Canadian Underwriter

oil and gas

Red pumpjack in Alberta
News ClaimsClaims CanadaInsuranceMarkets / CoveragesRestorationRisk

Alberta releases liability estimate for well cleanup

January 23, 2024 Bob Weber - The Canadian Press

Alberta’s oil and gas producers spent nearly $700 million in 2022 on cleaning up the hundreds of thousands of old wells that dot the province, the regulator’s first report on the extent of those liabilities indicates.  That’s 65 per cent

Oilsands refinery in Fort McMurray, Alta.
News Climate ChangeInsuranceLegislation / RegulationMarkets / Coverages

Twin polls suggest slim majority of Albertans support oil and gas emissions cap

September 14, 2023 Bob Weber - THE CANADIAN PRESS

EDMONTON – Most Albertans would support some kind of national cap on carbon emissions from the oil and gas sector, two new polls suggest. The polls, conducted by different polling firms at the same time with the same questions, come

Natural gas wellhead on the Canadian prairies
News ClaimsCommercial LinesInsuranceRisk

Canadian oil and gas sector routinely targeted by cyberattackers, experts say

April 11, 2023 The Canadian Press

CALGARY – Cybersecurity experts say they aren’t surprised by the revelation contained within a package of leaked U.S. intelligence documents suggesting Russian-backed hackers successfully gained access to Canada’s natural gas distribution network. They say oil and gas infrastructure in Canada

Drilling rig in Alberta
News InsuranceMarkets / Coverages

Regulator defends finding that Alberta’s largest earthquake was caused by oilpatch

March 30, 2023 Bob Weber - THE CANADIAN PRESS

EDMONTON – Alberta’s energy regulator has defended its finding that the province’s largest recorded earthquake was caused by oilpatch activity, saying the pattern of temblors since last fall clearly points to a water disposal well even though there’s no suggestion

Oil pumpjack in Alberta
News ClaimsCommercial LinesInsuranceMarkets / CoveragesRisk

Oil well cleanup program listed as ‘key objective’ in Alberta’s pre-election budget

March 1, 2023 Bob Weber - THE CANADIAN PRESS

EDMONTON – Alberta Premier Danielle Smith’s last budget before an expected spring election gives strong support to a proposed tax break for energy companies to fulfill their legal cleanup duties but doesn’t tell voters how much would be spent on

Oil drills in a row on the left and right, in the foreground of a sunset.
News Climate ChangeCommercial LinesInsuranceMarkets / Coverages

Has Russia-Ukraine hindered insurers’ ESG plans?

February 13, 2023 by Alyssa DiSabatino

Insurers with ESG plans are still sticking to their guns to stop backing fossil fuels and thermal coal, even as geopolitical events like Russia’s Ukraine invasion put strain on the international energy sector, an industry expert told delegates at CatIQ

Liquified natural gas (LNG) export facility.
News BrokersCommercial LinesInsurance

Insurers have a role in Canadian natural gas exports

February 1, 2023 Philip Porado

Liquified natural gas (LNG) and infrastructure connectivity across Europe will be critical to ensuring a long-term energy supply for the continent, noted a Fitch Ratings report. The ratings agency said strong supplies of LNG, along with a relatively mild winter,

Oil and gas drilling rig
News ConstructionInsuranceMarkets / Coverages

Oil and gas drilling sector expects activity to pick up in 2023

November 25, 2022 Amanda Stephenson - THE CANADIAN PRESS

CALGARY – The organization representing Canada’s oil and gas drilling sector says it expects more activity in 2023, even as it continues to push the federal government for a new tax credit it says it needs to help the energy

Smoke from the factory chimney
News InsuranceMarkets / Coverages

Canada won’t back call to ‘phase down’ oil and gas production

November 18, 2022 Mia Rabson - THE CANADIAN PRESS

OTTAWA – Canada won’t agree to add language calling for the phaseout of all fossil fuels – including oil and gas – to the final agreement at this year’s United Nations climate talks in Egypt, Environment Minister Steven Guilbeault said

A pumpjack on the prairie
News Climate ChangeCommercial LinesInsuranceMarkets / Coverages

Methane emissions underestimated, a growing number of reports suggest

November 16, 2022 Bob Weber - THE CANADIAN PRESS

As the federal government moves to tighten regulations on methane emissions, new assessments suggest the amount of the potent greenhouse gas escaping into the atmosphere has been significantly underestimated. A recent survey of oil and gas facilities in Canada found

Oilfield flange in Alberta
News Climate ChangeInsuranceMarkets / CoveragesReinsurance

Munich Re to stop its backing for new oil and gas fields

October 11, 2022 The Associated Press

BERLIN (AP) – Munich Re, one of the world’s biggest insurance companies, said Thursday that it will stop backing new oil and gas fields beginning next April. The company said it will also no longer invest in or insure new

Oilsands in Alberta
News Climate ChangeInsuranceMarkets / Coverages

Environment commitments not met by Canada’s oil and gas companies, new report shows  

September 26, 2022 Caitlin Yardley - THE CANADIAN PRESS 

Most of Canada’s oilsands producers have made little progress on their goal to decarbonize the sector despite historically high profits and low capital expenditures, a new report said.   A report from the Pembina Institute said little has been done by