It has been reported by CAPP that the oil and gas industry is looking forward to working with the new Alberta government to protect and grow jobs and investment in the province and across Canada. CAPP President Tim McMillan said, “Albertans voted for change and we are prepared to work with the new government to explore and embrace the best change possible. CAPP will form an industry group on work with Premier Elect Rachel Notley and her team on priorities to make the industry stronger because a strong oil and gas industry makes for a strong Alberta.”
McMillan also commented that the industry and the government share a common interest in industry success and that “the best way to protect jobs and investment is through improved market access, building new pipeline, rail and marine transportation infrastructure, while maintaining a strong fiscal regime that allows the industry to compete in the global market.”
McMillan continued, “improved market access and fiscal strength will allow Canada to reap the benefits of helping meet global energy needs through safe, responsible development and delivery of its natural resources.”
As there has been a 50% drop in global oil prices since the summer of 2014, these are now challenges times and Canadians across the country are feeling the impacts of reduced oil and gas industry activity. The oil and gas industry capital investment is forecast to be down US$23 billion. As spending declines, industry unemployment increases and to date, companies have announced over 4500 layoffs, with an additional 23 000 jobs lost as a result of lower drilling activity.
McMillan concluded, “to grow the oil and gas industry, creating more jobs and increasing public revenues to improve our quality of life, we must continue to keep Alberta and all of Canada attractive for oil and gas investment.”
Edited from press release by Claira Lloyd