Qatar will pull out of OPEC amid tension with Saudi Arabia

Qatar will pull out of OPEC amid tension with Saudi Arabia
DUBAI, United Arab Emirates — The tiny, energy-rich Arab nation of Qatar announced on Monday it will withdraw from OPEC in January, mixing its aspirations to increase production outside of the cartel’s constraints with the politics of slighting the Saudi-dominated group amid the kingdom’s boycott of Doha. The surprise announcement from Qatar’s minister of state for energy affairs, Saad Sherida... Read More

Alberta orders 8.7 per cent oil production cut to help deal with low prices

Alberta orders 8.7 per cent oil production cut to help deal with low prices
EDMONTON — Premier Rachel Notley is ordering a mandatory cut to oil production to deal with a price crisis she says threatens to gut Alberta’s bedrock industry. Notley announced the province will impose across-the-board cuts amounting to 8.7 per cent of output to reduce a growing glut of oil that is forcing Alberta oil to sell at steep discounts compared with the North American... Read More

New N.B. premier hopes to bring Energy East pipeline back from the dead

New N.B. premier hopes to bring Energy East pipeline back from the dead
FREDERICTON — New Brunswick’s new premier is trying to revive the Energy East pipeline — even though the original proponent says the project is dead. TransCanada Corporation abandoned the $15.7-billion project more than a year ago, after the National Energy Board modified the environmental assessment process. But Premier Blaine Higgs, along with some other premiers and federal politicians, are again pushing the... Read More

Vermilion to operate Irish natural gas project for CPPIB, Norwegian energy giant

Vermilion to operate Irish natural gas project for CPPIB, Norwegian energy giant
CALGARY — Vermilion Energy Inc. says it’s now the operator of the Corrib natural gas project in Ireland on behalf of partners that include a subsidiary of the Canada Pension Plan Investment Board and Norway’s Equinor. The CPPIB’s Nephin Energy Holdings Ltd. is expected to hold a 43.5 per cent interest in the Corrib project after a series of transactions,... Read More

US consumer spending up strong 0.6 per cent in October

US consumer spending up strong 0.6 per cent in October
WASHINGTON — Consumers boosted their spending in October at the fastest pace in seven months, while their incomes rose by the largest amount in nine months — both good signs for future economic growth. Consumer spending rose a sharp 0.6 per cent last month, the Commerce Department reported Thursday. It was the biggest increase since a similar gain in March... Read More

Precision claiming $20-million break fee after Ensign set to take over Trinidad

Precision claiming $20-million break fee after Ensign set to take over Trinidad
CALGARY — Precision Drilling Corp. says it is entitled to a $20-million break fee after Ensign Energy Services Inc. announced Tuesday that it will take control of Trinidad Drilling Ltd. by acquiring a majority of Trinidad’s shares. Calgary-based Precision, the largest driller in Canada, said the fee is owed as part of the Oct. 5 arrangement it had with Trinidad after terminating the... Read More

Ensign acquires majority of Trinidad shares to take control of drilling company

Ensign acquires majority of Trinidad shares to take control of drilling company
CALGARY — Ensign Energy Services Inc. says it will take control of Trinidad Drilling Ltd. after acquiring a majority of the company’s shares by its Tuesday deadline. The Calgary-based drilling company says 56.38 per cent of Trinidad shares have been tendered. The 154.1 million shares are in addition to the 26.9 million it also owns, raising its stake in Trinidad to 66.18... Read More

Toronto stocks higher as energy sector gains ground amid higher oil prices

Toronto stocks higher as energy sector gains ground amid higher oil prices
TORONTO — Canada’s main stock index was higher in late-morning trading as the energy sector headed up amid rising oil prices, while U.S. stocks also gained ground. The S&P/TSX composite index was up 67.97 points at 15,078.70. In New York, the Dow Jones industrial average was up 343.58 points at 24,629.53. The S&P 500 index was up 33.55 points at... Read More

Emera selling three natural gas power plants in New England for $780M

Emera selling three natural gas power plants in New England for $780M
HALIFAX — Emera Inc. has signed a deal to sell its three natural gas-fired power plants in New England to an affiliate of the Carlyle Group for $780 million. The Nova Scotia-based company says proceeds from the sale will be used to reduce debt and for capital investment. Emera CEO Scott Balfour says the deal, worth US$590 million, increases the... Read More