November 2009
- Thread starter Ally
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Imperial picks up UTS Lease Area
As Total SA chased after UTS Energy Corp. early this year with a failed hostile takeover bid, one of Will Roach`s chief complaints was that the French giant ignored the value of company`s properties outside of the Fort Hills oil sands project.
Imperial Oil Ltd. and Exxon Mobil Corp. yesterday validated Mr. Roach`s argument.
Imperial, which is controlled by Exxon, paid $250-million for UTS` 50% stake in a track of land, known as the lease 421 area, in the oil sands near Fort McMurray. It was UTS` least-developed asset.
"We believe the market has never really valued the assets outside Fort Hills," Mr. Roach, UTS` chief executive, said in an interview yesterday.
"And today we delivered 50¢ a share in an asset that wasn`t in the share price."
UTS has not done enough drilling to determine the ultimate resource potential bound up in the lease 421 area, but the sale provides an important statistic for the rest of the company`s holdings: A floor price on other properties.
Exxon`s newest asset lacks a reserve report, but UTS has outlined basic assumptions, and the math shows UTS had dibs on a resource equal to about two billion barrels of oil, noted William Lacey, an analyst at FirstEnergy Capital Corp.
Read the full article here.
As Total SA chased after UTS Energy Corp. early this year with a failed hostile takeover bid, one of Will Roach`s chief complaints was that the French giant ignored the value of company`s properties outside of the Fort Hills oil sands project.
Imperial Oil Ltd. and Exxon Mobil Corp. yesterday validated Mr. Roach`s argument.
Imperial, which is controlled by Exxon, paid $250-million for UTS` 50% stake in a track of land, known as the lease 421 area, in the oil sands near Fort McMurray. It was UTS` least-developed asset.
"We believe the market has never really valued the assets outside Fort Hills," Mr. Roach, UTS` chief executive, said in an interview yesterday.
"And today we delivered 50¢ a share in an asset that wasn`t in the share price."
UTS has not done enough drilling to determine the ultimate resource potential bound up in the lease 421 area, but the sale provides an important statistic for the rest of the company`s holdings: A floor price on other properties.
Exxon`s newest asset lacks a reserve report, but UTS has outlined basic assumptions, and the math shows UTS had dibs on a resource equal to about two billion barrels of oil, noted William Lacey, an analyst at FirstEnergy Capital Corp.
Read the full article here.
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Traffic Flows on North Ring Road
The provincial and federal governments officially opened the 44-kilometre northern half of the city`s ring road Monday.
The entire northern route opened to vehicle traffic at 3 p.m. Monday, with an estimated 30,000 to 40,000 vehicles expected to use the Stoney Trail ring road each day.
The newly completed northern section runs from Highway 1 on the city`s west side to Highway 1A on the east side.
The road includes 12 interchanges, a flyover and three signalized intersections that will be replaced by interchanges by 2013.The price tag for the northwest section(built with conventional funding)and the northeast portion (built with a public-private partnership) is about $1 billion. The province covered most of the tab.
Calgary`s ring road is "the largest single transportation project in Alberta`s history," Alberta Transportation Minister Luke Ouellette said at a press conference. "This new ring road is world class."
With the northern section open, 45 per cent of the total ring road is now complete.
Read the full article here.
The provincial and federal governments officially opened the 44-kilometre northern half of the city`s ring road Monday.
The entire northern route opened to vehicle traffic at 3 p.m. Monday, with an estimated 30,000 to 40,000 vehicles expected to use the Stoney Trail ring road each day.
The newly completed northern section runs from Highway 1 on the city`s west side to Highway 1A on the east side.
The road includes 12 interchanges, a flyover and three signalized intersections that will be replaced by interchanges by 2013.The price tag for the northwest section(built with conventional funding)and the northeast portion (built with a public-private partnership) is about $1 billion. The province covered most of the tab.
Calgary`s ring road is "the largest single transportation project in Alberta`s history," Alberta Transportation Minister Luke Ouellette said at a press conference. "This new ring road is world class."
With the northern section open, 45 per cent of the total ring road is now complete.
Read the full article here.
