January 2011 Alberta Economic Fundamentals
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Optimism riding high in Alberta oilpatch
Nearly 12,000 oil and gas wells have been drilled in Western Canada in 2010, the second-weakest number of the past decade, but still representing a 30 per cent rebound over 2009.
Oil and gas activity is expected to continue to grow this year, observers say, a bellwether of better economic times especially for rural Alberta, where many of the thousands of oilpatch workers reside and where dozens of oilfield services companies buy meals and rent hotel rooms.
"We're starting to see a lot more optimism in the community not only from 2010 but going forward into 2011," said Mayor Moe Hamdon of Drayton Valley, a centre of unconventional oil development this year.
"And 2012 is projected to be the largest year ever as far as activity in the oilfield in the Drayton Valley area."
Read the full article here.
Nearly 12,000 oil and gas wells have been drilled in Western Canada in 2010, the second-weakest number of the past decade, but still representing a 30 per cent rebound over 2009.
Oil and gas activity is expected to continue to grow this year, observers say, a bellwether of better economic times especially for rural Alberta, where many of the thousands of oilpatch workers reside and where dozens of oilfield services companies buy meals and rent hotel rooms.
"We're starting to see a lot more optimism in the community not only from 2010 but going forward into 2011," said Mayor Moe Hamdon of Drayton Valley, a centre of unconventional oil development this year.
"And 2012 is projected to be the largest year ever as far as activity in the oilfield in the Drayton Valley area."
Read the full article here.
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Oil climbs above $92 to the highest point since October 2008
Oil climbed above $92 on Monday to its highest since October 2008, spurred on by expectations economic recovery will boost energy demand and as market bulls set their sights on $100 a barrel.
U.S. crude was 86 cents higher at $92.24 a barrel by 1438 GMT, off a session high of $92.39.
It settled at $91.38 on Friday, marking an annual gain of around 15 percent and the highest year-end price since 2007, when the market was ascending to the all-time high of nearly $150 a barrel touched in July 2008.
Brent was up $1.04 a barrel at $95.79, off an intraday peak of $96.07.
Read the full article here.
Oil climbed above $92 on Monday to its highest since October 2008, spurred on by expectations economic recovery will boost energy demand and as market bulls set their sights on $100 a barrel.
U.S. crude was 86 cents higher at $92.24 a barrel by 1438 GMT, off a session high of $92.39.
It settled at $91.38 on Friday, marking an annual gain of around 15 percent and the highest year-end price since 2007, when the market was ascending to the all-time high of nearly $150 a barrel touched in July 2008.
Brent was up $1.04 a barrel at $95.79, off an intraday peak of $96.07.
Read the full article here.
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Drill bits turning again despite uncertain outlook for 2011
CALGARY ` After two years of doubt in the energy industry brought about by the recession, 2010 will go down as a turning point ` albeit an uncertain one ` in terms of what's in store for 2011.
The year ended better than it started with oil prices once again knocking at the $100 level. But natural gas is arguably in worse shape than ever before and the broader economic picture in the U.S. remains uncertain despite signs of recovery.
After one of the worst winter-drilling seasons in memory in 2009, the Alberta government took steps to redress its battered relationship with the oil and gas community, culminating in sweeping fiscal and regulatory changes that were announced in March.
Land sales followed suit with mostly anonymous buyers putting up more than $2 billion to buy petroleum and natural-gas rights at Crown land sales, an all-time record.
Read the full article here.
CALGARY ` After two years of doubt in the energy industry brought about by the recession, 2010 will go down as a turning point ` albeit an uncertain one ` in terms of what's in store for 2011.
The year ended better than it started with oil prices once again knocking at the $100 level. But natural gas is arguably in worse shape than ever before and the broader economic picture in the U.S. remains uncertain despite signs of recovery.
After one of the worst winter-drilling seasons in memory in 2009, the Alberta government took steps to redress its battered relationship with the oil and gas community, culminating in sweeping fiscal and regulatory changes that were announced in March.
