CALGARY, June 18, 2019 /CNW/ – The Government of Canada's new approval to build the Trans Mountain Expansion Project (TMEP) means Canadian oil will finally gain some access to growing overseas markets. This will enable Canada to receive full value for our natural resources while helping to reduce net global greenhouse gas (GHG) emissions, according to the Canadian Association of Petroleum Producers (CAPP).
TMEP is critical infrastructure that will diversify markets for Canadian oil, create a stronger energy future and expand economic benefits for all Canadians.
With vast experience and leadership in technology and innovation, as well as responsible development, Canadian oil producers are ideally suited and ready to play a significant role in providing more efficient energy and modelling best practices. Lowering GHG emissions and minimizing the environmental footprint through technology and innovation are in line with corporate goals of lowering costs, operating efficiently, and being sustainable partners within the communities in which we operate.
The TMEP is a step in the right direction toward offering a longer-term solution to improve investors' confidence in Canada.
CAPP expects an average incremental $20 billion of annual investment in the sector if domestic competitiveness is enhanced, an extra $45.4 billion in economic activity by 2030, sustaining 120,000 direct and indirect jobs, and government revenues of approximately $7.5 billion per year.
The International Energy Agency's (IEA) World Energy Outlook 2018 report projects that in 2040 oil will comprise 27 per cent of total world energy demand, or 105 million barrels per day (b/d) – representing the largest share of any fuel source. The world needs more energy and a significant amount currently comes from sources that do not have Canada's environmental and social standards. Canada can now seize this opportunity to be a leader in supplying responsibly produced energy to a growing global middle class, displacing fuels produced from other jurisdictions with lower or no standards.
CAPP President and CEO, Tim McMillan, will host a media availability at 4:30 pm MST (6:30 pm ET).
Date: |
Tuesday, June 18, 2019 |
Location for TV broadcasters: |
Canadian Association of Petroleum Producers |
2100, 350 – 7 Ave. SW Calgary, AB |
|
Conference call details: |
1-800-285-6670 |
Participants are asked to call in 5-10 minutes in advance |
The Canadian Association of Petroleum Producers quotes: Tim McMillan, president and CEO
Supporting Information:
The Canadian Association of Petroleum Producers (CAPP) represents companies, large and small, that explore for, develop and produce natural gas and oil throughout Canada. CAPP's member companies produce about 80 per cent of Canada's natural gas and oil. CAPP's associate members provide a wide range of services that support the upstream oil and natural gas industry. Together CAPP's members and associate members are an important part of a national industry with revenues from oil and natural gas production of about $101 billion a year. CAPP's mission, on behalf of the Canadian upstream oil and natural gas industry, is to advocate for and enable economic competitiveness and safe, environmentally and socially responsible performance.
SOURCE Canadian Association of Petroleum Producers
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