CALGARY, ALBERTA–(Marketwired – May 14, 2015) – The oil and natural gas industry is looking forward to working with the new Alberta government to protect and grow jobs and investment in the province and all of Canada.
“Albertans voted for change and we are prepared to work with the new government to explore and embrace the best change possible,” said CAPP president Tim McMillan. “CAPP will form an industry group to work with premier-elect Rachel Notley and her team on priorities to make the industry stronger because a strong oil and gas industry makes for a strong Alberta.”
McMillan said the industry and the government share a common interest in industry success and “the best way to protect jobs and investment is through improved market access – building new pipeline, rail and marine transportation infrastructure – while maintaining a strong fiscal regime that allows the industry to compete in the global market.”
“Improved market access and fiscal strength will allow Canada to reap the benefits of helping meet global energy needs through safe, responsible development and delivery of its natural resources,” he said.
With a 50 per cent drop in global oil prices since last summer, these are challenging times and Canadians across the country are feeling the impacts of reduced oil and gas industry activity.
Oil and gas industry capital investment is forecast to be down $23 billion. As spending declines, industry unemployment rises. To date, companies have announced more than 4,500 layoffs, with an additional 23,000 jobs lost as a result of lower drilling activity.
“To grow the oil and gas industry – creating more jobs and increasing public revenues to improve our quality of life – we must continue to keep Alberta and all of Canada attractive for oil and gas investment,” McMillan said.
The Canadian Association of Petroleum Producers (CAPP) represents companies, large and small, that explore for, develop and produce natural gas and crude oil throughout Canada. CAPP’s member companies produce about 90 per cent of Canada’s natural gas and crude oil. CAPP’s associate members provide a wide range of services that support the upstream crude oil and natural gas industry. CAPP’s mission, on behalf of the Canadian upstream oil and gas industry, is to advocate for and enable economic competitiveness and safe, environmentally and socially responsible performance.