Jun. 07, 2017
Oilsands Megaproject construction to be phased out
Megaprojects in Canada’s oilsands which have been so dominate over the last economic boom are now likely a thing of the past, according to the CFO of Suncor. “The years of large, multibillion-dollar projects are probably gone,” Alister Cowan, chief financial officer of Suncor, said Tuesday at the CAPP Scotiabank Investment Symposium in Toronto. Plans for multi-billion dollar expansions have Read more
Jun. 07, 2017
Penn West cells core asset for $148 million
Penn West Petroleum Ltd. has announced it plans to sell a core asset property in Slave Point, Alberta for $148-million. With the additional sale of non-core assets, the company is set to collect $230-million. The deal is expected to close in the second quarter of 2016. (Written by: N. Reitmayer; Original information source: Financial Post) Read more
Jun. 07, 2017
Alberta to receive $251.4-M Fiscal Stabilization payment
The federal government has announced a fiscal stabilization payment to Alberta to assist with the impact of the dismal oil economy. Federal Finance Minister Bill Morneau made the announcement, with the online statement: “It was determined that Alberta qualified for the maximum amount of $60 per person, for a total amount of $251.4 million.” So far Alberta is the only Read more
Jun. 07, 2017
Suncor announces new Canadian oil sands executives
After winning its aggressive campaign to takeover Canadian Oil Sands Ltd., Suncor Energy Inc. announced yesterday a list of new executives and directors for the company. The deal, worth $6.8-billion, closed on Friday. Meanwhile, approximately two dozen Calgary employees of COS will have to wait until the end of February to learn if they will be transitioned into the new Read more
