Good morning! This is Queen Street Analytics' weekly roundup of regulatory developments, legislative discussions, political announcements and other government-related news concerning oil and gas production, wells, drilling, petroleum and fuels refining, pipelines, LNG, hydrocarbons, and all Landman fans. Every Monday, we break down the most important updates in this space in under five minutes.

Want to track the upstream and downstream forces affecting Oil & Gas? Don’t miss this week’s updates in Utilities & Power and Mining.

Dates: 2025-11-23 to 2025-11-29

📋 In This Week's Newsletter

• 🏛️ This Week's Parliamentary Calendar
• 🇨🇦 Canadian Federal Government News
• 🗺️ Canadian Provincial Government News
• 📚 What We're Reading This Week

This Week's Parliamentary Calendar

• Standing Senate Committee on Energy, the Environment and Natural Resources: Newfoundland Offshore Petroleum and Budget Bill C-15: On December 2, the Senate committee will examine Newfoundland and Labrador’s offshore petroleum industry and relevant divisions of Bill C-15. Witnesses from Mi’gmawe’l Tplu’taqnn Inc., including Derek Simon and Dean Vicaire, are scheduled to appear by videoconference at 6:30 p.m.
• Standing Senate Committee on Energy, the Environment and Natural Resources: Newfoundland Offshore Petroleum and Budget Bill C-15: On December 4 at 8:00 a.m., the committee will continue its study of Newfoundland and Labrador’s offshore petroleum sector and divisions of Bill C-15, with Chief Brad Benoit of Miawpukek First Nation scheduled as a witness.
• Standing Senate Committee on Fisheries and Oceans: Ocean Carbon Sequestration: The Fisheries and Oceans Committee meets December 4 at 8:30 a.m. to consider ocean carbon sequestration and review a draft report. Meeting is in camera in Room W110.
• House of Commons Environment and Sustainable Development Committee: Supplementary Estimates (B) and Minister Mandate: On December 1, the committee will review Supplementary Estimates (B), 2025-2026 for Environment and Parks Canada and hear from Minister Julie Dabrusin and senior officials from Environment and Climate Change Canada and the Impact Assessment Agency. Session is set for 11:00 a.m. to 1:00 p.m., Room 420 Wellington Building.

Canadian Federal Government News

Senate Committee Studies Offshore Petroleum Industry and Regulatory Barriers

On November 27, the Standing Senate Committee on Energy, the Environment and Natural Resources convened under Senator Joan Kingston to review challenges in Newfoundland and Labrador's offshore petroleum sector. Jim Keating, CEO of the Oil and Gas Corporation of Newfoundland and Labrador, presented data on the province's industry, noting its economic impact, low emissions profile, and demand for its light crude blend. Keating cited a shortage of exploration wells and regulatory hurdles such as emissions caps and marine protected areas, which are affecting investment and progress on the Bay du Nord project. He referenced a natural gas resource estimate of 100 trillion cubic feet and discussed local job creation commitments related to facility construction. Attention was drawn to Bill C-49's clause 56, which could affect investor agreements, and Keating raised questions on the legality of Bay du Nord permits. The session covered industry interest in LNG exports, European demand for east coast natural gas, and the fiscal terms governing offshore projects. Keating also described market dynamics in oil transport and the impact of scattered reserves on project economics.

Sources: senparlvu.parl.gc.ca

Senate Panel Reviews Safety and Investment in Newfoundland Offshore Sector

On November 25, the committee met with panelists Max Ruelokke, a retired offshore engineer, and Ashley Woodford of One Ocean. Ruelokke discussed advances in offshore safety standards since the Ocean Ranger incident and compared regulatory frameworks internationally, identifying section 56 of Bill C-49 as a deterrent to exploration investment. Woodford outlined One Ocean's role in mediating between fisheries and the petroleum sector, emphasizing early engagement to avoid conflict. Senators questioned panelists about global competition, oil spill response, and the interplay between fishing, petroleum, and renewables. The committee covered untapped reserves, industry benefits under the Atlantic Accord, and collaborative approaches to coexistence.

Sources: senparlvu.parl.gc.ca

Minister Releases Natural Resources Supplementary Estimates and Investment Strategy

On November 24, Minister Tim Hudson presented the Department of Energy and Natural Resources' supplementary estimates to the House of Commons Standing Committee on Natural Resources. Hudson identified Canada’s position amid global volatility and technological change, proposing a strategy to leverage resources for export diversification and economic growth. The 2025-26 supplementary estimates increased funding by $50.3 million to support projects including defense stockpiling and Indigenous equity participation. The Minister noted a target to attract $116 billion in investment and outlined collaboration with provinces, territories, and Indigenous partners. Committee members queried the decision-making process of the major projects office, the tanker ban, critical minerals policy, pipeline development, and U.S. company contracts. Hudson responded by detailing Canadian leadership in critical minerals and energy and the role of oil royalties. Discussion included forestry sector issues, trade disputes, and approaches to reduce U.S. export dependency. The committee debated a study on AECL’s contract with U.S. firms, raising concerns about energy security, and ultimately voted on the supplementary estimates.