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Oilsands Billions expected to be unlocked by rising prices
CALGARY - Steadily rising oil prices will combine with lower costs to put some of the more than $100 billion in cancelled oilsands projects back on the front burner, according to a new study.
"I think we`re going to see over the next six to eight months more projects coming on," said research director David McColl of the Canadian Energy Research Institute.
CERI`s oilsands supply cost and development projects update report released Tuesday estimates under its "realistic" scenario that $309 billion will be spent over the next 35 years to increase output from 1.4 million barrels of synthetic crude and bitumen per day this year to 1.7 million bpd in 2015,4.5 million bpd in 2030 and 5.3 million bpd in 2041.
That`s a slower pace than CERI studies issued before last year`s credit crunch, which had envisioned five million bpd by 2015 if all announced projects had proceeded.
Last week, the Canadian Association of Petroleum Producers said it expects oilsands spending, which fell about $8 billion this year from last year, will post a $2-billion increase in 2010.
Read the full article here.
CALGARY - Steadily rising oil prices will combine with lower costs to put some of the more than $100 billion in cancelled oilsands projects back on the front burner, according to a new study.
"I think we`re going to see over the next six to eight months more projects coming on," said research director David McColl of the Canadian Energy Research Institute.
CERI`s oilsands supply cost and development projects update report released Tuesday estimates under its "realistic" scenario that $309 billion will be spent over the next 35 years to increase output from 1.4 million barrels of synthetic crude and bitumen per day this year to 1.7 million bpd in 2015,4.5 million bpd in 2030 and 5.3 million bpd in 2041.
That`s a slower pace than CERI studies issued before last year`s credit crunch, which had envisioned five million bpd by 2015 if all announced projects had proceeded.
Last week, the Canadian Association of Petroleum Producers said it expects oilsands spending, which fell about $8 billion this year from last year, will post a $2-billion increase in 2010.
Read the full article here.
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Suncor Predicts controlled growth
EDMONTON — As Suncor Energy gets set to thaw some of its frozen oilsands projects, the firm`s CEO warns no one should expect another boom.
Speaking on a conference call Friday, Rick George told investors that Suncor, "unlike most companies around the world, actually has more opportunities than available capital to invest."
And after chopping$3 billion from its capital budget one year ago, putting its almost half-built Voyageur upgrader into "safe mode," the firm suggested it will be in a better position to get its projects back on track in 2010.
An announcement will be made next Friday.
The task for Suncor now is "ranking the order, that`s the luxury we have, but without creating the firestorm of inflation up north that we have experienced for five years, up until last September," said George.
During the conference call, in which Suncor reported net earnings
Read the full article here.
EDMONTON — As Suncor Energy gets set to thaw some of its frozen oilsands projects, the firm`s CEO warns no one should expect another boom.
Speaking on a conference call Friday, Rick George told investors that Suncor, "unlike most companies around the world, actually has more opportunities than available capital to invest."
And after chopping$3 billion from its capital budget one year ago, putting its almost half-built Voyageur upgrader into "safe mode," the firm suggested it will be in a better position to get its projects back on track in 2010.
An announcement will be made next Friday.
The task for Suncor now is "ranking the order, that`s the luxury we have, but without creating the firestorm of inflation up north that we have experienced for five years, up until last September," said George.
During the conference call, in which Suncor reported net earnings
Read the full article here.
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Better Transit, Better Roads, Citizens say
EDMONTON — Edmontonians want better roads and a better transit system, and more than half are willing to pay higher taxes to fund improvements, according to a city survey released Thursday.
The 2009 Citizen Satisfaction Survey found residents are fed up with snow-covered, pot-holed streets and want to see a faster, expanded public transit system.
"Improvements to these services would do most to increase residents` satisfaction with the services provided by the city," according to an 85-page report by Banister Research and Consulting.
The survey, conducted in June, showed 47 per cent of residents are dissatisfied with winter road maintenance, mostly because crews don`t clear snow from residential streets, and other roads aren`t cleared often enough. Similarly, 44 per cent of citizens were unhappy with summer road maintenance, primarily because the city failed to fix potholes and efficiently maintain roads.