Land sales followed suit with mostly anonymous buyers putting up more than $2 billion to buy petroleum and natural-gas rights at Crown land sales, an all-time record.
Read the full article here.
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Alberta to lead Canada's economic recovery, Premier says
Alberta is poised for an economic recovery that will drive it to a surplus faster than any other province, but leave it with yet another labour shortage, Premier Ed Stelmach says.
Speaking in an interview with The Globe and Mail, the Premier also said the province`s rebounding oil industry will have to improve its environmental performance, and suggested Alberta can make its oil sands crude less carbon-intensive than conventional oil ` a tall order.
The comments come after a tumultuous year for Mr. Stelmach, who ran afoul of public opinion in the critical fields of finance, health care and energy.
A drop in tax revenue and energy royalties resulted in a higher-than-expected deficit of $5-billion in the debt-free province. Mr. Stelmach`s fall legislative session was bogged down by a health-care scandal that saw him kick out a member of his party for speaking against government inaction on a crisis of emergency-room overcrowding. Finally, two comprehensive reports last month said both his province and Ottawa have largely abdicated their environmental monitoring responsibilities in the oil sands.
This year will be critical for Mr. Stelmach to turn around public opinion on all three files, as he plans to call an election for early in 2012. There is no question what tops his list.
Read the full article here.
Alberta is poised for an economic recovery that will drive it to a surplus faster than any other province, but leave it with yet another labour shortage, Premier Ed Stelmach says.
Speaking in an interview with The Globe and Mail, the Premier also said the province`s rebounding oil industry will have to improve its environmental performance, and suggested Alberta can make its oil sands crude less carbon-intensive than conventional oil ` a tall order.
The comments come after a tumultuous year for Mr. Stelmach, who ran afoul of public opinion in the critical fields of finance, health care and energy.
A drop in tax revenue and energy royalties resulted in a higher-than-expected deficit of $5-billion in the debt-free province. Mr. Stelmach`s fall legislative session was bogged down by a health-care scandal that saw him kick out a member of his party for speaking against government inaction on a crisis of emergency-room overcrowding. Finally, two comprehensive reports last month said both his province and Ottawa have largely abdicated their environmental monitoring responsibilities in the oil sands.
This year will be critical for Mr. Stelmach to turn around public opinion on all three files, as he plans to call an election for early in 2012. There is no question what tops his list.
Read the full article here.
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Oil up at 27-month peak on economic data, cold
NEW YORK - Oil prices rose to a 27-month peak on Monday as upbeat European and U.S. manufacturing data and forecasts for cold weather reinforced optimism about economic and energy demand growth.
Manufacturing in the United States and Europe accelerated in December and growth in China and India slowed to a more sustainable level, helping to fuel a move by investors into riskier assets.
U.S. crude oil for February delivery rose 17 cents to settle at $91.55 a barrel, its highest settlement since early October 2008, after earlier rising as high as $92.58.
Crude oil prices pulled back late in the open outcry session after the U.S. Interior Department said it will allow 13 companies to resume deepwater drilling in the Gulf of Mexico without an additional environmental review.
In London, ICE Brent crude for February rose 9 cents to settle at $94.84 a barrel, also the highest close since October 2008.
Read the full article here.
NEW YORK - Oil prices rose to a 27-month peak on Monday as upbeat European and U.S. manufacturing data and forecasts for cold weather reinforced optimism about economic and energy demand growth.
Manufacturing in the United States and Europe accelerated in December and growth in China and India slowed to a more sustainable level, helping to fuel a move by investors into riskier assets.
U.S. crude oil for February delivery rose 17 cents to settle at $91.55 a barrel, its highest settlement since early October 2008, after earlier rising as high as $92.58.
Crude oil prices pulled back late in the open outcry session after the U.S. Interior Department said it will allow 13 companies to resume deepwater drilling in the Gulf of Mexico without an additional environmental review.
In London, ICE Brent crude for February rose 9 cents to settle at $94.84 a barrel, also the highest close since October 2008.
Read the full article here.
