Three essential discussions that need to be had to ensure a successful future for Canadian energy

Three essential discussions that need to be had to ensure a successful future for Canadian energy

Feb. 6, 2017, 6:23 p.m.


The Canadian oil and gas industry faces many challenges, but in the past has demonstrated its resiliency through the ups and downs of resource cycles, the changing expectations of civil society and the ever-evolving policies, legislation and regulation by governments.

Former ERCB chair and CEO Dan McFadyen says this resiliency is founded in the resource potential of the Western Canadian Sedimentary Basin—its heart is the entrepreneurial spirit of the small to midcap companies and its inspiration is innovation.

“Hydrocarbons will continue to provide the backbone for meeting Canadian and global energy demand well into the foreseeable future,” says McFadyen, executive fellow with the University of Calgary’s School of Public Policy.

He will present about the future of the Canadian energy landscape at the Canadian Energy Research Institute’s upcoming 2017 Oil & Gas Symposium.

“The potential and range of the resources in the Western Canadian Sedimentary Basin—from relatively mature conventional plays, to new and emerging unconventional plays, to heavy oil plays through the oilsands—will continue to present significant investment opportunity to meet this demand well past the next 10 years,” McFadyen says.

He adds that realization of this investment opportunity, with consequential economic benefit to society, can be achieved if governments, civil society and industry continue to evolve their relationship in a manner that provides for a competitive investment climate, respects First Nations rights and concerns, and ensures environmentally responsible development.

McFadyen says the essential issues that need to be discussed going forward include that:

  • Governments and regulators have laid a very sound Canadian regulatory system that is emulated and considered as world class around the world, but often poorly understood in Canada;
  • Respecting and resolving First Nations rights and concerns requires that all parties commit to constructive dialogue with a view to exploring innovative solutions. However, First Nations and industry cannot do this on their own and need a renewed commitment by Canadian governments to come to the dialogue in the context of their fiduciary responsibility to First Nations;
  • Facilitating the entrepreneurial spirit of the small to midcap companies and investing in innovation in its broadest sense to reduce costs and improve performance from operations through environment.

Click here for more information and to register for the 2017 CERI Oil & Gas Symposium.


About prosperitysaskatchewan

Consultant on Saskatchewan's natural resources.

Posted on February 7, 2017, in economic impact, oil, political. Bookmark the permalink. Leave a comment.

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