Edmontonians have consistently said they are unhappy with the condition of city streets, but this year`s survey reports a "significant decrease" in satisfaction since 2008.
Read the full article here.
EDMONTON — Edmontonians want better roads and a better transit system, and more than half are willing to pay higher taxes to fund improvements, according to a city survey released Thursday.
The 2009 Citizen Satisfaction Survey found residents are fed up with snow-covered, pot-holed streets and want to see a faster, expanded public transit system.
"Improvements to these services would do most to increase residents` satisfaction with the services provided by the city," according to an 85-page report by Banister Research and Consulting.
The survey, conducted in June, showed 47 per cent of residents are dissatisfied with winter road maintenance, mostly because crews don`t clear snow from residential streets, and other roads aren`t cleared often enough. Similarly, 44 per cent of citizens were unhappy with summer road maintenance, primarily because the city failed to fix potholes and efficiently maintain roads.
Edmontonians have consistently said they are unhappy with the condition of city streets, but this year`s survey reports a "significant decrease" in satisfaction since 2008.
Read the full article here.
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Drilling Outlook dim, Future for Service Firms dimmer: Forecast
CALGARY - Alberta`s oil and gas service industry will lag its neighbours in 2010, experiencing a five per cent slide in drilling activity, while British Columbia, Saskatchewan and Manitoba will see increases, according to a new outlook.
The Petroleum Services Association of Canada on Thursday forecast 8,000 wells would be drilled across Canada in 2010 as the industry struggles to surface from the recession.
The estimated number is flat to this year and well off the high of nearly 25,000 wells drilled in 2005.
Those halcyon days are long gone, not least because technological advances mean fewer wells are drilled for the same or higher production, and the service industry becomes smaller through consolidation and bankruptcies, said association president Roger Soucy.
"We are now at a much lower activity level that we think will be sustained in 2010," Soucy said Thursday. "When you get down to 8,000 wells, that`s very challenging for an industry that has grown the way it has."
Read the fulla rticle here.
CALGARY - Alberta`s oil and gas service industry will lag its neighbours in 2010, experiencing a five per cent slide in drilling activity, while British Columbia, Saskatchewan and Manitoba will see increases, according to a new outlook.
The Petroleum Services Association of Canada on Thursday forecast 8,000 wells would be drilled across Canada in 2010 as the industry struggles to surface from the recession.
The estimated number is flat to this year and well off the high of nearly 25,000 wells drilled in 2005.
Those halcyon days are long gone, not least because technological advances mean fewer wells are drilled for the same or higher production, and the service industry becomes smaller through consolidation and bankruptcies, said association president Roger Soucy.
"We are now at a much lower activity level that we think will be sustained in 2010," Soucy said Thursday. "When you get down to 8,000 wells, that`s very challenging for an industry that has grown the way it has."
Read the fulla rticle here.
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Building a Recovery
October housing starts in the Edmonton region were up nearly 55 per cent over the same time last year, according to figures released Monday by Canada Mortgage and Housing Corp.
It`s the fourth consecutive month that total housing starts have surpassed year-earlier levels.
Housing starts in the Edmonton census metropolitan area totalled 947 homes, up from 612 in October 2008.
Despite the recent turnaround in Edmonton-area new housing activity, the 4,567 starts to date this year still trail construction reported in the first 10 months of 2008 by 24 per cent.
For single-detached homes, it was the best October performance since 2006. Builders poured foundations for 598 homes in October--up 168 per cent from a year earlier.
For the year to date, 2,844 single-detached homes were started, up 30 per cent from the first 10 months of 2008.
Read the full article here.
October housing starts in the Edmonton region were up nearly 55 per cent over the same time last year, according to figures released Monday by Canada Mortgage and Housing Corp.
It`s the fourth consecutive month that total housing starts have surpassed year-earlier levels.
Housing starts in the Edmonton census metropolitan area totalled 947 homes, up from 612 in October 2008.
Despite the recent turnaround in Edmonton-area new housing activity, the 4,567 starts to date this year still trail construction reported in the first 10 months of 2008 by 24 per cent.
For single-detached homes, it was the best October performance since 2006. Builders poured foundations for 598 homes in October--up 168 per cent from a year earlier.
