CALGARY, A.B. – The president of the Organization of Petroleum Exporting Countries is urging Canada to invest in infrastructure to move oil and gas, or risk seeing investment travel to the United States.
Reuters is reporting that OPEC President Suhail al-Mazrouei made the comments on Tuesday while speaking at a TD investor conference during the Calgary Stampede.
Mazrouei, who also serves as Energy Minister of the United Arab Emirates, also singled out Canada’s low-priced natural gas.
Most of the natural gas produced in Canada comes from Northeast B.C. and Alberta, and so far the country lacks a liquefied natural gas export industry that can send the gas to customers abroad.
LNG Canada, a proposed C$40 billion export facility for the British Columbia coast, is being reviewed by its joint venture partners ahead of a final investment decision.
“The solution is LNG and pipelines to export that natural gas,” Mazrouei said. “If you provide optionality for the gas, it’s going to fix itself.”
“If you don’t have the major infrastructure, investors are going to go to your neighbor, where infrastructure is not an issue,” said Mazrouei. “Act and act quickly if you want to retain those investors. I am being frank because I want to be a true friend to the Canadians. I don’t want them to lose opportunities.”
Read the full story from Reuters here: https://boereport.com/2018/07/10/opec-to-canada-build-pipelines-or-watch-investment-flow-south/