Trans Mountain Expansion Needs To Proceed This Summer, Says CAPP
The Canadian Association of Petroleum Producers has called on the federal cabinet to approve the Trans Mountain expansion project, emphasizing the need for construction to begin early this summer.
“If the project gets stalled until after the October election, we will miss the construction season, which means at least another year of delay,” CAPP said in a statement in advance of Tuesday’s expected announcement.
“Not only does this equal additional costs for the project, it further delays the thousands of jobs TMEP will create and compounds the loss of revenues, currently estimated at $80 million per day, to the Canadian economy from lack of market access.”
Canada cannot afford any more delays, said CAPP. “If a decision is made to further delay the TMEP, it will signal that Canada is closed for business. It poses a very serious risk to all Canadians — hindering employment, innovation and technology development.”
Canada can play a global leadership role in offering responsibly produced energy, while attracting investment, spurring innovation, creating jobs and economic benefits across the country, according to the association. The Trans Mountain expansion project, it said, could be one part a long-term solution to show investors that Canada can offer opportunities for future growth and prosperity.
Total capital investment in Canada’s oil and natural gas industry is forecast to fall to $37 billion in 2019 from $81 billion in 2014, said CAPP. Between 2014 and 2017, about 60,000 fewer people were employed in exploration and production, oil and natural gas, and oilsands construction across Canada. In 2017, nearly 530,000 Canadians were directly and indirectly employed by the oil and natural gas industry.