For the year to date, 2,844 single-detached homes were started, up 30 per cent from the first 10 months of 2008.
Read the full article here.
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Canada steps up Oilsands push in United States
CALGARY -- Canada has mounted its biggest campaign yet to sell the United States on the energy security benefits of the oil sands as Washington debates new environmental policy, the country`s energy minister said on Friday.
Canadian Natural Resources Minister Lisa Raitt said she and her staff are lobbying interests in the United States at all levels, trying to send the message that the huge heavy-oil resource in Alberta is being developed responsibly and that U.S. input on environmental fixes is welcome.
The push comes as environmental groups have intensified their own campaigns warning of the impact of oil sands development on climate, water, land and local communities on both sides of the border.
"There are certain groups that just want to completely shut down the oil sands. That is completely unacceptable. That will not happen," Ms. Raitt said in an interview.
"This is too strategic a resource for the country, and that`s the other part of the message: we will develop it, we will use technology, we are going to work with the United States on it."
Read the full article here.
CALGARY -- Canada has mounted its biggest campaign yet to sell the United States on the energy security benefits of the oil sands as Washington debates new environmental policy, the country`s energy minister said on Friday.
Canadian Natural Resources Minister Lisa Raitt said she and her staff are lobbying interests in the United States at all levels, trying to send the message that the huge heavy-oil resource in Alberta is being developed responsibly and that U.S. input on environmental fixes is welcome.
The push comes as environmental groups have intensified their own campaigns warning of the impact of oil sands development on climate, water, land and local communities on both sides of the border.
"There are certain groups that just want to completely shut down the oil sands. That is completely unacceptable. That will not happen," Ms. Raitt said in an interview.
"This is too strategic a resource for the country, and that`s the other part of the message: we will develop it, we will use technology, we are going to work with the United States on it."
Read the full article here.
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Calgary Council content with 5% Tax hike
CALGARY - Aldermen are patting themselves on the back for bringing next year`s potential tax increase down slightly to five per cent, with one councillor calling it a "huge accomplishment."
But one critic says the number isn`t good enough.
Scott Hennig, Alberta director of the Canadian Taxpayers Federation, accused council of trying to convince Calgarians they`ve done a good job at reducing the annual tax hit on homeowners.
"I`d venture to guess some on council are going to bank on the fact it`s certainly lower than it has been for the last few years and try to convince Calgarians it`s no big deal:`We listened last year, we chopped where we can, we came in lower than it was before,` " Hennig said.
"And it may work."
Read the full article here.
CALGARY - Aldermen are patting themselves on the back for bringing next year`s potential tax increase down slightly to five per cent, with one councillor calling it a "huge accomplishment."
But one critic says the number isn`t good enough.
Scott Hennig, Alberta director of the Canadian Taxpayers Federation, accused council of trying to convince Calgarians they`ve done a good job at reducing the annual tax hit on homeowners.
"I`d venture to guess some on council are going to bank on the fact it`s certainly lower than it has been for the last few years and try to convince Calgarians it`s no big deal:`We listened last year, we chopped where we can, we came in lower than it was before,` " Hennig said.
"And it may work."
Read the full article here.
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Calgary`s new SW Ring Road Plan likely by end of November
CALGARY - The city and province expect to have a signed agreement by the end of the month on how to proceed with a southwest ring road, as the province agrees to look at options with lower speeds.
"It`s excellent news, from my perspective," Mayor Dave Bronconnier said Monday. "To date, administratively, they`ve been very tenacious about wanting to keep universal design speeds, which are generally 110 km/h.
"Which means you need more land and a much higher impact on adjacent communities. It`s about taking a realistic approach."
Provincial Transportation Minister Luke Ouellette was quoted on the weekend saying his staff have been asked to ease off the 110 km/h requirement and look at other options.
While Ouellette wasn`t available Monday, spokesman Trent Bancarz said the province is looking at all possible routes
Read the full article here.
CALGARY - The city and province expect to have a signed agreement by the end of the month on how to proceed with a southwest ring road, as the province agrees to look at options with lower speeds.
