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President Joe Biden s revocation of the March 2019 permit enabling the construction of the Keystone XL pipeline will likely result in more crude-by-rail volumes, according to industry observers. But how much volumes will increase could largely depend on the price that heavy crude oil can fetch in the global market. The cancellation of the Keystone pipeline project was inevitable once the government changed. Despite its merits or drawbacks, it is now a deflated political football, said Barry Prentice, University of Manitoba supply chain management professor and former director of the Transport Institute there. This means that more crude will have to move by rail. The huge investments in the oil sands will not be abandoned, and the oil has to go somewhere.
iPolitics By iPolitics. Published on Feb 12, 2021 11:36am
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“Our accelerated strategy will drive down carbon emissions, and will deliver value for our shareholders, our customers, and wider society,” said Ben van Beurden, Shell’s chief executive officer.
Shell also recommitted to emitting net-zero carbon by 2050, which aligns with the Paris climate agreement and European Union targets. It intends to cut fuel production by 55 per cent over the next decade and will close seven of its 13 refineries.
Shell also announced its intention to invest $2 to to $3 billion a year in wind and solar energy, and other clean-power facilities.
After the announcement, many questioned how the energy giant will make the transition lucrative enough for shareholders accustomed to generous dividends.
The Drilldown: Shell announces transition away from fossil fuels ipolitics.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ipolitics.ca Daily Mail and Mail on Sunday newspapers.
iPolitics By iPolitics. Published on Feb 9, 2021 12:50pm
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Last Thursday, a group of hunters from Arctic Bay and Pond Inlet set up a blockade at the Mary River iron mine site on Baffin Island, Nunavut. The protests continued into their fifth day yesterday, according to Nunatsiaq News. The hunters are protesting the mine’s Phase 2 expansion, and are demanding recognition as an Inuit association. They are also requesting a cut of the mine’s royalties. Other protesters say the mining company has moved too quickly and disregarded the potential effects its expansion will have on wildlife.
The blockade has affected more than 700 employees who are involved with the project, while food and supply flights have been suspended.
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As Canadian oilsands production has rebounded and even climbed above pre-pandemic levels, another area of the industry is also picking up steam: crude-by-rail shipments.
Cenovus Energy reported Tuesday that after suspending all such shipments earlier last year â following the pandemic and an historic oil-price collapse â it exited December transporting almost 28,000 barrels of oil per day (bpd) by train.
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The Calgary-based company also moved another 10,000 bpd for other companies through its facilities, Cenovus said in its fourth-quarter earnings report.