Sources: parlvu.parl.gc.ca

Canada Supports Inuit-Led Clean Energy Initiatives in Nunatsiavut

On November 28, the Minister of Crown-Indigenous Relations, Rebecca Alty, announced $22 million in federal investment for three Inuit-led clean energy projects in Nunatsiavut, Newfoundland and Labrador. The funding will enable the installation of two wind turbines and battery storage in Nain, projected to replace over one million litres of diesel annually. A separate initiative will collect data for potential tidal energy development near Rigolet. These projects are part of the Nunatsiavut Government’s climate plan, supported by the Indigenous Climate Leadership Program, with an aim to reduce fossil fuel dependency and enhance energy security in remote northern communities.

Sources: www.canada.ca

Canada at COP30: International Climate Finance and Methane Reduction

On November 24, Minister Julie Dabrusin issued a statement from COP30 in Belém, Brazil. Canada committed $392 million for international climate action projects and increased funding for sustainable development in the Brazilian Amazon. The delegation promoted methane emission reduction initiatives, highlighting Canadian satellite firm GHGSat and partnerships for measurement, reporting, and verification. Canada signed a bilateral fire management memorandum with Brazil and advocated for increased climate financing, supporting the Paris Agreement’s goal of $1.3 trillion per year by 2035. The statement noted progress on biennial transparency reports and climate competitiveness strategy.

Sources: www.canada.ca

StatsCan Releases September Data on Natural Gas Transmission and Storage

Statistics Canada published updated figures for September 2025 covering natural gas transmission, storage, and distribution. The dataset provides details on volumes handled, inventory levels, and sectoral distribution metrics relevant for market forecasting and infrastructure planning.

Sources: www.statcan.gc.ca

StatsCan Publishes Machinery and Equipment Price Index for September

The September 2025 Machinery and Equipment Price Index is now available from Statistics Canada. The index uses 2016 as the base year and serves as a reference for capital cost tracking in oil and gas equipment procurement.

Sources: www.statcan.gc.ca

Canadian Provincial Government News

Alberta and Ottawa Sign Landmark Energy Agreement

On November 27, the Governments of Alberta and Canada signed an agreement to more than double oil exports to Asian markets, suspend the federal oil and gas emissions cap, and collaborate on the world’s largest carbon capture utilization and storage (CCUS) project, alongside a new Indigenous co-owned pipeline initiative.

Sources: www.alberta.ca

Alberta Releases Second-Quarter Fiscal Update Amid Lower Oil Prices

Alberta's Q2 update projects a $6.4 billion deficit for 2025-26, driven by a 30% drop in non-renewable resource revenue and sustained low oil prices at US$61.50 per barrel. The province is investing in public infrastructure and reports a Heritage Savings Trust Fund value of $31.5 billion.

Sources: www.alberta.ca

Québec and California Carbon Market Auction Results Announced

Québec’s Ministry of Environment released results from the November 19 joint carbon market auction with California, selling over 51 million emission units and generating CA$287 million in revenue, which will fund climate initiatives under the 2030 Plan for a Green Economy.

Sources: www.quebec.ca

British Columbia Publishes Independent Review of CleanBC Climate Plan

The B.C. government released the final independent review of its CleanBC climate plan on November 26, as part of the 2024 Co-operation and Responsible Government Accord. Recommendations will inform next steps for emissions reduction and economic development.

Sources: news.gov.bc.ca

Ontario Minister of Energy and Mines Schedules Press Conference

Ontario Minister Stephen Lecce scheduled a press conference for November 26 in Pickering, joined by parliamentary assistants Rudy Cuzzetto and David Smith, to discuss energy sector developments.

Sources: news.ontario.ca

What We're Reading This Week

• Enserva’s 2025-2026 State of the Industry Report Highlights Shifting Market Conditions and Emerging Opportunities for Canadian Energy Services: Enserva details evolving market trends and prospects in Canadian energy services.
• Oilpatch drilling slows as oil and natural gas prices sink: Drilling activity in the oilpatch declines following a drop in commodity prices.
• Review of B.C.’s emissions strategy says LNG push threatens to wipe out cuts: Independent analysis questions the impact of B.C.'s LNG expansion on emissions targets.
• Canada, Alberta Ink Deal to Unlock Oil Pipeline, Build Carbon Capture: Alberta and Ottawa formalize plans for pipeline exports and CCUS development.
• Five takeaways on Alberta-Ottawa pipeline memorandum of understanding: Analysis summarizes key points from the new Alberta-Ottawa energy accord.
• Opinion: Approving a pipeline project is easy. Making it happen will be difficult and painful: Opinion piece discusses challenges in moving pipeline projects from approval to completion.
• No way ‘to do business,’ B.C. Energy Minister Dix says of Alberta’s pipeline plans: B.C. Energy Minister reacts to Alberta’s pipeline proposals.
• PIPELINE OR PIPE DREAMS : Time to get on with building national projects: Commentary urges movement on national energy infrastructure.
• Woodfibre LNG is halfway through its long journey to build its B.C. export terminal: Update on the progress of Woodfibre LNG’s export terminal construction.
• Review of B.C.’s emissions strategy says LNG push threatens to wipe out cuts: News coverage explores the implications of B.C.'s LNG strategy for emissions reductions.

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