"It`s excellent news, from my perspective," Mayor Dave Bronconnier said Monday. "To date, administratively, they`ve been very tenacious about wanting to keep universal design speeds, which are generally 110 km/h.
"Which means you need more land and a much higher impact on adjacent communities. It`s about taking a realistic approach."
Provincial Transportation Minister Luke Ouellette was quoted on the weekend saying his staff have been asked to ease off the 110 km/h requirement and look at other options.
While Ouellette wasn`t available Monday, spokesman Trent Bancarz said the province is looking at all possible routes
Read the full article here.
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Oil Market changes astonish Greenspan
Perhaps the best way to understand how the world`s oil market has changed is to follow Hurricane Ida, now heading across the Gulf of Mexico, former U.S. Federal Reserve chairman Alan Greenspan said Monday.
"I`ve never seen anything like it," he told an Edmonton business audience Monday at the Shaw Conference Centre during a speaking tour.
"This morning we see Ida moving toward Texas oil facilities, and historically the price of oil has spiked. It did, but then several hours later the storm gets downgraded, and the oil price goes higher," he said.
Welcome to the new global order of oil, where distant futures contracts decide what we pay today.
"The spot oil price is around $80 US, but the futures for December 2017, are about $100 US. This is driving the market," Greenspan said.
"And in a futures market you cannot have a spot price below the futures price by more than the carrying charges to buy the oil and put it into inventory for seven or eight years."
Read the full article here.
Perhaps the best way to understand how the world`s oil market has changed is to follow Hurricane Ida, now heading across the Gulf of Mexico, former U.S. Federal Reserve chairman Alan Greenspan said Monday.
"I`ve never seen anything like it," he told an Edmonton business audience Monday at the Shaw Conference Centre during a speaking tour.
"This morning we see Ida moving toward Texas oil facilities, and historically the price of oil has spiked. It did, but then several hours later the storm gets downgraded, and the oil price goes higher," he said.
Welcome to the new global order of oil, where distant futures contracts decide what we pay today.
"The spot oil price is around $80 US, but the futures for December 2017, are about $100 US. This is driving the market," Greenspan said.
"And in a futures market you cannot have a spot price below the futures price by more than the carrying charges to buy the oil and put it into inventory for seven or eight years."
Read the full article here.
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Alberta Doctors made Inaccurate claims about Cancer Rates near Oilsands: Report
CALGARY — A doctor who said cancer rates were higher in a small aboriginal community downstream of Alberta`s oilsands made misleading and inaccurate statements and obstructed Health Canada and the Alberta Cancer Board in their efforts to investigate his claims, the College of Physicians and Surgeons has concluded.
The report marks the end of an almost three-year investigation into the actions of Dr. John O`Connor, a Fort Chipewyan family physician who alleged residents had unusually high rates of certain cancers. At times he said there had been six deaths related to colon cancer in one year and that he had seen anywhere between three and five cases of a rare cancer of the bile ducts, the report states.
Reached in Nova Scotia, O`Connor denied he had stood in Health Canada`s way as they tried to investigate the cancer claims.
"I don`t understand why this conclusion was reached by the (college)," he told the Herald. "I had no part whatsoever in obstructing. My role as a visiting physician did not allow me to . . . allow or disallow access (to patients` files)."
In January 2007, three doctors lodged a complaint with the college, saying O`Connor had obstructed the Alberta Cancer Board and Health Canada in their investigation into his concerns, and that his comments were inaccurate, harmed members of the Fort Chipewyan community and resulted in a loss of credibility for those health bodies in the eyes of those living there and in other aboriginal communities.
Read the full article here.
CALGARY — A doctor who said cancer rates were higher in a small aboriginal community downstream of Alberta`s oilsands made misleading and inaccurate statements and obstructed Health Canada and the Alberta Cancer Board in their efforts to investigate his claims, the College of Physicians and Surgeons has concluded.
The report marks the end of an almost three-year investigation into the actions of Dr. John O`Connor, a Fort Chipewyan family physician who alleged residents had unusually high rates of certain cancers. At times he said there had been six deaths related to colon cancer in one year and that he had seen anywhere between three and five cases of a rare cancer of the bile ducts, the report states.
