In today’s Speech from the Throne, the Federal Government acknowledged the important role natural resource industries will play in Canada’s economic recovery.
Governor General Julie Payette pledged to continue to support Canada’s manufacturing, energy, and forestry industries, and stressed competitiveness as a key factor in ensuring Canadian businesses can survive and provide good jobs.
“It was encouraging to hear the government acknowledge how important Canadian energy truly is, not only to provide good jobs, affordable energy, and a high standard of living, but also to protect and advocate for the environment both at home, and around the world,” states CAODC President and CEO, Mark A. Scholz.
Of note, the extension of the Canadian Emergency Wage Subsidy (CEWS) through the summer of 2021 will help many struggling oil and gas businesses and families continue to operate. “Small businesses are the backbone of the Canadian energy services sector,” says Scholz. “This extension will help protect jobs and keep doors open.”
Overall, the tone of the speech was positive. CAODC will be monitoring how the various support programs are administered, and whether the overall sentiment is maintained in the months to come. Canada’s Minister of Natural Resources, Seamus O’Regan, said it best: “If the Canadian oil and gas industry doesn’t recover, Canada will not recover. It’s up to all of us to respond accordingly.”
The Canadian Association of Oilwell Drilling Contractors (CAODC) represents Canada’s drilling and service rig industry.