Good morning! Welcome back to Queen Street Analytics' weekly digest 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.

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Start Date: 2025-03-01
End Date: 2025-03-08

Top Headlines

Main Stories

Capital Spending in Oil and Gas Sector Declines in Q4 2024

StatsCan reports a 3.7% decline in capital expenditures in Canada's oil and gas extraction industries for the fourth quarter of 2024, totaling $11.3 billion. Despite the quarterly drop, 2024 saw a 16.1% increase over 2023, reaching $46.3 billion in total capital spending. This data provides insights into investment trends within the industry.

Sources: Open Government Data Set: www.statcan.gc.ca

Natural Gas Financial Survey Reveals Revenue Decline

StatsCan's Natural Gas Financial Survey for 2023 shows a decrease in operating revenues and expenses for the natural gas distribution and transport pipeline industry. Marketable natural gas production increased by 2.9%, reaching 7.8 million terajoules, despite a 28.8% fall in prices. This marks the third consecutive year of production growth.

Sources: Open Government Data Set: www.statcan.gc.ca

Eastern Arctic Dataset Released to Open Government Portal

A dataset from the Petroleum and Environmental Management Tool (PEMT) for the Eastern Arctic has been added to the Open Government Data Portal. Originally developed by Indian and Northern Affairs Canada, the tool aids in understanding environmentally sensitive areas in the Arctic. This data supports exploration and production licensing in regions with high oil and gas potential.

Sources: Open Government Data Set: open.canada.ca

Boric Acid Regulation Proposed Under Canadian Environmental Protection Act

The Canada Gazette has published a notice proposing to add boric acid, its salts, and precursors to Part 2 of Schedule 1 of the Canadian Environmental Protection Act, 1999. This decision follows an assessment indicating these substances meet criteria under section 64 of the Act. Stakeholders can provide comments within 60 days following the publication date. The proposal aims to manage risks associated with the substances, which are used in oil and gas extraction, among other sectors.

Sources: Gazette, Part I: www.gazette.gc.ca

Alberta's Participation at CERAWeek to Promote Energy Security

Premier Danielle Smith and Minister of Energy Brian Jean are set to attend CERAWeek in Houston, Texas, promoting Alberta's role in global energy security. The province aims to reinforce its position as a reliable energy partner for the U.S. and emphasize the impact of recent tariffs. The conference runs from March 10–14.

Sources: Provincial Announcement: www.alberta.ca

Important Updates

Secondary Stories

Oil and Gas Stock Volatility

The Globe and Mail reports a significant plunge in oil and gas stock prices, indicating market volatility and investor concerns.

Sources: Canadian News Outlet: www.theglobeandmail.com

Concerns Over Municipal Layoffs Due to Tariffs

CTV News highlights municipalities' concerns about potential layoffs in the oil and gas industry amidst ongoing tariff disputes.

Sources: Canadian News Outlet: www.ctvnews.ca

Natural Gas Market Trends

The Globe and Mail discusses strategies for investing in energy stocks amid tariff uncertainties affecting the natural gas market.

Sources: Canadian News Outlet: www.theglobeandmail.com

Impact of Tariffs on Alberta's Oil and Gas Industry

CBC reports on Alberta bracing for the impact of tariffs on its oil and gas industry, as stakeholders assess economic implications.

Sources: Canadian News Outlet: www.cbc.ca

Crude Oil Market Update

The Globe and Mail provides updated quotes and trends for Brent crude oil, offering insights into current market dynamics.

Sources: Canadian News Outlet: www.theglobeandmail.com

Provincial Announcements

Alberta's Highway 686 Project to Boost Economic Growth

Alberta's government plans to invest $311 million to extend Highway 686, enhancing emergency routes and opening economic opportunities in the north.

Sources: Provincial Announcement: www.alberta.ca

Public Officials' Social Media

MP Ryan Williams Criticizes Energy Project Cancellations

MP Ryan Williams lists cancelled energy projects in Canada, attributing the losses to changes in federal policy.

Sources: Social Media: x.com

Senator Patrick Brazeau Comments on Global Resource Interests

Senator Patrick Brazeau tweeted about global interests in Canada's natural resources, linking it to geopolitical strategies.

Sources: Social Media: x.com