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Oil's rise spurs 'very good' year
After two years of doubt in the energy industry brought about by the recession, 2010 will go down as a turning point -- albeit an uncertain one -- in terms of what's in store for 2011.
Most observers agreed the year ended better than it started with oil prices once again knocking at the $100 level. But natural gas is arguably in worse shape than ever before and the broader economic picture in the U.S. remains uncertain despite promising signs of recovery.
After one of the worst winter drilling seasons in memory last year, the Alberta government took steps to redress its battered relationship with the oil and gas community, culminating in sweeping fiscal and regulatory changes that were announced in March.
Land sales followed suit with mostly anonymous buyers putting up more than $2 billion to buy petroleum and natural gas rights at Crown land sales, an all-time record.
Read the full article here.
After two years of doubt in the energy industry brought about by the recession, 2010 will go down as a turning point -- albeit an uncertain one -- in terms of what's in store for 2011.
Most observers agreed the year ended better than it started with oil prices once again knocking at the $100 level. But natural gas is arguably in worse shape than ever before and the broader economic picture in the U.S. remains uncertain despite promising signs of recovery.
After one of the worst winter drilling seasons in memory last year, the Alberta government took steps to redress its battered relationship with the oil and gas community, culminating in sweeping fiscal and regulatory changes that were announced in March.
Land sales followed suit with mostly anonymous buyers putting up more than $2 billion to buy petroleum and natural gas rights at Crown land sales, an all-time record.
Read the full article here.
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Rising oil price improves job outlook for Alberta workers
From where Bradley Jacques stands, there are just too many other workers in the same position as he - out looking for a steady paycheque in Calgary.
"It's really hard to get good, honest work out here. You have to go for a lot of sub-contracting and labour," said the 27-year-old, who moved to the city from Medicine Hat six months ago to look for a construction job.
"There's not enough stuff that's full-time work," he added. "Ever since we got hit by the last recession, it's been like this."
Although Jacques might not be seeing it on the building sites of Calgary, yet, most observers believe the employment prospects for Albertans will improve in a slow, steady fashion this year.
Read the full article here.
From where Bradley Jacques stands, there are just too many other workers in the same position as he - out looking for a steady paycheque in Calgary.
"It's really hard to get good, honest work out here. You have to go for a lot of sub-contracting and labour," said the 27-year-old, who moved to the city from Medicine Hat six months ago to look for a construction job.
"There's not enough stuff that's full-time work," he added. "Ever since we got hit by the last recession, it's been like this."
Although Jacques might not be seeing it on the building sites of Calgary, yet, most observers believe the employment prospects for Albertans will improve in a slow, steady fashion this year.
Read the full article here.
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Calgary housing market had two faces in 2010
CALGARY - This past year will be remembered as a tale of two different residential real estate markets in Calgary.
The first part of the year was active. The second part flat. And it's left many people wondering what's in store for the housing market in 2011.
Diane Scott, president of the Calgary Real Estate Board, said the year started off well particularly in the spring due to the low interest rates and the new homebuyers who came out before anticipated mortgage lending changes by Canada Mortgage and Housing Corp. There were also anticipated interest rate hikes, which never materialized.
"That was all very good but once those people kind of completed their buying in the spring then there wasn't a follow up," said Scott. "The next buying wave didn't occur for us. We needed more migration. We needed more job creation in order to maintain and to go forward. The economy itself kind of just stood very steady. There wasn't anything driving the economy. No stimulation for the economy. (The real estate market) stayed flat the rest of the year."
Read the full article here.
CALGARY - This past year will be remembered as a tale of two different residential real estate markets in Calgary.
The first part of the year was active. The second part flat. And it's left many people wondering what's in store for the housing market in 2011.
Diane Scott, president of the Calgary Real Estate Board, said the year started off well particularly in the spring due to the low interest rates and the new homebuyers who came out before anticipated mortgage lending changes by Canada Mortgage and Housing Corp. There were also anticipated interest rate hikes, which never materialized.
