Energy policy handcuffs Canada amid Russian oil ban: Kvisle
BNN Bloomberg
As more and more countries shun Russian oil, it might seem like a big opportunity for Canada’s energy industry to sell more of its crude to the world, but an industry veteran says it’s not as easy as it sounds. In fact, it could take years.
As more and more countries shun Russian oil, it might seem like a big opportunity for Canada’s energy industry to sell more of its crude to the world, but an industry veteran says it’s not as easy as it sounds.
In fact, it could take years.
Hal Kvisle, a former chief executive of TransCanada Corp. and Talisman Energy Inc., said Canada could increase its crude production in certain high-productivity oil basins in Alberta and Saskatchewan, but “not by much.”
“The reality is Canada could add three or four million barrels a day if we were called upon, but it takes more than five years lead time to do projects like that,” he said in an interview Tuesday.
“It's the tragedy of North American energy policy over the last 10 or 15 years,” added Kvisle, who currently serves as chair of Arc Resources Ltd.
An increasing number of countries are banning imports of Russian oil to put pressure on President Vladimir Putin after he directed an invasion of Ukraine. The United States and United Kingdom announced plans Tuesday to wind down their exposure to Russian fossil fuels over the coming weeks and months.
