A report Tuesday that the Biden administration is in the early stages of looking for ways to increase oil imports from Canada was good news for Canadian oil and gas producers gathered virtually to discuss investment in the sector.
Producers welcomed the Wall Street Journal report that U.S. officials are discussing how to enable a hike in imports, but at the same time were discouraged by the fact the White House appears to have no intention of reviving the Keystone XL pipeline project cancelled by U.S. President Joe Biden on his first day in office.
Energy security centre stage at gathering of producers
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“It’s disappointing the messages we’ve heard about Keystone. At a time where there’s an active war in Europe, we need to get beyond the politics,” Tim McMillan, president of the Canadian Association of Petroleum Producers (CAPP), said at the first day of the two-day Scotiabank CAPP Energy Symposium.
“Keystone XL was a high quality project that has gone through an incredibly rigorous review and I’d love to see it resurrected. That being said, on the natural gas side, on other pipelines – I think we continue to push to have more access to one of the largest customers in the world.”
Producers welcomed the acknowledgement of Canada’s importance to U.S. energy security — particularly following weeks of reports of American officials courting Venezuela and Saudi Arabia for assistance in easing supply concerns. The Journal report suggested import options could include shipping more oil by rail or expanding pipeline capacity along existing routes.
The rest at the above LINK….but:
“Canadian firms attracted around 10 per cent of global investment in oil and gas in 2014, but that figure is closer to six per cent today, MacMillan said.”