"That was all very good but once those people kind of completed their buying in the spring then there wasn't a follow up," said Scott. "The next buying wave didn't occur for us. We needed more migration. We needed more job creation in order to maintain and to go forward. The economy itself kind of just stood very steady. There wasn't anything driving the economy. No stimulation for the economy. (The real estate market) stayed flat the rest of the year."
Read the full article here.
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Edmonton property assessments up 9%
EDMONTON ` The average assessed value of single-family homes in Edmonton increased nine per cent in 2010 after two years of decline, says the City of Edmonton.
Property value assessments http://http://www.edmonton.ca/for_residents/residential_property_taxes/assessed-property-value.aspxare based on such things as the location, condition, features, and the selling price of similar properties in similar areas.
For 2010, the value of condominiums and townhouses increased six per cent on average, while apartments and fourplexes declined in value by an average of two per cent.
Assessments across the city varied widely, with some neighbourhoods, such as Mactaggart and North Glenora, seeing greater than 20-per-cent increases, while others, like Windermere and Oliver, saw decreases.
The neighbourhood with the highest property values was in Westbrook Estate, where the 294 homes had an average value of $1,017,454. There were seven neighbourhoods in Calgary with a combined 2,819 properties with values over $1 million.
Read the full article here.
EDMONTON ` The average assessed value of single-family homes in Edmonton increased nine per cent in 2010 after two years of decline, says the City of Edmonton.
Property value assessments http://http://www.edmonton.ca/for_residents/residential_property_taxes/assessed-property-value.aspxare based on such things as the location, condition, features, and the selling price of similar properties in similar areas.
For 2010, the value of condominiums and townhouses increased six per cent on average, while apartments and fourplexes declined in value by an average of two per cent.
Assessments across the city varied widely, with some neighbourhoods, such as Mactaggart and North Glenora, seeing greater than 20-per-cent increases, while others, like Windermere and Oliver, saw decreases.
The neighbourhood with the highest property values was in Westbrook Estate, where the 294 homes had an average value of $1,017,454. There were seven neighbourhoods in Calgary with a combined 2,819 properties with values over $1 million.
Read the full article here.
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Edmonton neighbourhoods set for a facelift
EDMONTON ` The City of Edmonton is readying its plan to fix heaving sidewalks, crumbling roads and rusty lamp posts in communities that weren`t properly maintained for decades.
The 2011 neighbourhood renewal program is scheduled to begin or finish the two-year process of reconstructing six areas ` Rio Terrace, Parkallen, Sherbrooke, Fulton Place, Capilano and West Jasper Place.
The work includes repaved roads, replacing sidewalks, curbs, gutters and street lights.
Relatively new roads in another three neighbourhoods will be resealed to keep them in good condition, while a dozen other places will have roads paved and sidewalk hazards eliminated.
This $104-million plan, including $11 million in work that couldn`t get done in 2010, is another step in a strategy to ensure roughly 300 neighbourhoods are in fair to good condition within about 20 years.
Read the full article here.
EDMONTON ` The City of Edmonton is readying its plan to fix heaving sidewalks, crumbling roads and rusty lamp posts in communities that weren`t properly maintained for decades.
The 2011 neighbourhood renewal program is scheduled to begin or finish the two-year process of reconstructing six areas ` Rio Terrace, Parkallen, Sherbrooke, Fulton Place, Capilano and West Jasper Place.
The work includes repaved roads, replacing sidewalks, curbs, gutters and street lights.
Relatively new roads in another three neighbourhoods will be resealed to keep them in good condition, while a dozen other places will have roads paved and sidewalk hazards eliminated.
This $104-million plan, including $11 million in work that couldn`t get done in 2010, is another step in a strategy to ensure roughly 300 neighbourhoods are in fair to good condition within about 20 years.
Read the full article here.
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U.S. lobby pushes oilsands line
America's largest oil industry trade group on Tuesday appealed to the Obama administration for speedy approval of a $7-billion Canadian pipeline to boost imports from Alberta's oilsands, arguing there has been "ample" study of the project's safety and environmental impacts.
