|By Marketwired .||
|November 29, 2016 08:10 PM EST|
CALGARY, ALBERTA -- (Marketwired) -- 11/29/16 -- The Government of Canada's approval to build the Trans Mountain Expansion Project (TMEP) will connect the country's abundant oil resources to new customers around the world, creating and supporting jobs for Canadians from coast to coast.
Canada is a world-class producer of oil and with new investments in energy infrastructure - such as pipelines - Canada has the potential to become a world-class supplier in a globally competitive market. Today less than one per cent of Canada's oil is exported to markets outside North America, yet world demand for oil continues to grow. Canadians have an important role to ensure their oil is developed at standards that are among the highest in producing nations - so that Canadian oil is the world's first choice.
Forecasted growth in Canadian production shows new major oil pipelines are urgently needed to deliver safe, secure and reliable energy to domestic and world markets. Canada's oil pipeline network has the capacity to move 4.0 million barrels per day; last year the system moved 3.981 million barrels per day. CAPP estimates the supply of Canadian oil sands will increase by more than 850,000 by 2021, so total supply will far exceed existing pipeline capacity. Global demand for energy is forecasted to increase by 31 per cent by 2040 and demand for oil is forecasted to grow by 12 per cent. The TMEP approval is one step closer to connecting Canadian supply to new and growing markets abroad.
Canadian oil sands producers have been open to different perspectives on oil sands development and made significant investments in innovation and technology to reduce greenhouse gas emissions and limit their effect on water, land and air. Building new pipelines and leading globally on environmental and safety performance is crucial to strengthening Canada's energy future.
Canadian Association of Petroleum Producers quotes: Tim McMillan - president and CEO, CAPP.
-- "Through West-Coast access to the Pacific Rim, Canada can grow its international trade, create more jobs and prosperity at home and grow its international reputation as a place to invest." -- "Canadians should be proud of our national commitment to do things the right way - the Canadian way." -- "The government has made the right decision for Canadian prosperity; we will take responsible steps forward to make sure the project continues successfully." -- The government's commitment to energy infrastructure shows that they are interested in balancing Canada's sustained leadership and prosperity." -- "There is a balance between responsibly produced oil and meeting our climate targets, CAPP believes the two are not mutually exclusive and can be achieved as one."
-- Global demand for energy is expected to increase by 31 per cent by 2040 with oil demand expected to increase by 12 per cent. (IEA 2016) -- Through the Canada's Oil Sands Innovation Alliance, oil sands producers have shared and developed more than 900 distinct technologies worth more than $1.33 billion. This is private money voluntarily invested in reducing the footprint of Canadian oil on air, land and water. (COSIA) -- Canada's current average supply is 3.981-million barrels per day. Our current transportation capacity is 4-million barrels per day. While Trans Mountain will help to alleviate some of that strain we still need more capacity to come online in the years to come. (CAPP) -- More than 850,000 barrels per day of oil sands supply will come on stream by 2021. (CAPP) -- Western Canadian oil supply could grow to 5.5 million barrels per day by 2030.(CAPP)
The federal government's announcement can be viewed here.
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 85 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. Together CAPP's members and associate members are an important part of a national industry with revenues from crude oil and natural gas production of about $120 billion a year. CAPP's mission, on behalf of the Canadian upstream crude oil and natural gas industry, is to advocate for and enable economic competitiveness and safe, environmentally and socially responsible performance.
For additional information:
Canadian Association of Petroleum Producers
(E): [email protected]
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