BP deep water well off Nova Scotia lacks commercial quantities of oil:partner

BP deep water well off Nova Scotia lacks commercial quantities of oil:partner
HALIFAX — A third well exploration effort off Nova Scotia has failed to find commercially viable levels of oil in the deep waters of the Scotian Shelf. Hess Corp., the drilling partners on the BP-operated Scotian Basin Exploration Drilling Project, issued a news release Tuesday saying it will write off its share of the well cost, and BP will abandon the Aspy well. It is BP’s only... Read More

TransCanada staunchly supports Keystone XL pipeline despite latest court setback

TransCanada staunchly supports Keystone XL pipeline despite latest court setback
CALGARY — TransCanada Corp. says it doesn’t know when it will be able to build its Keystone XL pipeline after a Montana judge stopped it last week but it is confident the project will make money once it is built and in service. It’s too soon to say what the decision by U.S. District Judge Brian Morris last Thursday will... Read More

TransCanada expects to raise dividend at eight to 10 per cent annual rate

TransCanada expects to raise dividend at eight to 10 per cent annual rate
CALGARY — TransCanada Corp. says it expects to raise its dividend at an average annual rate of eight to 10 per cent through 2021. Ahead of its investor day in Toronto today, the company says its dividend outlook is supported by expected growth in earnings and cash flow. The pipeline operator has increased its dividend on common shares in each... Read More

Keystone XL setback will cost Canadian industry ‘millions’, says association

Keystone XL setback will cost Canadian industry ‘millions’, says association
CALGARY — The Canadian oil industry reacted with frustration and bitterness Friday after a U.S. judge ordered a halt to the Keystone XL pipeline project until it passes further environmental review. The decision on Thursday means longer delays in finding a way to drain a glut of oil in Western Canada that has driven price discounts to multi-year highs and stalled investment, said Tim... Read More

TransCanada says it is committed to Keystone XL pipeline after judge orders halt

TransCanada says it is committed to Keystone XL pipeline after judge orders halt
CALGARY — The Canadian proponent of the $10-billion Keystone XL crude pipeline says it remains committed to the oft-delayed project despite a Montana judge’s ruling that it must pass a further environmental review. TransCanada Corp. spokesman Terry Cunha says the company has received the judge’s ruling and is reviewing it. U.S. District Judge Brian Morris put the project on hold, ruling that... Read More

Enerplus Q3 profit up from year ago, boosted by higher prices and production

Enerplus Q3 profit up from year ago, boosted by higher prices and production
CALGARY — Enerplus Corp. reported a third-quarter profit of $86.9 million, up from $16.1 million a year ago, boosted by higher energy prices and increased production. The oil and gas producer says its profit amounted to 35 cents per diluted share for the three months ended Sept. 30, up from seven cents per diluted share a year ago. Oil and... Read More

Toronto stocks flat, U.S. stock markets mixed; Loonie edges lower

Toronto stocks flat, U.S. stock markets mixed; Loonie edges lower
TORONTO — Canada’s main stock index was flat in late-morning trading as gains in the financial sector were offset by losses in the energy, industrials and materials sectors. The S&P/TSX composite index was up 5.03 points at 15,374.46. In New York, the Dow Jones industrial average was up 35.36 points at 26,215.66. The S&P 500 index was down 3.39 points... Read More

Imperial Oil going ahead with construction of $2.6B Aspen oilsands project

Imperial Oil going ahead with construction of $2.6B Aspen oilsands project
CALGARY — Imperial Oil Ltd. says it will go ahead with its $2.6-billion Aspen oilsands project. Construction will begin this year, with the project expected to start up in 2022. The Aspen project, located about 45 kilometres northeast of Fort McMurray, Alta., is expected to produce about 75,000 barrels of bitumen per day. It will use new oilsands recovery technology designed to lower... Read More

Higher oil prices take some heat off N.L.’s deficit in fall fiscal update

Higher oil prices take some heat off N.L.’s deficit in fall fiscal update
ST. JOHN’S, N.L. — Newfoundland and Labrador had an unexpected oil price spike to thank for some slight deficit relief reported in Tuesday’s fiscal update. The cash-strapped Atlantic province reported a $547-million deficit on Tuesday, compared to the $683-million deficit projected in this spring’s budget. The projected spending for the year remained on target at around $8.4-billion. Finance Minister Tom Osborne pointed to the over-budget... Read More

Painted Pony warns natural gas output will fall due to B.C. pipeline explosion

Painted Pony warns natural gas output will fall due to B.C. pipeline explosion
CALGARY — Oil and gas producer Painted Pony Energy Ltd. says its fourth-quarter production will drop by up to 20 per cent because of reduced shipping capacity after the explosion of a natural gas pipeline in B.C. A line in Enbridge Inc.’s T-South pipeline system ruptured on Oct. 9, about 15 kilometres northeast of Prince George, B.C., causing a huge fireball. Repairs were completed at... Read More