Multiple oil companies are speaking out against the federal government’s decision to minimally amend Bill C-69.
The Senate passed the federal bill, which would have made it virtually impossible to build pipelines, last week after making around 180 amendments after discussions with industry representatives, provinces, and more.
However, many of the changes were rejected.
The Canadian Association of Petroleum Producers held a press conference on Thursday where industry leaders shared their concerns with the legislation moving forward.
“We’re disappointed and concerned that this Bill jeopardizes future development and does not restore investor confidence in our industry and country,” said Mark Little, Suncor President and CEO. “Had these critical amendments been included, it would have done a lot to restore investor confidence.”
Imperial Oil President and CEO Rich Kruger noted they support environmental practices, however, there needs to be a balance between the environment and energy.
“This bill, in its current form, is unworkable from a major investor perspective, and continues to perpetuate a climate of regulatory risk and uncertainty,” he added. ” Should Bill C-69 become law in its current form, we will unfortunately need to deeply consider any and all future investment growth opportunities.”
Meanwhile, President and CEO of Cenovus Alex Pourbaix echoed these concerns adding this Bill will only hurt our already damaged economy.
“Canada’s oil and gas industry has never asked for a free or easy ride. We expect rigorous regulation and oversight. C69 is a devasting blow to the future of the Canadian economy.”
Other companies such as Perpetual Energy, Japan Canada Oil Sands, and Seven Generations Energy also released statements highlighting their concerns.