Imperial Oil

Aspen Power Adds Peter Sherk to Board of Directors

Retrieved on: 
Wednesday, February 14, 2024

Aspen Power , a leading distributed generation platform with a mission to accelerate and democratize decarbonization, today announced the addition of Peter Sherk to its Board of Directors.

Key Points: 
  • Aspen Power , a leading distributed generation platform with a mission to accelerate and democratize decarbonization, today announced the addition of Peter Sherk to its Board of Directors.
  • View the full release here: https://www.businesswire.com/news/home/20240214082388/en/
    Peter Sherk, Aspen Power Board Member (Photo: Business Wire)
    “Peter is a seasoned business leader who will help guide Aspen Power in delivering on its growth strategy,” said Jorge Vargas, Chief Executive Officer, Aspen Power.
  • “His financial acumen and his market perspective will be particularly relevant as Aspen Power continues to grow as a leading independent power producer,” he added.
  • “I’m pleased to join Aspen Power’s board at this important point in the company’s growth,” commented Sherk.

CER approves TNPI's Incentive Tolls Settlement Agreement

Retrieved on: 
Tuesday, December 19, 2023

CALGARY, AB, Dec. 19, 2023 /CNW/ - Today, the Commission of the Canada Energy Regulator (CER) approved the Trans-Northern Pipelines Inc. (TNPI) Incentive Tolls Settlement Agreement (ITSA).

Key Points: 
  • CALGARY, AB, Dec. 19, 2023 /CNW/ - Today, the Commission of the Canada Energy Regulator (CER) approved the Trans-Northern Pipelines Inc. (TNPI) Incentive Tolls Settlement Agreement (ITSA).
  • A key feature of the ITSA, beginning in 2025, enables the TNPI System to be separated into two segments to determine tolls.
  • The approved ITSA is a shift from the current rolled-in approach, where all shippers were charged tolls based on the costs of the entire TNPI System.
  • The ITSA replaces a previous tolling agreement called the Incentive Tolls Settlement (ITA) from 1996.

Imperial announces preliminary results of its substantial issuer bid

Retrieved on: 
Monday, December 11, 2023

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) announced today the preliminary results of its substantial issuer bid (the “Offer”), pursuant to which Imperial offered to purchase for cancellation up to $1.5 billion of its common shares (the “Shares”).

Key Points: 
  • Imperial Oil Limited (TSE: IMO, NYSE American: IMO) announced today the preliminary results of its substantial issuer bid (the “Offer”), pursuant to which Imperial offered to purchase for cancellation up to $1.5 billion of its common shares (the “Shares”).
  • Immediately following completion of the Offer, Imperial anticipates that 535,836,803 Shares will be issued and outstanding.
  • 27,768,599 Shares were validly tendered and not withdrawn pursuant to auction tenders at or below the Purchase Price and pursuant to purchase price tenders.
  • Shareholders who made auction tenders at a price in excess of the Purchase Price should not expect to have any of their Shares purchased by Imperial.

Gran Tierra Energy Inc. Announces Appointment of Chief Operating Officer

Retrieved on: 
Tuesday, October 31, 2023

CALGARY, Alberta, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. ("Gran Tierra" or the "Company") (NYSE American:GTE)(TSX:GTE)(LSE:GTE) is pleased to announce the appointment of Mr. Sebastien Morin as Chief Operating Officer (“COO”).

Key Points: 
  • CALGARY, Alberta, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. ("Gran Tierra" or the "Company") (NYSE American:GTE)(TSX:GTE)(LSE:GTE) is pleased to announce the appointment of Mr. Sebastien Morin as Chief Operating Officer (“COO”).
  • Mr. Morin will be joining Gran Tierra as COO, located in Calgary and will report to Gary Guidry, President and Chief Executive Officer.
  • Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented: "We are very pleased to welcome Sebastien back to Gran Tierra in the new position of COO.
  • Sebastien was integral in Gran Tierra becoming best in class in its drilling, operations, and execution of capital programs.