Citing the potential for a U.S. job boom from expanded oilsands production, American Petroleum Institute president Jack Gerard hailed Calgary-based TransCanada's Keystone XL pipeline as vital to the recovery of the nation's economy.
"There has been ample and adequate study of the Keystone pipeline," Gerard told reporters at the launch in Washington of a report on the state of American energy.
"We think it should be approved, and once those approvals are made the industry will move very quickly -- and the companies will move quickly -- to provide those opportunities to create some of the 340,000 new jobs that are estimated as a result of the expanded oilsands coming from Canada."
Read the full article here.
America's largest oil industry trade group on Tuesday appealed to the Obama administration for speedy approval of a $7-billion Canadian pipeline to boost imports from Alberta's oilsands, arguing there has been "ample" study of the project's safety and environmental impacts.
Citing the potential for a U.S. job boom from expanded oilsands production, American Petroleum Institute president Jack Gerard hailed Calgary-based TransCanada's Keystone XL pipeline as vital to the recovery of the nation's economy.
"There has been ample and adequate study of the Keystone pipeline," Gerard told reporters at the launch in Washington of a report on the state of American energy.
"We think it should be approved, and once those approvals are made the industry will move very quickly -- and the companies will move quickly -- to provide those opportunities to create some of the 340,000 new jobs that are estimated as a result of the expanded oilsands coming from Canada."
Read the full article here.
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Calgary MLS home sales drop to lowest level in years
CALGARY - It will be remembered as one of the worst years for Calgary's residential real estate market in recent years.
Data released Tuesday by the Calgary Real Estate Board showed single-family MLS sales in the city were the lowest in 2010 in more than a decade and condominium transactions were the lowest since 2001.
"In 2010, we saw a big correction in the real estate market coming off a couple of years where the market was maybe a little ahead of itself," said Todd Hirsch, senior economist with ATB Financial in Calgary. "We shouldn't be too surprised to see the market pulling back in 2010.
"Key factors are people rushed into the market ahead of interest rate increases. So that brought the market a little bit forward in even 2009. That just left a very thin market in 2010. The pool of potential buyers was just that much smaller."
CREB reported that there were 12,095 single-family home sales in 2010 for an average MLS sale price of $461,144 and a median price of $406,000. The average price increased by 4.25 per cent from 2009 while the median price was up 3.57 per cent but sales dropped by 16.2 per cent.
Read the full article here.
CALGARY - It will be remembered as one of the worst years for Calgary's residential real estate market in recent years.
Data released Tuesday by the Calgary Real Estate Board showed single-family MLS sales in the city were the lowest in 2010 in more than a decade and condominium transactions were the lowest since 2001.
"In 2010, we saw a big correction in the real estate market coming off a couple of years where the market was maybe a little ahead of itself," said Todd Hirsch, senior economist with ATB Financial in Calgary. "We shouldn't be too surprised to see the market pulling back in 2010.
"Key factors are people rushed into the market ahead of interest rate increases. So that brought the market a little bit forward in even 2009. That just left a very thin market in 2010. The pool of potential buyers was just that much smaller."
CREB reported that there were 12,095 single-family home sales in 2010 for an average MLS sale price of $461,144 and a median price of $406,000. The average price increased by 4.25 per cent from 2009 while the median price was up 3.57 per cent but sales dropped by 16.2 per cent.
Read the full article here.
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New president takes over Realtors Association of Edmonton
EDMONTON ` It`s like father, like son for the new president of the Realtors Association of Edmonton.
Chris Mooney followed his father T. Patrick Mooney to become a Realtor. Now, he`s serving a year as head Realtor for the Edmonton region just like Dad did in 1987.
`I`ve always been passionate about real estate,` Mooney said Wednesday. `It`s been my family`s business. I remember going to the office with my Dad on Saturdays and it`s always been fascinating to me.`
After earning a Bachelor of Arts at Concordia University College of Alberta, Mooney became a Realtor in 1996.
He described Edmonton`s residential real estate market as relatively stable compared to other centres. `We just keep chugging along here. I remember when we had the global recession, I used to joke that here in Alberta, Edmonton specifically, we`re the pigs that built our house with brick. We seem to be a little more insulated.`
Read the full article here.
