• 3 hours PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 5 hours Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 7 hours Syrian Rebels Relinquish Control Of Major Gas Field
  • 8 hours Schlumberger Warns Of Moderating Investment In North America
  • 9 hours Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 10 hours Energy Regulators Look To Guard Grid From Cyberattacks
  • 12 hours Mexico Says OPEC Has Not Approached It For Deal Extension
  • 13 hours New Video Game Targets Oil Infrastructure
  • 15 hours Shell Restarts Bonny Light Exports
  • 16 hours Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 22 hours Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 1 day British Utility Companies Brace For Major Reforms
  • 1 day Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 1 day Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 1 day Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 1 day OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 2 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 2 days Rosneft Signs $400M Deal With Kurdistan
  • 2 days Kinder Morgan Warns About Trans Mountain Delays
  • 2 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 2 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 2 days Russia, Saudis Team Up To Boost Fracking Tech
  • 3 days Conflicting News Spurs Doubt On Aramco IPO
  • 3 days Exxon Starts Production At New Refinery In Texas
  • 3 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 3 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 3 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 3 days China To Take 5% Of Rosneft’s Output In New Deal
  • 3 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 4 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 4 days VW Fails To Secure Critical Commodity For EVs
  • 4 days Enbridge Pipeline Expansion Finally Approved
  • 4 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 4 days OPEC Oil Deal Compliance Falls To 86%
  • 4 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 4 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 4 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 5 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 5 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 5 days Aramco Says No Plans To Shelve IPO
Alt Text

How Vulnerable Is The Electrical Grid?

Hurricane Maria knocked out the…

Alt Text

The Geopolitical Consequences Of U.S. Oil Exports

The United States has ramped…

Alt Text

Is OPEC Considering Deeper Output Cuts?

You could argue OPEC and…

Silver Linings For Energy Sector In Canada With New Liberal Government

Silver Linings For Energy Sector In Canada With New Liberal Government

Canada ushered in a new era on October 19, as voters handed the Liberal Party a majority government. But what will the new government mean for Canada’s oil and gas sector?

Incoming Prime Minister Justin Trudeau has staked out several positions on major pipeline projects in Canada. First and foremost, he has supported the Keystone XL pipeline. However, there is growing speculation that U.S. President Barack Obama may reject the pipeline, perhaps as soon as this week.

That would provide political cover for Trudeau, who may support the pipeline, but hasn’t made the project a high priority. Related: Oil Glut Appears To Be Getting Worse, Not Better

With Keystone XL dead, what else does the industry in Canada have to look forward to with a Trudeau government? Another controversial oil sands pipeline awaits a fight. Enbridge’s Northern Gateway pipeline would stretch from Alberta to the Pacific Coast, carrying oil for export on the coast of British Columbia. The Prime Minister-designate has stated his opposition to the project and has promised to block it once in power. There is a question over whether or not Trudeau actually has the authority to do so, but the election cannot be seen as a positive for Enbridge’s proposal.

Also, Justin Trudeau has put forward a stronger stance on climate change compared to now-former Prime Minister Stephen Harper, who received international opprobrium for his reluctance to take climate change seriously. Although Trudeau has been vague on what he plans to do about climate change, it is safe to say stronger action to reduce greenhouse gas emissions won’t be beneficial to oil sands producers in Alberta. Trudeau has promised to issue a climate policy within 90 days, just in time for the international negotiations in Paris set to take place in December. Related: Day Of Reckoning For U.S. Shale Will Have To Wait

On the flip side, the fact that the Liberal Party won a majority mandate, rather than a minority stake that would have forced it to form a coalition government, means there could be a degree of political stability in Ottawa that will be welcomed by the oil and gas industry. In fact, the industry group Canadian Association of Petroleum Producers (CAPP) sees a silver lining in the election result. “It allows us to get down to work on what our priorities are, which really haven’t changed regardless of the election,” CAPP President Tim McMillan said, according to the Financial Post, referring to the group’s top political objectives: more pipelines and fiscal competitiveness. Related: The End Of The European Refining Boom Or Just A Pause?

On top of the majority result, the energy industry breathed a sigh of relief that the New Democratic Party (NDP) disappointed in the election. The NDP would have been much more hostile to the energy industry, and its candidate Thomas Mulcair had been leading in the polls at one point in recent weeks.

Overall, there is some trepidation in Canada’s energy industry towards the new Prime Minister. Still, any damage to oil producers that results from new policies will pale in comparison to the ongoing slump in oil prices.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News