Trans Mountain Decision Shows Pipelines Are in Canada''s Best Interest
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 05/19/16 -- The National Energy Board (NEB) decision on Kinder Morgan''s Trans Mountain Expansion project is an important first step to build new paths for Canadian oil and reach new markets to create jobs and prosperity for Canadians.
"This decision is a milestone for the future of Canada," said CAPP President and CEO Tim McMillan. "The NEB is sending a clear message to Canada: building the infrastructure to get our resources to market is in the best interest of our country."
Canada has the third-largest oil reserves in the world. New energy infrastructure to connect this resource to tidewater ports will allow Canada to supply growing global demand for energy, create jobs for Canadians, generate economic growth across the country and boost government revenues.
The Canadian Energy Research Institute estimates the western Canadian oil industry would contribute an estimated $1.5 trillion in provincial and federal taxes, and provincial royalties over the next 20 years. Governments use these revenues to pay for social services, such as health care and public infrastructure, including schools, roads and hospitals.
"Getting the green light on energy infrastructure projects such as the Trans Mountain Expansion would be a tremendous stimulus for the Canadian economy," McMillan said.
The Conference Board of Canada estimates the Trans Mountain Expansion will result in more than 800,000 new jobs, or 32,000 new jobs for each of the next 25 years. In addition, the Conference Board estimates this pipeline project will generate more than $46.7 billion in new government revenues across Canada, or $1.87 billion in new revenue every year for 25 years.
"Perhaps most telling, most of the economic benefits from this project will come after the construction period," McMillan said. "That is sustainable economic activity and prosperity."
In December 2013, a 16,000-page Facilities Application was filed with the NEB for the Trans Mountain Expansion Project. Since that time, Trans Mountain has undertaken an extensive consultation program, engaging with Aboriginal groups and community members, responding to about 17,000 questions, and connected with Aboriginal communities on more than 24,000 occasions.
The Trans Mountain Expansion will add 980 kilometers of new pipeline to its already existing infrastructure and is estimated to cost about $6.8 billion. If the pipeline is approved, and when it is operational, it could safely transport 890,000 barrels of oil per of day from Edmonton, Alta. to Burnaby, B.C., up from 300,000 today.
The , through mechanisms such as the recently announced Trans Mountain Pipeline Expansion Project Ministerial Panel and interim principles outlined by the federal government earlier this week, to achieve public confidence in its decision making process.
"We respect the NEB as an independent, science-based regulator that works in the public interest," McMillan said. "With the new panel oversight and new interim federal measures, we are confident Canadians can have faith in the process and the decision at the end of the day."
A final decision on the Trans Mountain Expansion will be made by the government of Canada at the end of 2016.
"We can be proud of Canada''s world-class safety and regulatory standards that allow for safe transport of our resources and maximizes benefits for all Canadians," said McMillan.
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 90 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 oil and natural gas production of about $120 billion a year. CAPP''s mission, on behalf of the Canadian upstream oil and gas industry, is to advocate for and enable economic competitiveness and safe, environmentally and socially responsible performance.
Contacts:
Chelsie Klassen
Canadian Association of Petroleum Producers
403-267-1151
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Datum: 19.05.2016 - 14:45 Uhr
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