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☆ Alberta premier says province open to providing carbon capture tax credits
▼ + stars: | 2023-01-10 | by ( Nia Williams | ) www.reuters.com time to read: +2 min

[1/2] A Shell employee walks past the company's new Quest Carbon Capture and Storage (CCS) facility in Fort Saskatchewan, Alberta, Canada, October 7, 2021. REUTERS/Todd KorolJan 10 (Reuters) - Canada's main oil-producing province Alberta is open to bolstering tax credits for carbon capture and storage (CCS) technology but also wants the federal government to increase financial support, Premier Danielle Smith said on Tuesday. Carbon capture and storage is seen as a key plank in global efforts to fight climate change by cutting emissions, and last April Ottawa unveiled tax credits designed to spur investment in the costly technology. Last week Liberal Prime Minister Justin Trudeau urged the province to use its budget surplus to boost the tax credits. "We are working towards the same goal...then we can figure out what portion comes from federal tax relief and what portion comes from provincial tax relief," Smith said.

Canada is in the midst of building a large terminal to export LNG, but its completion is two years away. Canadian gas production is on track to reach a record 18 bcfd in 2022 and 19 bcfd in 2023, according to energy consultancy Rystad Energy. Pipelines are also constrained in Canada due to swift production growth, particularly TC Energy Corp's (TRP.TO) NGTL pipeline system that ships gas around and out of western Canada. In August, gas prices in Alberta briefly turned negative because of bottlenecks stemming from NGTL maintenance. U.S. LNG exports are expected to reach 10.6 bcfd in 2022 and 12.3 bcfd in 2023, according to federal estimates.

[1/3] A view of the land repair work underway at site of an oil spill from Keystone Pipeline, located north of Washington, Kansas, U.S December 15, 2022. Erwin Seba/REUTERSCompanies TC Energy Corp FollowDec 21 (Reuters) - The U.S. pipeline regulator launched a review this year of its special permits that waive certain operating requirements for pipelines, following a government report into spills on TC Energy's Keystone oil pipeline, a source familiar with the matter said. The most recent major spill occurred this month in rural Kansas along Keystone, the only U.S. oil pipeline with a special permit to operate at higher pressure. PHMSA commissioned Oak Ridge National Laboratory, a Department of Energy research institution, to review special permits following a 2021 report on Keystone accidents, the source said. The latest Keystone spill raises doubts about whether PHMSA adequately assesses risk in granting special permits, said Don Deaver, a pipeline consultant.

[1/3] Emergency crews work to clean up the largest U.S. crude oil spill in nearly a decade, following the leak at the Keystone pipeline operated by TC Energy in rural Washington County, Kansas, U.S., December 9, 2022. REUTERS/Drone Base/File PhotoDec 14 (Reuters) - Canada's TC Energy Corp (TRP.TO) is resuming operations in a section of its Keystone pipeline a week after a leak of more than 14,000 barrels of oil in rural Kansas triggered the whole pipe's shutdown. "This restart facilitates safe transportation of the energy that customers and North Americans rely on and extends from Hardisty, Alberta, to Wood River/Patoka, Illinois," TC Energy said. Oil sprayed nearby pastures and leaked into Mill Creek before being shut by operator TC Energy. Market players had speculated that TC Energy might first restart the leg of the pipeline that delivers to Patoka, Illinois.

REUTERS/Drone Base/File PhotoDec 14 (Reuters) - One week after Canada's Keystone pipeline spilled more than 14,000 barrels of oil in rural Kansas in the United States, the cause is still unknown, according to regulators. Oil sprayed nearby pastures and leaked into Mill Creek before being shut by operator TC Energy. The timeline for the full restart of the pipeline remained uncertain, and neither a root cause failure analysis nor a restart plan had been submitted, the U.S. The spill occurred in Washington County, Kansas, about 20 miles (32 km) south of a junction in Steele City, Nebraska, where Keystone splits into two. "We don't have a confirmation of a timeline and anticipate an update on restart today," TC said in an email.

Dec 14 (Reuters) - Canada's TC Energy Corp (TRP.TO) said it expects to give an update on the Keystone pipeline restart later on Wednesday, a week after the 622,000 barrel-per-day pipeline was shut after leaking oil into a creek in Kansas. Keystone is a crucial artery shipping Canadian crude south to U.S. refineries and traders have been awaiting news of when it may restart operations. Market players have speculated TC may first restart the leg of the pipeline that delivers to Patoka, Illinois, which did not leak. "We don't have a confirmation of a timeline and anticipate an update on re-start today," TC said in an email. The Mainline moves 3.1 million bpd of Canadian crude to refineries in the U.S. Midwest and eastern Canada.

