Canada’s investment climate for oil and gas improving, executives say

Bloomberg02:31

CALGARY - Canada has become more attractive for oil and gas investment under Prime Minister Mark Carney although the cost of doing business remains a challenge that could limit long-term energy sector...

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A spokeswoman for Enbridge, Canada’s largest pipeline operator, said in an email this week that the company would consider participating only when and if the conditions and policy framework were right.While Canadian oil sands producers are keen to increase their output, filling a new 1-million-bpd pipeline by the mid-2030s would require companies to invest in new oil sands projects. That would be a dramatic shift away from the industry’s focus in recent years on enhancing efficiency of existing operations and returning money to shareholders.Alberta’s proposed new pipeline would require oil sands companies to invest up to $100 billion (US$72.5 billion) in new production, said Kendall Dilling, president of the Oil Sands Alliance industry group.The oil sands industry has argued that any level of industrial carbon tax puts Canada at a competitive disadvantage with the U.S., making it harder to attract the foreign capital needed to support that growth.Latest updates on investing hereThe new federal-provincial deal ensures Alberta raises its carbon price over time, creating an incentive for heavy emitters to invest in pollution-reducing technology and satisfying a condition Carney set before his government would consider fast-tracking a new crude export pipeline.The Carney government has also said pipeline approval is conditional on oil sands companies committing to build a proposed carbon capture and storage project, though under the deal, the project ⁠can be phased in over time and would result in less emissions reduction than what the companies first pledged in 2022.(Reporting by Amanda Stephenson in Calgary; Editing by Edmund Klamann)Read more:Carney lays out pipeline conditions as Eby flags negotiations on B.C.’s prioritiesOttawa plans to greenlight Alberta oil pipeline construction by fall 2027, no private proponent yet","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.2","shortVersion":"4.42.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2637593533","isCrawlerRequest":true}