CAPP says Canada can play a key role on world stage if Canadians 'vote for energy'
Canada's next federal government has an opportunity to help define a strategic, long-term vision for the growth of Canada's oil and natural gas sector, one that promotes jobs and a healthy economy for all Canadians, while being part of the solution to meet growing global energy demand with responsibly developed energy, according to the Canadian Association of Petroleum Producers (CAPP).
CAPP believes Canadian energy reflects Canadian values: environmental innovation; Indigenous reconciliation; community engagement; and, leadership in labour and human rights. Using Canadian oil and natural gas is about more than meeting energy needs - it is about using the best product to displace less responsibly produced ones.
"Canadians know how important the oil and natural gas industry is to the country. Our values are shared values. A vote for energy is a vote for Canada's future and sends the message Canada can, and should, be supplying energy to the world," said CAPP president and CEO Tim McMillan. "Canada has lost its competitive edge as a result of regulatory and policy changes that have scared investors away. It's time to attract global investment back to Canada's oil and natural gas industry with greater regulatory clarity, and fiscal and economic policies that allow us to compete globally."
In its 2019 federal energy platform, Oil and Natural Gas Priorities: Putting Canada on the World Stage, CAPP outlines opportunities for all of Canada's federal political parties to address the issues facing the oil and natural gas industry, including market access, regulatory policy, Indigenous prosperity, climate and innovation, and fiscal and tax policy.
The job of the next federal government is to create the conditions necessary for Canada to play a key role on the world stage. The Government of Canada needs to create the conditions to:
- Support the completion of currently proposed major pipeline and liquefied natural gas projects;
- Supply Canada's domestic oil and natural gas needs with domestic production;
- Increase participation in Indigenous communities and businesses in Canada's oil and natural gas sector;
- Double current investment in the sector within the next four years, to return to or surpass 2014 levels; and,
- Grow Canada's contribution to global oil and natural gas supply.
It is also the federal government's job to enable national prosperity with a regulatory regime that assesses oil and natural gas projects in a timely manner, and provides certainty to Canadians and investors. Bringing investment back to Canada, and building a growing oil and natural gas industry could yield significant socio-economic benefits across the country.
"It should be a priority for the next federal government to position Canada for success by supporting the completion of major pipelines and LNG projects and making Canada globally competitive again," McMillan said.
In the upcoming federal election, it's important all Canadians vote for energy at the ballot box. CAPP's federal energy platform is to inform all Canadians of the concerns and vision of the oil and natural gas business in a manner that is non-partisan and is not advertising. The business of energy is the business of every government regardless of its political persuasion. CAPP does not support or oppose any particular registered party or candidate.
CAPP's Oil and Natural Gas Priorities: Putting Canada on the World Stage can be found here.
- Capital investment across Canada's oil and natural gas industry is forecast to fall to $37 billion in 2019 compared to $81 billion in 2014. Meanwhile, global capital investment continues to increase in countries such as Egypt, the Gulf of Mexico in the United States, Brazil, and Guyana - regions with less stringent climate policies.
- In 2018 the lack of pipelines for Canadian heavy crude oil resulted in $20.6 billion in foregone revenues for the Canadian energy industry - equivalent to about one per cent of Canada's gross domestic product, according to the Fraser Institute.
- The International Energy Agency's World Energy Outlook 2018, projects oil and natural gas will continue to grow substantially and account for 53 per cent of the world's total energy demand in 2040.
- Canada's oil and natural gas industry is committed to climate leadership and accelerating environmental performance through innovation.
2100, 350 - 7 Avenue SW
CA, T2P 3N9