WASHINGTON, Kansas, Dec 9 (Reuters) - Emergency crews on Friday were preparing to labor through the weekend to clean up the largest U.S. crude oil spill in nearly a decade, with workers descending on this farming community from as far away as Mississippi. This is the third spill of several thousand barrels of crude on the pipeline since it opened in 2010. U.S. regulator Pipeline and Hazardous Materials Administration said the company shut the pipeline seven minutes after receiving a leak detection alarm. Workers quickly set up a containment area to restrict oil that had spilled into a creek from flowing downstream. Even once the pipeline starts operating again, the affected area will have to flow at reduced rates pending PHMSA approval.

"We could smell it first thing in the morning; it was bad," said Washington resident Dana Cecrle, 56. It was the third spill of several thousand barrels of crude on the 2,687-mile (4,324-km) pipeline since it opened in 2010. A previous Keystone spill had caused the pipeline to remain shut for about two weeks. The spill has not threatened the water supply or forced residents to evacuate, Washington County Emergency Management Coordinator Randy Hubbard told Reuters. Workers quickly set up a containment area to restrict oil that had spilled into a creek from flowing downstream.

Dec 9 (Reuters) - The effort to remove oil from the largest crude spill in the United States in nearly a decade will extend into next week, the U.S. Environmental Protection Agency said on Friday, making it likely that the Keystone pipeline shutdown will last for several more days. TC Energy (TRP.TO) shut the largest oil pipeline to the United States from Canada on Wednesday after it leaked 14,000 barrels of oil into a Kansas creek. This is the third spill of several thousand barrels of crude on the pipeline since it first opened in 2010. A previous Keystone spill had caused the pipeline to remain shut for about two weeks. The oil spill has not threatened the local water supply or forced local residents to evacuate, Washington County Emergency Management Coordinator Randy Hubbard told Reuters.

☆ Major oil pipeline outage to hit U.S. stockpiles, refinery supplies
▼ + stars: | 2022-12-09 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

HOUSTON, Dec 9 (Reuters) - An outage on the largest oil pipeline to the United States from Canada could affect inventories at a key U.S. storage hub and cut crude supplies to two oil refining centers, analysts and traders said on Friday. TC Energy's (TRP.TO) Keystone pipeline ferries about 600,000 barrels of Canadian crude per day (bpd) to the United States. Other pipelines between Canada and the United States are at or near capacity, East Daley and data analytics firm Wood Mackenzie estimates. Gulf Coast refiners, which could suffer shortages of heavy Canadian crude, can draw on supplies from offshore Louisiana facilities and from Colombia, Mexico and Ecuador. U.S. physical crude oil grade prices were mixed on Thursday and O'Donnell at East Daley said he expects volatility to continue as long as Keystone remained offline.

Dec 9 (Reuters) - TC Energy (TRP.TO) said on Friday it is evaluating plans to return its Keystone pipeline to service after it leaked 14,000 barrels of oil into a Kansas creek, the largest crude spill in the United States in nearly a decade. TC Energy was expected to restart flows on the segment of the pipeline extending to Patoka, Illinois, Bloomberg News reported earlier, citing sources. This is the third spill of several thousand barrels of crude on the pipeline since it first opened in 2010. TC Energy remained on site with around 100 workers leading the clean-up and containment efforts, and the EPA was providing oversight and monitoring, Ashford said. The oil spill has not threatened the local water supply or forced local residents to evacuate, Washington County Emergency Management Coordinator Randy Hubbard told Reuters.

Dec 9 (Reuters) - Crews in Kansas continued clean-up efforts on Friday after TC Energy's (TRP.TO) Keystone pipeline leaked 14,000 barrels of oil into a creek, but the cause of the largest crude spill in the United States in nearly a decade remained unknown. This is the third spill of several thousand barrels of crude on the pipeline since it first opened in 2010. While TC Energy is yet to give details on when it will restart the pipeline, a previous Keystone spill had caused the pipeline to remain shut for about two weeks. Pipeline and Hazardous Materials Administration (PHMSA) to TC on Thursday said the company shut the pipeline down seven minutes after receiving a leak detection alarm. The oil spill has not threatened the local water supply or forced local residents to evacuate, Washington County Emergency Management Coordinator Randy Hubbard told Reuters.

