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Alberta

Premier Kenney Goes Ballistic on President Biden and PM Trudeau in defence of Keystone XL

Published

4 years ago

7 minute read

The day before President Biden’s inauguration, the incoming government announced the President would rescind the Presidential permit for the Keystone XL Pipeline.  True to his word, one of the first actions of the new President was to retroactively cancel the pipeline which is partially owned by the Canadian Government.
Considering the massive investment by the Province of Alberta which would leave Alberta taxpayers also on the hook for about a billion dollars, Premier Jason Kenney has been speaking out loudly and aggressively.   Premier Kenney has used strong language including “This is not now you treat a friend and ally.”
Regarding Canada’s response (The federal government is a part owner of the pipeline) Kenney is also calling on Prime Minister Trudeau and the federal government to stand up and retaliate with statements such as. “When the former Trump administration slapped punitive tariffs on Ontario and Quebec steel and aluminum in 2018, the Trudeau government imposed $16 billion worth of countervailing tariffs on U.S. goods the very same day.  By contrast, when Alberta oil was attacked on Wednesday: nothing.”
Here are statements Premier Kenney has released over the last three days in full:

January 19

“Canada should be President Biden’s first priority in re-establishing U.S. energy security. Canada is the environmental, social and governance (ESG) leader among global energy powers.
Alberta’s oilsands, once a source of carbon intensive barrels, has reduced carbon intensity by over 20 per cent in the past nine years. The average barrel produced in Canada is now cleaner than one produced in California.
Canada leads the world in key environmental categories like methane regulation, water use, and innovations like carbon capture and sequestration; and individual Canadian firms hold the top ESG scores in the industry.
TC Energy, the builder of KXL, has also committed to being net zero by 2030, ahead of its US peers, and hire a U.S. union workforce.
You won’t get those commitments from Venezuelan shippers.
Canada’s oil reserves are vast at 170 billion barrels, making Alberta’s oilsands the third largest supply in the world, holding more oil than Russia, China and the USA combined. Keystone XL secures access to this strategic supply for purpose-built U.S. refining capacity in the Gulf.
On environmental and strategic grounds this should be far preferable to carbon-intensive rail transit — or alternate supply from Venezuelan tankers.”

January 20

The United States is our most important ally and trading partner. Amongst all of the Canadian provinces, Alberta has the deepest economic ties to the United States with $100 billion worth of exports, and strong social connections that go back over a century.
As friends and allies of the United States, we are deeply disturbed that one of President Biden’s first actions in office has been to rescind the Presidential permit for the Keystone XL Pipeline border crossing.
My thoughts are with the 2000 people who lost their jobs today, and all those who are coping with the devastating consequences of this decision.
The US State Department’s own exhaustive analysis conducted under President Obama’s administration concluded that Keystone XL would actually reduce emissions, as the alternative will be to move this energy by higher emitting and less secure rail transport.
The Government of Canada has more ambitious emissions goals than the new US Administration, and our provincial government is investing billions of dollars in the development of emissions reductions technology.
This means that Alberta, Canada, and the Keystone XL pipeline are part of the solution in the energy transition.
For months we’ve been told that the Biden transition team would not communicate with foreign governments on this or other issues. And now a decision has been made without even giving Canada a chance to communicate formally with the new administration.
That’s not how you treat a friend and ally.
We will continue to fight for Alberta’s responsible energy industry, and for the 59,000 jobs that this project would create.
Alberta’s government calls for the federal government and Prime Minister Trudeau to immediately enter into talks with the Biden administration on their cancellation of the Keystone XL pipeline in the context of a broader agreement on energy supply and climate action.
Failing an agreement with the American government, we call on the Government of Canada to respond with consequences for this attack on Canada’s largest industry. We are not asking for special treatment, simply the same response that Canada’s government had when other areas of our national economy were under threat from the US government.

January 21

“He has been so anti-oil himself during his five-plus years in office (including not objecting loudly to the Obama administration’s first cancellation of Keystone in 2015), that the incoming Biden administration must have known our Liberals wouldn’t put up much of a stink if it killed Keystone.
When the former Trump administration slapped punitive tariffs on Ontario and Quebec steel and aluminum in 2018, the Trudeau government imposed $16 billion worth of countervailing tariffs on U.S. goods the very same day.
By contrast, when Alberta oil was attacked on Wednesday: nothing.
Also, Trudeau can be blamed for making the death of Keystone matter so much. Had Trudeau not killed two other all-Canadian pipelines — Energy East and Northern Gateway — the end of Keystone wouldn’t be such a crippling blow.”

From January 20

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After 15 years as a TV reporter with Global and CBC and as news director of RDTV in Red Deer, Duane set out on his own 2008 as a visual storyteller. During this period, he became fascinated with a burgeoning online world and how it could better serve local communities. This fascination led to Todayville, launched in 2016.

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Alberta

“It’s Canada’s Time to Shine” – CNRL’s $6.5 Billion Chevron Deal Extends Oil Sands Buying Spree

Published on October 8, 2024

By

From Energy Now

Canadian Natural Resources Ltd.’s $6.5 billion acquisition from Chevron Corp. marks the latest in a string of deals that has helped make it the country’s largest oil producer and brought Alberta’s massive oil sands deposits almost entirely under local control.

