CAPP responds to major projects announcement

The Canadian Association of Petroleum Producers (CAPP) released the following statement by president and CEO Lisa Baiton in response to the Sept. 11 announcement of five major projects by Prime Minister Mark Carney:

“CAPP and our members remain strongly supportive of the Team Canada approach to building major projects faster in Canada. The process developed through the implementation of Bill C-5, the One Canadian Economy Act, will help advance the nation-building projects announced today. CAPP looks forward to this legislation being used to pave the way for additional projects in the national interest, including those in the oil and natural gas sector.

We are pleased to see LNG Canada’s Phase 2 is included on the list. The first phase of the project was the single largest private investment in Canada’s history. Building LNG export capacity and other oil and natural gas related projects are among the fastest ways to diversify Canada’s global customer base and increase our economic and energy sovereignty in the face of international economic uncertainty.

While we would have liked to have seen pipeline projects identified on this first list of projects in the national interest, we also understand that more work needs to be done to attract proponents, and that process will take some time. CAPP will continue to advocate for greater market access and opportunities for egress for Canada’s oil and natural gas resources. More access to markets helps ensure Canadians are getting full value for their natural energy resources, while significantly growing our economy.

We are looking forward to the next list of major projects. In addition to projects that enhance market access for oil and natural gas exports, we encourage the federal government to consider referring the Bay du Nord offshore oil project off the coast of Newfoundland and Labrador to the Major Projects Office. This project is very near to a final investment decision and has the potential to unlock a new area of oil development for Canada, generating decades of value for the province of Newfoundland and Labrador and benefits across the country.

In parallel to this process, the federal government needs to act swiftly to address the need for a policy reset. The implementation of a more pragmatic regulatory framework is required to allow Canada to compete globally for investment and attract more project proposals from private sector proponents.

Today’s announcement sends a strong signal to investors that Canada is serious about building major projects. Together, a policy reset and the advancement of nation-building projects in the oil and natural gas sector will drive Canada to become an energy superpower and the fastest growing economy in the G7.”