Reached in Nova Scotia, O`Connor denied he had stood in Health Canada`s way as they tried to investigate the cancer claims.
"I don`t understand why this conclusion was reached by the (college)," he told the Herald. "I had no part whatsoever in obstructing. My role as a visiting physician did not allow me to . . . allow or disallow access (to patients` files)."
In January 2007, three doctors lodged a complaint with the college, saying O`Connor had obstructed the Alberta Cancer Board and Health Canada in their investigation into his concerns, and that his comments were inaccurate, harmed members of the Fort Chipewyan community and resulted in a loss of credibility for those health bodies in the eyes of those living there and in other aboriginal communities.
Read the full article here.
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Calgary CMA`s Housing Starts continue to rise: CMHC
CALGARY - Housing starts in the Calgary census metropolitan area continued to show positive signs in October, according to Canada Mortgage and Housing Corp.
The agency reported today that total starts jumped to 732 units during the month from 599 units in October 2008, a 22.2 per cent hike.
That was mainly due to a 37.5 per cent increase in the single-detached sector which saw 502 starts last month compared with 365 a year ago.
The multi-family sector dropped by 1.7 per cent to 230 units from 234 last year.
On a year-to-date basis, total starts are still down by 53.8 per cent mostly due to an 81.8 per cent drop in the multi-family sector. For the first 10 months of this year, single-detached starts are down by 4.1 per cent.
Read the full article here.
CALGARY - Housing starts in the Calgary census metropolitan area continued to show positive signs in October, according to Canada Mortgage and Housing Corp.
The agency reported today that total starts jumped to 732 units during the month from 599 units in October 2008, a 22.2 per cent hike.
That was mainly due to a 37.5 per cent increase in the single-detached sector which saw 502 starts last month compared with 365 a year ago.
The multi-family sector dropped by 1.7 per cent to 230 units from 234 last year.
On a year-to-date basis, total starts are still down by 53.8 per cent mostly due to an 81.8 per cent drop in the multi-family sector. For the first 10 months of this year, single-detached starts are down by 4.1 per cent.
Read the full article here.
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Calgary Building Permits reveal Sector on the mend
Intentions for residential and nonresidential construction jumped in the Calgary census metropolitan area in September as the region recorded one of the largest monthly increases across Canada in the value of building permits.
Statistics Canada reported Thursday that building permit value in the Calgary CMA ballooned by 26 per cent from August to $307.3 million.
The federal agency said the nonresidential sector rose by 37.17 per cent to $110.7 million, while the residential sector increased by 20.47 per cent to $196.6 million.
The Calgary census metropolitan area includes the city, Airdrie, Rocky View County, Chestermere, Cochrane, Irricana, Beiseker and Crossfield.
Calgary`s trend mirrors what has been happening as well at the provincial level.
"Construction is a volatile, cyclical industry the world over," said Dan Sumner, economist with ATB Financial in Calgary. "However, if the value of building permits taken out in September is any indication, construction activity in Alberta seems to be moving ahead despite the province being at the tail end of a recession."
Read the full article here.
Intentions for residential and nonresidential construction jumped in the Calgary census metropolitan area in September as the region recorded one of the largest monthly increases across Canada in the value of building permits.
Statistics Canada reported Thursday that building permit value in the Calgary CMA ballooned by 26 per cent from August to $307.3 million.
The federal agency said the nonresidential sector rose by 37.17 per cent to $110.7 million, while the residential sector increased by 20.47 per cent to $196.6 million.
The Calgary census metropolitan area includes the city, Airdrie, Rocky View County, Chestermere, Cochrane, Irricana, Beiseker and Crossfield.
Calgary`s trend mirrors what has been happening as well at the provincial level.
"Construction is a volatile, cyclical industry the world over," said Dan Sumner, economist with ATB Financial in Calgary. "However, if the value of building permits taken out in September is any indication, construction activity in Alberta seems to be moving ahead despite the province being at the tail end of a recession."
Read the full article here.
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Calgary`s West Village vision a long way off
The drawings show condos that will be home to 12,000 residents, five kilometres of park running along the river, a section of Bow Trail moved south and a bridge spanning two roads and connecting the LRT station to a community centre.