CNRL has feasted on the oil sands assets of foreign energy producers over the past decade, snapping up stakes and operations from Devon Energy Corp. and Shell Plc as they shifted away from the higher-cost, higher-emissions oil sands business. Investors have applauded the strategy, which allows CNRL to boost output and make the operations more efficient.

That trend continued on Monday, with CNRL shares climbing more than 4% after the deal with Chevron raised its stake in a key oil sands mine and a connected upgrading facility, while also adding natural gas assets in the Duvernay formation.

“These assets build on the robustness of Canadian Natural’s assets,” said CNRL President Scott Stauth said on a conference call Monday. The deal boosts CNRL’s stake in the Athabasca oil sands project, which it first bought from Shell in 2017, to 90% from 70%.

The acquisition was largely expected and boosts CNRL’s oil and gas output by roughly 9%, adding the equivalent of 122,500 barrels of oil production per day.

“It’s just been a matter of time,” Eight Capital analyst Phil Skolnick said by phone, noting that CNRL had been seen as the logical buyer for Chevron’s oil sands business.

While CNRL also boosted its dividend by 7% on Monday, Desjardins analyst Chris MacCulloch  cautioned the company’s additional debt to finance the acquisition “may disappoint some investors” given it plans to temporarily slow capital returns.

Still, MacCulloch said the deal is positive overall for CNRL as it further consolidates assets in the region. “There’s no place like home,” he wrote in a note.

Chevron, for its part, is the latest in a long line of US and international oil producers — such as BP Plc, TotalEnergies SE and Equinor ASA — that have shifted away from the oil sands after spending billions to build facilities in the heavy-oil formation. That has left the oil sands largely in the control of Canadian firms including CNRL, Suncor Energy Inc. and Cenovus Energy Inc.

“There’s no remaining, obvious assets available,” Ninepoint Partners partner and senior portfolio manager Eric Nuttall said after Monday’s deal. Ninepoint owns 3.1 million shares in CNRL, data compiled by Bloomberg show.

Many of those oil sands deals have been struck at prices that favor the Canadian buyers, which have consolidated land, reduced costs and boosted returns in recent years.

“It’s Canada’s time to shine,” Nuttall said, adding that he expects foreign investors will return to the country’s oil producers in the future.

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Alberta

Alberta Preparing a New Regulatory Framework for iGaming

Published on October 7, 2024

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With the success of the iGaming market in Ontario, Alberta is looking to it as a blueprint for its own plans in that arena. Despite this, there will likely be differences in the way the two provinces regulate this industry.  These potential differences will likely be based on the strategies laid out by Dale Nally, Alberta’s Minister of Service and Red Tape Reduction.

The manner in which Alberta eventually decides to handle its iGaming regulations will be crucial to maintaining a healthy balance for the industry there. Many other regions have begun seeing the drawbacks of over-regulation in this field. As a result, many new-age casinos operating offshore have been gaining popularity over traditional ones that are often stifled by restrictions. 

This is because restrictions place more onerous burdens on operators and cause lengthy delays with everything from sign-up procedures to payout times. However, offshore casinos have become a revelation for players tied down by these restrictions. For example, crypto casinos and the perks found at sites like an instant payout casino have seen the number of players from regions like the US, UK, Asia, Europe, and even Canada soaring in recent years.

Instant payout casinos in particular have grown very popular in recent years as they offer players same-day access to their winnings. This phenomenon has been playing out amid ever-tightening regulations on iGaming sites being deployed in many prominent markets. 

While reasonable regulations have their benefits, many players feel that most jurisdictions are over-regulating the industry now and players have begun to respond by flocking to offshore sites. Instant payout casinos offer a perfect refuge since platforms like these feature fewer restrictions, more expansive gaming libraries, more privacy, and more generous bonuses.  

While Alberta is drawing heavily from Ontario’s regulatory guidelines, it also wants to retain some aspects that will distinguish it too. Minister Nally has indicated that Alberta will seek a less onerous regulatory regime than Ontario. However, as it is with Ontario, there won’t be a limit imposed on the number of iGaming operators permitted. These would also not require any partnerships with land-based casinos. 

This approach is expected to foster a competitive online betting environment. As such, huge operators are expected to set up shop there and operate freely alongside the government-run Play Alberta—which currently holds a monopoly.

Nally’s ministry has already been busy working on these new regulations and is set to keep being so as it will also be directly responsible for overseeing iGaming regulations and their enforcement. This ensures a separate regulatory body need not be created. It also addresses concerns raised by operators that Alberta’s Gaming, Liquor, and Cannabis Commission (AGLC) would have a conflict of interest if it managed the new regime as the AGLC is a market operator since it runs the Play Alberta platform.

All in all, Alberta’s approach currently does look good and at least considers the need for making it as simple as possible for new entrants to gain access to the market. Alberta’s method to  “conduct and manage” gambling activities is in direct contrast with Ontario’s, where iGaming Ontario (iGO) is simply a subsidiary of the Alcohol and Gaming Commission of Ontario (AGCO).

The revenue-sharing model will also be looked at. Currently, Ontario operators are taxed 20% with the province making $790 million of them last year—with more expansion on the horizon. On that note, Alberta has hinted that it may seek a higher percentage. With other things like consults with indigenous communities and other stakeholders, and setting up transition periods for “grey” market operators, there is more work to be done. However, for now, the future of the iGaming industry in Alberta looks good indeed. 

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