Parex Resources Announces Appointment of Sanjay Bishnoi to Chief Financial Officer

Retrieved on: 
Thursday, August 24, 2023

CALGARY, Alberta, Aug. 23, 2023 (GLOBE NEWSWIRE) -- Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT) is pleased to announce the appointment of Sanjay Bishnoi to Chief Financial Officer, effective October 2, 2023.

Key Points: 
  • CALGARY, Alberta, Aug. 23, 2023 (GLOBE NEWSWIRE) -- Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT) is pleased to announce the appointment of Sanjay Bishnoi to Chief Financial Officer, effective October 2, 2023.
  • “We are excited to welcome Sanjay to the Parex team,” said Imad Mohsen, President & Chief Executive Officer.
  • Most recently, he held the position of Chief Financial Officer at TotalEnergies EP Canada.
  • Mr. Pinsky joined Petro Andina, Parex’s predecessor, in 2008 as Vice President, Finance, and Chief Financial Officer, and has been the Chief Financial Officer of Parex since its inception.

As Alberta’s oilsands continue leaking toxic wastewater, aquatic wildlife face new risks

Retrieved on: 
Tuesday, May 9, 2023

Then came news of a separate incident where an unknown amount of industrial wastewater has been leaking from an Imperial Oil tailings pond for the last 12 months.

Key Points: 
  • Then came news of a separate incident where an unknown amount of industrial wastewater has been leaking from an Imperial Oil tailings pond for the last 12 months.
  • The leakage flows underground and then resurfaces to contaminate surface waters outside the Kearl Oil Sands Processing Plant and Mine.
  • In addition to its significance to the Indigenous communities here, this waterway also provides crucial habitats for endangered wildlife species.

Fish struggle to survive in contaminated waters

    • Research and real-world incidents have found that oilsands wastewater is toxic to wildlife including mammals, fish, frogs and birds.
    • A group of organic compounds, referred to as naphthenic acids, are responsible for most of the toxicity of wastewater.
    • The science clearly suggests that fish are negatively impacted by wastewater contaminants and even short-term contact can have lasting effects on animals in the affected area.

Canada’s declining amphibians face new threats

    • Amphibians are one of the most rapidly disappearing groups of animals in Canada, as their wetland habitats often face the threat of pollution, among other stressors.
    • Like with fish, studies have found that exposure to wastewater and naphthenic acids can interfere with sexual development and impair breeding in adult frogs.
    • Tadpoles exposed to these chemicals are more likely to die, behave abnormally when escaping predators and are less likely to develop into frogs.

A need for transparent oilsands waste management

    • In addition to wildlife, industrial activities in the oilsands region have affected the Indigenous communities over the years as well.
    • Diane Orihel received funding from Environment and Climate Change Canada for her lab's research on the effects of oilsands contaminants on aquatic biota.
    • Chloe Robinson received funding from Queen's University (Craigie Fellowship), and the Government of Ontario (Ontario Graduate Scholarship).

Environment and Climate Change Canada Enforcement opens a formal investigation into Imperial Oil Ltd.'s Kearl Oil Sands Site

Retrieved on: 
Thursday, May 4, 2023

Environment and Climate Change Canada takes pollution incidents and threats to the environment very seriously.

Key Points: 
  • Environment and Climate Change Canada takes pollution incidents and threats to the environment very seriously.
  • Environment and Climate Change Canada Enforcement has opened an investigation into a suspected contravention of subsection 36(3) of the Fisheries Act at Imperial Oil Ltd.'s Kearl Oil Sands Site.
  • Environment and Climate Change Canada enforcement officers and environmental emergencies officers have carried out inspections at the site since they became aware of the incident on February 7, 2023.
  • Environment and Climate Change Canada has created a free subscription service to help Canadians stay current with what the Government of Canada is doing to protect our natural environment.

Alberta election: Is the province's energy regulator acting in the public interest?

Retrieved on: 
Wednesday, May 3, 2023

As a political scientist with a public finance background, I have been studying the impact that environmental contamination can have on government finances.

Key Points: 
  • As a political scientist with a public finance background, I have been studying the impact that environmental contamination can have on government finances.
  • Environmental liabilities are the future costs assumed by licensed oil and gas companies to remediate the extraction site to its previous state.