But before the city can embark on its ambitious plans for a revitalized West Village, there are a number of challenges that will add to the cost and time of redeveloping those 45 hectares in the core.
Two of the biggest pieces are the contaminated former Canada Creosote site, which hasn`t had an updated risk assessment in almost 20 years, and moving part of Bow Trail away from the river`s edge, helping create a large site where development can occur.
"It will have to be phased," Mayor Dave Bronconnier said. "There are some sites that are not as desirable as others, so those will have to be phased over time.
Read the full article here.
The drawings show condos that will be home to 12,000 residents, five kilometres of park running along the river, a section of Bow Trail moved south and a bridge spanning two roads and connecting the LRT station to a community centre.
But before the city can embark on its ambitious plans for a revitalized West Village, there are a number of challenges that will add to the cost and time of redeveloping those 45 hectares in the core.
Two of the biggest pieces are the contaminated former Canada Creosote site, which hasn`t had an updated risk assessment in almost 20 years, and moving part of Bow Trail away from the river`s edge, helping create a large site where development can occur.
"It will have to be phased," Mayor Dave Bronconnier said. "There are some sites that are not as desirable as others, so those will have to be phased over time.
Read the full article here.
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Canada`s dirty Oil needed a Market: UN Report
The world needs Canada`s so-called dirty oil, the International Energy Agency said Tuesday even as it called on leaders to make decisive moves to slash greenhouse gas emissions at a United Nations-sponsored negotiating session next month.
"World leaders gathering in Copenhagen next month for the UN Climate Summit have a historic opportunity to avert the worst effects of climate change," IEA executive director Nobuo Tanaka said in a statement after releasing the agency`s annual World Energy Outlook analysis.
The IEA, which is funded by and provides advice to Canada and 27 other industrialized countries, said lower emissions are needed not only to protect the environment but also to enhance energy security during a period of soaring demand.
Without concrete actions to limit emissions, primarily through efficiency measures and new technology, energy demand will jump by 40 per cent between now and 2030, the IEA said in its report.
Canada, with 178 billion barrels of proven oil reserves that ranks second only to Saudi Arabia, plays an important role on the supply side, the IEA said.
Read the full article here.
The world needs Canada`s so-called dirty oil, the International Energy Agency said Tuesday even as it called on leaders to make decisive moves to slash greenhouse gas emissions at a United Nations-sponsored negotiating session next month.
"World leaders gathering in Copenhagen next month for the UN Climate Summit have a historic opportunity to avert the worst effects of climate change," IEA executive director Nobuo Tanaka said in a statement after releasing the agency`s annual World Energy Outlook analysis.
The IEA, which is funded by and provides advice to Canada and 27 other industrialized countries, said lower emissions are needed not only to protect the environment but also to enhance energy security during a period of soaring demand.
Without concrete actions to limit emissions, primarily through efficiency measures and new technology, energy demand will jump by 40 per cent between now and 2030, the IEA said in its report.
Canada, with 178 billion barrels of proven oil reserves that ranks second only to Saudi Arabia, plays an important role on the supply side, the IEA said.
Read the full article here.
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Texas Oil Baron sees Gas as Game changer
CALGARY - North Americans need to embrace natural gas as the clean-burning solution to North America`s energy and environmental security, one of the world`s leading oilmen told the Calgary Herald`s editorial board Tuesday.
T. Boone Pickens, one of the world`s foremost oil barons, is hoping to convert more than seven million heavy trucks and vehicles over to the cleaner-burning fuel in an attempt to reduce U.S. reliance on imported oil.
In a meeting with the Herald, Pickens described North America as the "Saudi Arabia" of natural gas, with more than 100 years of potential supplies.
"We have more gas than anyone else in the world," he said. "America is the Saudi Arabia of natural gas. It`s time for us to use this abundant resource to end the cycle of foreign oil dependency and addiction that is making us less safe and more economically insecure."
Pickens was in Calgary to promote his latest venture, the BP Energy Fund, which is to begin trading on the Toronto Stock Exchange.
In addition to oil and gas, Pickens said the fund would promote new and renewable energy sources such as wind and solar.
Read the full article here.
