspecting nuclear power stations and ensuring operators follow the rules, the country's official environmental watchdog said on Tuesday. In an audit, Environment Commissioner Julie Gelfand also highlighted what she said were staff shortages at the Canadian Nuclear Safety Commission (CNSC).
Canada Indicates it Won't Demand Regulator Change Pipeline Panel
Canada on Friday indicated it would not press the country's energy regulator to remove members from a panel looking into Transcanada Corp's proposed Energy East pipeline despite protests over their actions. Energy Minister Jim Carr told reporters the National Energy Board should decide the fate of the three-person panel. Critics want two members to quit after it emerged they had privately discussed the project with former Quebec Premier Jean Charest…
Canada July Trade Deficit Shrinks as Non-energy Sector Shines
Canada's trade deficit in July unexpectedly shrank on stronger non-energy exports, a sector the Bank of Canada says is crucial to helping revive an economy hit by low oil prices. Statistics Canada said on Friday that the July deficit was C$2.49 billion ($1.90 billion), lower than the C$3.25 billion shortfall predicted by analysts in a Reuters poll and below the record C$3.97 billion in June.
TransCanada Pipeline Approval Hearing Suspended
Canada's National Energy Board on Tuesday suspended Montreal hearings on TransCanada Corp's proposed Energy East pipeline for the rest of the week after protests disrupted the first day on Monday. The board, Canada's energy regulator, also said in a statement it would not proceed with further sessions until it had considered two motions asking for the recusal of members from the panel considering the pipeline.
Canada Trade Deficit Hits Near Record Despite Energy Export Jump
The value of Canadian energy exports surged in May even as the industry was coping with a major Alberta wildfire, but improved oil sales were not enough to prevent the second biggest trade deficit on record, Statistics Canada data showed on Wednesday. The C$3.28 billion ($2.52 billion) deficit, the 21st in a row, was much larger than the C$2.70 billion shortfall predicted by analysts in a Reuters poll.
Alberta Wildfires push Canada May Producer Prices
Canadian producer prices in May increased by their most in over a year, due in part to Alberta wildfires pushing up the cost of energy and petroleum products, Statistics Canada said on Thursday. The 1.1 percent advance - the first in four months - was greater than the 0.4 percent growth forecast by analysts in a Reuters poll. It marked the biggest month-on-month climb since the 1.9 percent recorded in February 2015.
Canada Wildfire Explodes in Size, Approaches Oil Sands Project
A raging Canadian wildfire grew explosively on Saturday as hot, dry winds pushed the blaze across the energy heartland of Alberta and threatened to burn close to an oil sands project. The fire that has already prompted the evacuation of all 88,000 people who lived in the city of Fort McMurray was set to double in size on Saturday, the seventh day of what is expected to be the costliest natural disaster in Canada's history.
Canada's Aboriginals tell Trudeau they can Block Pipelines
Canadian aboriginal groups and their allies said on Friday they have the power to block proposed oil pipelines on land where they have proven title, dismissing comments by Prime Minister Justin Trudeau who said no community has a veto. Trudeau told Reuters on Thursday that unanimous consent is not needed for the government to approve pipeline projects to bring Canadian oil to market…