Reclamation

    • What’s known as the “polluter pay” principle in Alberta law requires all licensed and operational oil and gas companies to adhere to the remediation and reclamation practices of the Alberta Energy Regulator (AER).
    • Since 2015, financial hardship has resulted in a number of court decisions with significant ramifications for those who could ultimately be stuck with the reclamation bill — taxpayers rather than company shareholders.
    • Financial security is defined as cash or letters of credit that ensure funds are available to the regulator for reclamation costs if companies go bankrupt and fail to meet their obligations.

Two key court cases

    • The first court case on this issue began in May 2015 after ATB Financial, an arm of the Alberta government, pushed Redwater Resources into bankruptcy.
    • Taking such action is always a last resort for a creditor, especially for a public institution like ATB.
    • When the case made it to the Supreme Court of Canada, the polluter pay principal was upheld.

Unpaid municipal taxes

    • Rural Municipalities of Alberta (RMA) says that as of December 2021, $253 million in unpaid taxes had accrued.
    • The RMA is particularly galled that the provincial government allowed companies to avoid municipal taxes on new wells drilled until 2025.
    • Furthermore, it would only apply to 41 per cent of unpaid taxes owed by companies that are currently operating.

Smith’s royalty lobbying

    • Smith’s support of the oil industry’s efforts to receive royalty payment breaks, meanwhile, is an embarrassment to the sector.
    • The premier’s proposed royalty deferral program, RStar, was previously rejected by then Energy Minister Sonya Savage, who was soon moved to the Environment and Parks department.

Kearl Lake spill


    Recently a toxic spill at Imperial Oil’s Kearl Lake oilsands mine has led to a House of Commons environment committee inquiry. The AER and Imperial Oil failed to notify affected First Nations or the federal government. Heartbreaking testimony from First Nations and evasive testimony from chief executives of both Imperial Oil and the AER reveal continuing indifference to the environment.

A tool of the industry

    • All of these developments suggest the Alberta Energy Regulator is controlled by the industry and has lost the public’s trust, particularly First Nations.
    • A powerful book, Hidden Scourge by ecologist Kevin Timoney calls for a dismantling of the regulator, given it apparently acts on behalf of the industry and not the public.

Statement - Minister Guilbeault provides an update on federal action to address the ongoing spill situation at the Kearl Oil Sands Mine

Retrieved on: 
Monday, April 17, 2023

I find this deeply concerning and expressed as much to my counterpart in Alberta.

Key Points: 
  • I find this deeply concerning and expressed as much to my counterpart in Alberta.
  • "We hear loud and clear the concerns being expressed by Indigenous communities regarding the management of the tailings and their potential impacts on their local environment and communities.
  • We have been in continuous contact with them, providing support through sharing information and addressing water supply concerns within federal jurisdiction.
  • We are proposing a governance structure that includes co-chairs with representation from the federal, provincial, and Indigenous communities.

Federal Budget 2023 is a Missed Opportunity for Clean Fuels Investment

Retrieved on: 
Wednesday, March 29, 2023

Ottawa, Ontario Canada, March 28, 2023 (GLOBE NEWSWIRE) -- The Canadian Fuels Association (CFA) and its members [1] appreciate the Federal Government’s recognition for low-carbon fuels, including biofuels and hydrogen, in Budget 2023.

Key Points: 
  • Ottawa, Ontario Canada, March 28, 2023 (GLOBE NEWSWIRE) -- The Canadian Fuels Association (CFA) and its members [1] appreciate the Federal Government’s recognition for low-carbon fuels, including biofuels and hydrogen, in Budget 2023.
  • The lack of targeted measures in support of Made-in-Canada low-carbon fuels is a missed opportunity.
  • “The U.S. Inflation Reduction Act (IRA) is a game-changer and Federal Budget 2023 falls short in establishing investment parity for clean fuel production in Canada”, said Bob Larocque, President and CEO of the CFA.
  • However, the North American market for fuels is open and highly integrated, making a competitive investment climate critical to the Canadian economy, and Budget 2023 is a missed opportunity.” Larocque concluded.