EDMONTON ` It`s like father, like son for the new president of the Realtors Association of Edmonton.
Chris Mooney followed his father T. Patrick Mooney to become a Realtor. Now, he`s serving a year as head Realtor for the Edmonton region just like Dad did in 1987.
`I`ve always been passionate about real estate,` Mooney said Wednesday. `It`s been my family`s business. I remember going to the office with my Dad on Saturdays and it`s always been fascinating to me.`
After earning a Bachelor of Arts at Concordia University College of Alberta, Mooney became a Realtor in 1996.
He described Edmonton`s residential real estate market as relatively stable compared to other centres. `We just keep chugging along here. I remember when we had the global recession, I used to joke that here in Alberta, Edmonton specifically, we`re the pigs that built our house with brick. We seem to be a little more insulated.`
Read the full article here.
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Edmonton-area average home prices fell in December
EDMONTON ` Edmonton-region average home prices fell again in December, continuing a slide that began in June for single-detached houses and in April for condos.
The average price for a single-family home in December was $355,270 ` down about $10,000 from November and 2.49 per cent from December 2009, show MLS figures released Wednesday by the Realtors Association of Edmonton.
Average condo prices dipped nearly $6,000, or 0.45 per cent, in December to $223,454. Year-over-year, condos are 7.2 per cent off.
Condominium prices peaked at $252,700 in April but have fallen steadily since.
Single-detached home prices averaged more than $390,000 in June.
Read the full article here.
EDMONTON ` Edmonton-region average home prices fell again in December, continuing a slide that began in June for single-detached houses and in April for condos.
The average price for a single-family home in December was $355,270 ` down about $10,000 from November and 2.49 per cent from December 2009, show MLS figures released Wednesday by the Realtors Association of Edmonton.
Average condo prices dipped nearly $6,000, or 0.45 per cent, in December to $223,454. Year-over-year, condos are 7.2 per cent off.
Condominium prices peaked at $252,700 in April but have fallen steadily since.
Single-detached home prices averaged more than $390,000 in June.
Read the full article here.
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Head-office exodus leaves Edmonton a corporate lightweight
Many local stocks yielded healthy returns for investors in 2010, as I reported Tuesday.
Shares of the 25 largest Edmontonarea companies posted an average unweighted gain of nearly 32 per cent last year.
By comparison, Toronto's lead stock market index rose just 14.4 per cent, and the best-performing major U.S. benchmark -- the Nasdaq Composite Index -- gained 16.9 per cent.
But there's another side to the story, and it's not so rosy. Edmonton's small head-office sector continued to shrink in 2010, as it has for most of the past 20 years.
Read the full article here.
Many local stocks yielded healthy returns for investors in 2010, as I reported Tuesday.
Shares of the 25 largest Edmontonarea companies posted an average unweighted gain of nearly 32 per cent last year.
By comparison, Toronto's lead stock market index rose just 14.4 per cent, and the best-performing major U.S. benchmark -- the Nasdaq Composite Index -- gained 16.9 per cent.
But there's another side to the story, and it's not so rosy. Edmonton's small head-office sector continued to shrink in 2010, as it has for most of the past 20 years.
Read the full article here.
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Russia deals blow to Canadian oil
Something very important happened in the oil world on Jan. 1, 2011 that should be a wake-up call for Canada's oilpatch and the country's politicians.
As the clocked ticked over into 2011, a new pipeline -- a spur off the East Siberia Pacific Ocean pipeline -- began delivering 300,000 barrels a day of oil from Russia to China.
It may come as a surprise to many, but Russia seems to have realized long before Canada that having more than one market for its oil is a good idea because it diversifies risk.
The fact a pipeline is now operating -- in addition to the approximately 100,000 barrels a day that are also transported by rail from Russia to China -- means Russia is slowly but surely gaining a foothold into one of the largest energy-consuming nations on the planet.
Read the full article here.