☆ Keystone oil spill could tighten U.S. Gulf crude stocks
▼ + stars: | 2022-12-09 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

The Keystone line is a key artery bringing more than 600,000 barrels of Canadian crude per day (bpd) to various parts of the United States. It was shut late Wednesday after leaking more than 14,000 barrels of oil into a creek in Kansas, making it the largest crude spill in the United States in nearly a decade. While TC Energy is yet to give details on when it will restart the pipeline, a previous Keystone spill had caused the pipeline to remain shut for about two weeks. The spill in Kansas took place downstream from a key junction in Steele City, Nebraska, where Keystone splits to run into Illinois. By contrast, Gulf Coast refiners can draw on more sources for crude, both from offshore Louisiana facilities and from countries like Colombia, Mexico and Ecuador.

This week's spill of 14,000 barrels in Kansas is sure to raise alarms over future pipeline development, as U.S. regulators had already increased scrutiny of pipeline construction due to previous Keystone spills in 2017 and 2019. The pipeline suffered few incidents in its early years, but since 2017, the number of spills increased after TC Energy received a special permit from the U.S. "I think a lot of scrutiny is going to be placed on the special permit," said Jane Kleeb, founder of Bold Alliance, an advocacy group that fought Keystone XL. John Stoody, vice-president of government relations at the Liquid Energy Pipeline Association said special permits come with numerous different operating conditions. "If anything there are complaints from industry about how lengthy the special permit process is.

☆ Alberta Premier Danielle Smith seeks more autonomy from Canada in new bill
▼ + stars: | 2022-11-29 | by ( Nia Williams | ) www.reuters.com time to read: +2 min

Nov 29 (Reuters) - The government of Canada's main oil-producing province Alberta introduced proposed legislation on Tuesday to resist federal laws it deems harmful to Alberta, fulfilling a controversial promise from new Premier Danielle Smith. If passed, the bill, known as the Alberta Sovereignty Within a United Canada Act, would give the province a legislative framework to defend its jurisdiction in areas such as natural resources, gun control, and health and education. Trudeau avoided commenting directly on the Sovereignty Act when asked by reporters on Tuesday. Smith became premier in early October and promised to introduce the Sovereignty Act as her first piece of legislation. read moreThe government said nothing in the proposed act undermines any existing treaties with First Nations.

☆ U.S. crude turns positive, Brent pares losses on output on OPEC+ rumors
▼ + stars: | 2022-11-28 | by ( Nia Williams | ) www.reuters.com time to read: +3 min

The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, will meet on Dec. 4. In October, OPEC+ agreed to reduce its output target by 2 million barrels per day through 2023. "Inventories are still near record lows and this probably increases the odds of an OPEC production cut." However, EU governments were split on the level at which to cap Russian oil prices, with the impact being potentially muted. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude also takes effect.

☆ Oil turns positive in output rumours ahead of OPEC+ meeting
▼ + stars: | 2022-11-28 | by ( Nia Williams | ) www.reuters.com time to read: +2 min

☆ Oil falls to near year's lows on China demand worries
▼ + stars: | 2022-11-28 | by ( Nia Williams | ) www.reuters.com time to read: +3 min

ET (1548 GMT), having slumped more than 3% to $80.61 earlier in the session for its lowest since Jan. 4. "Inventories are still near record lows and this probably increases the odds of an OPEC production cut." The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, will meet on Dec. 4. However, EU governments were split on the level at which to cap Russian oil prices, with the impact being potentially muted. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude also takes effect.

☆ Oil muted as price cap proposal eases supply concerns
▼ + stars: | 2022-11-24 | by ( Nia Williams | ) www.reuters.com time to read: +3 min

A bigger-than-expected build in U.S. gasoline inventories and widening COVID-19 controls in China also added downward pressure on crude prices. Both benchmarks plunged more than 3% on Wednesday on news the planned price cap on Russian oil could be above the current market level. European Union governments remained split over what level to cap Russian oil prices at to curb Moscow's ability to pay for its war in Ukraine without causing a global oil supply shock, with more talks possible on Friday if positions converge. A higher price cap could make it attractive for Russia to continue to sell its oil, reducing the risk of a supply shortage in global oil markets. Oil prices also came under pressure after the Energy Information Administration (EIA) said on Wednesday that U.S. gasoline and distillate inventories rose substantially last week.

