Guilbeault slams oilpatch for raking in cash and sitting idle on climate action
OTTAWA — The federal environment minister is calling out Canada’s oil companies for failing to put cash behind their promises to tackle climate change.
Steven Guilbeault says the country’s major oil players have promised to do something about greenhouse gas emissions, but instead have funnelled most of their record-breaking profits to shareholders.
This is at least the third time in the last six months Guilbeault’s frustration has spilled over as oil company profits soar. This time his critiques came in the form of a video posted to Twitter as major petroleum producers began releasing their third-quarter earnings.
Ottawa waiting on draft proposals from provinces for $250-million home heating fund
HALIFAX – Environment and Climate Change Canada says it’s still waiting for draft proposals from most provinces on administering a $250-million home heating assistance program announced six weeks ago.
The four-year program that includes about $120 million for Atlantic Canada was announced by the federal department on Sept. 15.
Precision Drilling returns to profitability as oil and gas sector picks up pace
Increased activity in the North American oil and gas sector helped Calgary-based Precision Drilling Corp. return to profitability during the third quarter of 2022, even as the drilling and service sector as a whole struggles with ongoing labour shortages.
Precision — the largest drilling rig contractor in the country — reported a third-quarter profit of $30.7 million for the three months ended Sept. 30, compared with a loss of $38 million a year ago, as its revenue gained 69 per cent.
The rise, and perhaps fall, of fracking in southeast Saskatchewan? Crescent Point starts drilling Viewfield Bakken wells without fracking them
CALGARY – If you were to ask someone what two technologies resulted in Saskatchewan’s “Bakken Boom,” the answers would surely be horizontal drilling and multi-stage fracking. Occasionally more legs, but especially more frac stages, were key.
It now appears that Crescent Point Energy Corp., which, through dozens of acquisitions, consolidated most of the Viewfield Bakken, is experimenting with moving away from fracking in that play.
Suncor to acquire Teck Resources’ stake in Fort Hills oilsands project for $1B
CALGARY — Suncor Energy Inc. will buy out Teck Resources Ltd.’s 21.3 per cent stake in the Fort Hills oilsands project for approximately $1 billion, the two companies announced late Wednesday.
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