Something very important happened in the oil world on Jan. 1, 2011 that should be a wake-up call for Canada's oilpatch and the country's politicians.
As the clocked ticked over into 2011, a new pipeline -- a spur off the East Siberia Pacific Ocean pipeline -- began delivering 300,000 barrels a day of oil from Russia to China.
It may come as a surprise to many, but Russia seems to have realized long before Canada that having more than one market for its oil is a good idea because it diversifies risk.
The fact a pipeline is now operating -- in addition to the approximately 100,000 barrels a day that are also transported by rail from Russia to China -- means Russia is slowly but surely gaining a foothold into one of the largest energy-consuming nations on the planet.
Read the full article here.
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Alberta winning battle against beetles thanks to lessons learned in B.C.
The infestation began five summers ago: A thick swarm of mountain pine beetles rode prevailing winds above tree canopies, eastward from British Columbia, to set down for the first time ever in west-central Alberta.
After the insect had irrevocably chewed through B.C.`s forests ` the ultimate toll will see one-third of the province`s forests dead, with as many as 20,000 jobs lost ` the beetle`s en-masse arrival in Alberta looked like scientists` worst fears realized. An ugly picture took shape: the spread of one of Canada`s worst-ever environmental catastrophes, a ruined boreal forest, the scourge travelling inexorably eastward toward Ontario.
Read the full article here.
The infestation began five summers ago: A thick swarm of mountain pine beetles rode prevailing winds above tree canopies, eastward from British Columbia, to set down for the first time ever in west-central Alberta.
After the insect had irrevocably chewed through B.C.`s forests ` the ultimate toll will see one-third of the province`s forests dead, with as many as 20,000 jobs lost ` the beetle`s en-masse arrival in Alberta looked like scientists` worst fears realized. An ugly picture took shape: the spread of one of Canada`s worst-ever environmental catastrophes, a ruined boreal forest, the scourge travelling inexorably eastward toward Ontario.
Read the full article here.
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Alberta job market gets off to good start
If your New Year's resolution involves looking for a new job in Alberta, the good news is there are more of them out there.
When you compare the latest numbers to a year ago, Alberta's economy has added 21,000 jobs in the last twelve months. That's also pushed our unemployment rate down a full percentage point.
Read the full article here.
If your New Year's resolution involves looking for a new job in Alberta, the good news is there are more of them out there.
When you compare the latest numbers to a year ago, Alberta's economy has added 21,000 jobs in the last twelve months. That's also pushed our unemployment rate down a full percentage point.
Read the full article here.
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Forecast pegs oilsands investment at $180B over 20 years
CALGARY - Investment in Alberta's oilsands is set to reach a whopping $180 billion over the next decade, peaking at 20 per cent more than was spent during the height of the last boom, according to Peters & Co.
Strong and sustained oil prices in the $75 to $90 US per barrel range and increased interest from deep-pocketed foreign investors such as state-owned PetroChina and France's Total are leading the charge in renewed interest in the resource, the Calgary-based investment house said.
"The increased level of transactions can be attributed to robust economics and the scarce availability of a large scale resource with low political risk," said the report, released late Wednesday.
"Ultimately, the oilsands will continue to be attractive for entities wanting to amass large oil resource in an economically and politically safe environment, as Canada arguably has a strong combination of these attributes relative to other jurisdictions."
Read the full article here.
CALGARY - Investment in Alberta's oilsands is set to reach a whopping $180 billion over the next decade, peaking at 20 per cent more than was spent during the height of the last boom, according to Peters & Co.
Strong and sustained oil prices in the $75 to $90 US per barrel range and increased interest from deep-pocketed foreign investors such as state-owned PetroChina and France's Total are leading the charge in renewed interest in the resource, the Calgary-based investment house said.
"The increased level of transactions can be attributed to robust economics and the scarce availability of a large scale resource with low political risk," said the report, released late Wednesday.
"Ultimately, the oilsands will continue to be attractive for entities wanting to amass large oil resource in an economically and politically safe environment, as Canada arguably has a strong combination of these attributes relative to other jurisdictions."
Read the full article here.