Business Development Bank of Canada and EDC are getting the terms of the loan programs together.
$23.3 billion to be invested in Canada this year, down from about $37 billion in a January forecast.
Resource company targeting $1 billion in cost reductions for 2020 – double what it proposed in October.
Cites need to maintain safe and essential operations as industry follows health guidelines, environment critics see an attempt to curb environmental regulations.
Canadian Natural Resources president Tim McKay says the solution is acceptable as long as it is “broad-based” and fair to all participants.
Output could grow by as much as 1.3 million bpd but more capacity for transport needed.
CAPP report outlines 13 near and long-term initiatives to improve environment, health and safety performance.
CAPP says short term jitters but no long-term impact expected on investment decisions.
Report says the industry requires a variety of approaches depending on an individual company’s circumstances.
2021 completion date would leave less than four years to hit promise of phasing out all “inefficient” subsidies by 2025.
Comes 18 years after Foster Creek facility was launched as the first commercial oil sands project to use steam-assisted gravity drainage.
…but they fear the pipeline expansion to BC’s coast will not be competed.
Trident is abandoning 4,392 licensed wells, pipelines and other facilities.
But province’s difficulty in moving oil to market will remain a major challenge.
Industry organization says it’s more concerned with policy implementation and outcomes than specific initiatives.