Energy

Cost of Trans Mountain pipeline expansion soars 70 per cent to $21.4 billion

CALGARY — The projected cost of the Trans Mountain pipeline expansion has soared 70 per cent to $21.4 billion, while its completion is delayed. The Crown corporation behind the massive project says the total cost has increased from its earlier estimate of $12.6 billion. Trans Mountain Corp. partially blames the cost increases on the COVID-19 …

Cost of Trans Mountain pipeline expansion soars 70 per cent to $21.4 billion Read More »

Canadian pipeline operator Enbridge reports higher profit as oil volumes rise

By Arunima Kumar and Rod Nickel (Reuters) -Enbridge Inc reported a nearly 4% jump in fourth-quarter profit on Friday, as a recovery in fuel demand boosted the Canadian pipeline operator’s oil transportation volumes, but it missed earnings expectations. Pipeline operators have benefited from a pick-up in volumes with crude prices trading at multi-year highs. Oil …

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Oilpatch optimism high in Sask. amid surging prices at the pump

Saskatchewan made nearly $15M selling Crown oil and gas rights in 2021-22 While Saskatchewan’s oil and gas sector stands to benefit from a recent surge in global oil prices, drivers are feeling the pain at the pump. Patrick De Haan, head of petroleum analysis at GasBuddy, said Canadian fuel prices are currently at or near record-highs as …

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Gasoline prices breaking records as crude oil tops US$90 a barrel

CALGARY — Gasoline prices across Canada shattered an all-time record high on Friday, as crude prices soared above US$90 per barrel and North American refineries worked full throttle to keep up with demand. The national average retail fuel price sat at 151.6 cents per litre as of 1.p.m. ET Friday, according to fuel price tracking …

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Trans Mountain expansion is running over budget by billions of dollars and months behind schedule

Work to expand the oil pipeline is now forecast to cost more than $17 billion and likely won’t be done until sometime in 2023, sources say Chris Varcoe CALGARY — After facing interruptions caused by volatile weather and the pandemic, the Trans Mountain expansion is expected to run over budget by several billion dollars — …

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N.S. government kills electric utility’s bid to impose ‘net-metering’ charge on solar

By Michael MacDonald The Canadian Press Wed., Feb. 2, 2022 HALIFAX – The Nova Scotia government has scuttled a bid by the province’s private electric utility to charge fees to customers who sell renewable power back to the electricity grid. Premier Tim Houston issued a statement Wednesday saying his government’s move is aimed at protecting the …

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Strength in energy sector helps lift S&P/TSX composite, U.S. stock markets mixed

TORONTO — Strength in the energy sector helped Canada’s main stock index rise in late-morning trading, while U.S. stock markets were mixed. The S&P/TSX composite index was up 96.35 points at 21,194.64. TORONTO — Strength in the energy sector helped Canada’s main stock index rise in late-morning trading, while U.S. stock markets were mixed. The …

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Canada’s Oil Sands Stocks Surge Even as Some Companies Exit

January 31, 2022 EnergyNow Media (Bloomberg)Canada’s oil companies are outperforming their energy-producing peers as the highest oil prices in seven years brings a windfall of cash.The combined shares of five of the largest oil sands companies have outpaced the broader S&P 500 Energy Index over the past three months, data compiled by Bloomberg show.The 25% …

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Atlantic premiers meet to discuss clean energy loop, COVID-19 management

HALIFAX — Atlantic Canada’s four premiers met virtually today to discuss regional priorities, including the Atlantic Loop clean energy project. In a news release following the meeting hosted by Nova Scotia Premier Tim Houston, the premiers reiterated the importance of the $5-billion proposal. The premiers say the Atlantic Loop, which would connect the four provinces …

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Oil Tumbles With Equities Amid Rate-Hike Fears, Ukraine Tensions

Alex Longley and Devika Krishna Kumar Mon., January 24, 2022, 8:53 a.m. Alex Longley and Devika Krishna KumarMon., January 24, 2022, 8:53 a.m. (Bloomberg) — Oil in New York tumbled as risk-off sentiment prevailed across financial markets, driven by concerns about monetary tightening and growing political tensions in Ukraine. U.S. crude futures lost as much …

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