CALGARY - North Americans need to embrace natural gas as the clean-burning solution to North America`s energy and environmental security, one of the world`s leading oilmen told the Calgary Herald`s editorial board Tuesday.
T. Boone Pickens, one of the world`s foremost oil barons, is hoping to convert more than seven million heavy trucks and vehicles over to the cleaner-burning fuel in an attempt to reduce U.S. reliance on imported oil.
In a meeting with the Herald, Pickens described North America as the "Saudi Arabia" of natural gas, with more than 100 years of potential supplies.
"We have more gas than anyone else in the world," he said. "America is the Saudi Arabia of natural gas. It`s time for us to use this abundant resource to end the cycle of foreign oil dependency and addiction that is making us less safe and more economically insecure."
Pickens was in Calgary to promote his latest venture, the BP Energy Fund, which is to begin trading on the Toronto Stock Exchange.
In addition to oil and gas, Pickens said the fund would promote new and renewable energy sources such as wind and solar.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Downturn helps unmask Mortgage Fraud in Alberta
CALGARY - The recent downturn in housing prices has started to reveal the scope of mortgage fraud in Calgary, said investigators at the Alberta Mortgage Fraud Symposium on Tuesday.
As financial and law enforcement officials gathered to discuss the growing trend of mortgage fraud, experts said it`s an issue that`s becoming more common and often can be tied to marijuana grow ops and organized crime.
"We are getting numerous reports coming in; I think it`s just the tip of the iceberg," said Det. Ronda Ruzycki of the economic crimes unit of the Calgary Police Service.
Ruzycki said when Calgary was booming, mortgage fraud -- lying to obtain credit or money from banks or lenders -- became more prevalent.
It works when the perpetrator convinces someone to sign for a property they`ll never live in, though technically own, and be paid thousands of dollars for signing the papers. These are straw buyers.
Read the full article here.
CALGARY - The recent downturn in housing prices has started to reveal the scope of mortgage fraud in Calgary, said investigators at the Alberta Mortgage Fraud Symposium on Tuesday.
As financial and law enforcement officials gathered to discuss the growing trend of mortgage fraud, experts said it`s an issue that`s becoming more common and often can be tied to marijuana grow ops and organized crime.
"We are getting numerous reports coming in; I think it`s just the tip of the iceberg," said Det. Ronda Ruzycki of the economic crimes unit of the Calgary Police Service.
Ruzycki said when Calgary was booming, mortgage fraud -- lying to obtain credit or money from banks or lenders -- became more prevalent.
It works when the perpetrator convinces someone to sign for a property they`ll never live in, though technically own, and be paid thousands of dollars for signing the papers. These are straw buyers.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Calgary CMA`s Housing starts continue to rise
CALGARY - Housing starts in the Calgary census metropolitan area continued to show positive signs in October, according to Canada Mortgage and Housing Corp.
The agency reported today that total starts jumped to 732 units during the month from 599 units in October 2008, a 22.2 per cent hike.
That was mainly due to a 37.5 per cent increase in the single-detached sector which saw 502 starts last month compared with 365 a year ago.
The multi-family sector dropped by 1.7 per cent to 230 units from 234 last year.
On a year-to-date basis, total starts are still down by 53.8 per cent mostly due to an 81.8 per cent drop in the multi-family sector. For the first 10 months of this year, single-detached starts are down by 4.1 per cent.
October was fourth consecutive month of year-over-year increases in single
Read the full article here.
CALGARY - Housing starts in the Calgary census metropolitan area continued to show positive signs in October, according to Canada Mortgage and Housing Corp.
The agency reported today that total starts jumped to 732 units during the month from 599 units in October 2008, a 22.2 per cent hike.
That was mainly due to a 37.5 per cent increase in the single-detached sector which saw 502 starts last month compared with 365 a year ago.
The multi-family sector dropped by 1.7 per cent to 230 units from 234 last year.
On a year-to-date basis, total starts are still down by 53.8 per cent mostly due to an 81.8 per cent drop in the multi-family sector. For the first 10 months of this year, single-detached starts are down by 4.1 per cent.
October was fourth consecutive month of year-over-year increases in single
Read the full article here.