Oil price stall, global uncertainty prompt caution as oil firms roll out Q3 reports
Higher oil prices are expected to bolster returns as Canadian energy companies report third-quarter results over the next few weeks but observers say a recent stall in the crude price recovery and ongoing oil market uncertainty make increases in production and spending plans unlikely. Oil prices stabilized in the third quarter with U.S. benchmark…
NEB rejects Burnaby’s bid to stop work at Trans Mountain pipeline terminal
The National Energy Board has rejected the City of Burnaby’s request that it rescind orders allowing the company building the Trans Mountain pipeline expansion to conduct work at its terminal in the city. The Metro Vancouver city had asked that the board cancel the orders after the Federal Court of Appeal quashed government approval for…
Imperial Oil going ahead with construction of $2.6B Aspen oilsands project
Imperial Oil Ltd.’s commitment to begin construction this year on its $2.6-billion Aspen oilsands project in northern Alberta comes less than a week after it received long-awaited approval from the Alberta government. The speed of the announcement Tuesday surprised observers who have watched Calgary oilsands rivals including Canadian Natural Resources Ltd., Cenovus Energy Inc. and…