Varcoe: Canadian oilsands giant hopes grand bargain 'comes to fruition' — new pipeline and massive carbon capture project
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Canadian Natural Resources president Scott Stauth would also welcome a massive carbon capture network in the oilsands making it onto the federal list — part of what Premier Danielle Smith says could be part of 'grand bargain' to also advance a greenfield pipeline.
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However, there are plenty of kilometres still to go in this marathon — and no assurances how the race will play out.
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'I do believe Canada will need a new oil egress pipeline within the next five to 10 years. And I think it's important the government continue on the path that they have, to consider a pipeline,' Stauth said in an interview Thursday.
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'It does need to be on the major projects list in order to be part of the Bill C-5 that they've put into legislation . . . To me, they go hand in hand.'
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Canadian Natural, which released its second-quarter earnings Thursday, produced 1.42 million barrels of oil equivalent per day in the April-to-June period, and is one of six members in the Pathways Alliance group of oilsands producers.
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The federal Liberal government recently passed Bill C-5, which expedites projects of national significance. Alberta's premier has said both developments should be included on the major projects list, an idea Prime Minister Mark Carney appears to be considering.
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However, Smith's idea of building a new million-barrel-a-day oil pipeline to the Pacific Coast — and doubling Alberta's oil and gas production in the future — is ambitious. And no private sector proposals for a greenfield pipeline are on the table, yet.
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