January 24, 2017 16:09 ET
KXL another step towards accessing global customers for Canadian oil
CALGARY, ALBERTA--(Marketwired - Jan. 24, 2017) - Today's executive order advancing the Keystone XL (KXL) Pipeline Project is a major economic step forward for Canada, the United States and for North American energy security.
Now more than ever, Canada needs access to new customers to the east, south and west. The Canadian oil and natural gas industry has been facing challenges to maintain competiveness at home and abroad and pipeline approvals advance opportunities to make Canada an attractive place for investment.
All but one per cent of Canada's oil goes to the United States. It is important that we continue to serve our number one customer while we continue to look to add more global customers. CAPP and its members are committed to continue their work with the U.S. government to ensure we achieve mutual energy, economic and environmental success.
By accessing new customers in new markets Canadian oil producers can get a better world-price for their products.
Global demand for energy is expected to increase by 30 per cent through 2040, almost a quarter of that total energy demand is expected to come from oil.
Canadian Association of Petroleum Producers quotes: Tim McMillan - president and CEO, CAPP
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 85 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 crude oil and natural gas production of about $120 billion a year. CAPP's mission, on behalf of the Canadian upstream crude oil and natural gas industry, is to advocate for and enable economic competitiveness and safe, environmentally and socially responsible performance.
Canadian Association of Petroleum ProducersChelsie Klassen403email@example.com
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