On Wednesday, Equinor ASA announced that its controversial Bay du Nord project will be postponed for up to three years due to cost increases. The Norwegian company said in an email press release that it has experienced considerable cost increases in recent months due to the development of the offshore oil field, located about 500 kilometers […] More
According to S&P Global, Canadian oil sands production is projected to produce 3.7 million barrels per day by 2030. S&P Global has increased its estimate for 2030 output by 140,000 barrels per day compared to last year’s forecast. Kevin Birn from S&P Global Commodity Insights stated that “the Canadian oil sands have entered an ‘era […] More
The government of Ontario is introducing an energy conservation initiative that aims to compensate residents who own smart thermostats for reducing their air conditioning usage during specific periods in the summer. Participants who enroll in the Peak Perks program as residential customers will be rewarded with a $75 prepaid credit card, in exchange for providing […] More
Oil prices increased on Tuesday as investors anticipated a tighter market driven by higher gasoline demand and supply cuts from OPEC+ countries. However, concerns about the risk of a U.S. debt default limited the extent of the price increase. Brent crude futures rose by 35 cents, or 0.46%, to reach $76.34 per barrel by 0630 […] More
The Indigenous group’s efforts to shut down the international Line 5 pipeline have been met with strong resistance from Enbridge Inc. of Alberta. Concerned that spring flooding may cause the pipeline to burst on their land, the Bad River Band of Lake Superior Chippewa is asking a federal judge in Wisconsin to issue a court […] More
Thousands of people have been evacuated from their homes in western Canada due to the ongoing wildfires, and some oil and gas companies have had to reduce output as the fires have moved closer to pipelines. As of Monday, the wildfires have burned approximately 478,000 hectares or 1,800 square miles of land across Alberta, British […] More
Despite pressure from the New Democrats and other G7 countries, Canada’s Finance Minister Chrystia Freeland is sticking with the decision not to impose a windfall tax on oil and gas businesses in this week’s fall economic statement. On Thursday, Freeland released her fall economic statement, which provided a status report on the Canadian economy and […] More
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