A bigger-than-expected build in U.S. gasoline inventories and widening COVID-19 controls in China also added downward pressure on crude prices. Both benchmarks plunged more than 3% on Wednesday on news the planned price cap on Russian oil could be above the current market level. European Union governments remained split over what level to cap Russian oil prices at to curb Moscow's ability to pay for its war in Ukraine without causing a global oil supply shock, with more talks possible on Friday if positions converge. A higher price cap could make it attractive for Russia to continue to sell its oil, reducing the risk of a supply shortage in global oil markets. "When one considers that the current Russian export price is below the proposed limit, the price cap automatically implies uninterrupted Russian exports," said PVM Oil analyst Tamas Varga.

☆ Canada to invest C$1.6 bln in first national climate adaptation strategy
▼ + stars: | 2022-11-24 | by ( Nia Williams | ) www.reuters.com time to read: +2 min

near Fintry, Canada, August 24, 2021. REUTERS/Artur Gajda/File PhotoNov 24 (Reuters) - Canada published its first ever national climate adaptation strategy on Thursday, including C$1.6 billion ($1.2 billion) in new federal funding commitments to help protect communities against the increasing impacts of global warming. The goal of the adaptation strategy is to help reduce those losses with federal policy and investment. "The fight against climate change has reached our doorstep. Ottawa has so far earmarked C$8 billion in federal funding for adaptation and disaster resilience, the statement said.

☆ Canada's Alberta province forecasts C$12.3 bln budget surplus
▼ + stars: | 2022-11-24 | by ( Nia Williams | ) www.reuters.com time to read: +2 min

Nov 24 (Reuters) - Canada's main oil-producing province Alberta on Thursday forecast a C$12.3 billion ($9.2 billion) budget surplus for the 2022/23 fiscal year, but warned economic risks are increasing as high inflation, rising interest rates and geopolitical unrest slow global activity. The estimated surplus is less than the C$13.2 billion surplus forecast in August, due to weakening global oil prices, but still marks a dramatic turnaround from recent years when Alberta posted sustained deficits. The government expects bitumen royalties to hit C$19.4 billion this year and said non-renewable resource revenues were the main driver of the surplus. The province is planning to use the surplus to pay down debt by C$13.4 billion in this fiscal year ending March 31, 2023, reducing debt to C$79.8 billion. The 2023/24 surplus estimate is C$5.6 billion, and C$5.3 billion in 2024/25.

Conservative-led governments in oil-producing Alberta and Saskatchewan are demanding Liberal Prime Minister Justin Trudeau's government cede more power on issues from climate policy to gun control. Provinces already manage non-renewable natural resources, while the federal government has some jurisdiction over the environment. Alberta's proposed legislation "undermines the authority and duty of the sovereign nations that entered into treaty," Treaty 8 First Nations Grand Chief Arthur Noskey said in the statement. First Nations only agreed in treaties to share their land to "the depth of a plow," said Chief Bobby Cameron of Saskatchewan's Federation of Sovereign Indigenous Nations, meaning agreements did not cover oil or minerals deeper underground. The backlash against Alberta and Saskatchewan sovereignty mirrors Indigenous opposition to Quebec's attempt to secede from Canada in a 1995 referendum which it narrowly lost.

OTTAWA, Nov 16 (Reuters) - Canada's Prime Minister Justin Trudeau is coming under pressure from populist conservative rivals as the country veers toward a possible recession, with provinces vowing to oppose some of his Liberal government's key policies. New federal Conservative Party leader Pierre Poilievre is leading the charge, blaming Trudeau for skyrocketing inflation and laying responsibility for a housing shortage on "gatekeepers" in Ottawa. Both Alberta and Saskatchewan have lost court bids to overturn federal carbon pricing already. Alberta, Saskatchewan and other conservative-led provinces also oppose an assault-rifle buyback the Trudeau government is promising for next year. ECONOMIC HEADWINDSQuebec is a prime example of historical tension between Ottawa and the provinces.

☆ Canada's share buyback tax could backfire, energy sector warns
▼ + stars: | 2022-11-06 | by ( Rod Nickel | Nia Williams | ) www.reuters.com time to read: +4 min

FILE PHOTO: The processing facility at the Suncor oil sands operations near Fort McMurray, Alberta, September 17, 2014. On Thursday, the Liberal government proposed a 2% tax on buybacks to encourage companies to reinvest in their workers and business. The tax will generate an estimated C$2.1 billion ($1.6 billion) over five years and take effect on Jan. 1, 2024. Canada’s four largest producers - Canadian Natural Resources Ltd, Cenovus Energy, Suncor Energy and Imperial Oil - spent C$15.8 billion combined on buybacks in 2022’s first three quarters, according to Tudor Pickering Holt (TPH). The tax may not deter oil companies’ buyback intentions anyway, said Eight Capital analyst Phil Skolnick, who covers the sector.

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