The decision by Teck Resources to withdraw its Frontier application isn’t a sign of bad times to come for the oilsands.
That’s according to Tim Pickering, CIO of Auspice Capital, who believes Canadian oil will continue to have a bright future.
He tells Mix News our product remains in high demand.
“Oil that we are producing in Alberta really stands out above and displaces less environmentally and less ethically oil reserves around the world.”
Many will agree that Teck’s decision was a big blow to the oilsands, including Pickering. The project would have created around 9,500 jobs and put around $70 billion back into Canada’s economy.
Pickering believes investor confidence is quite low, however, that doesn’t translate to what companies think of Canada’s product and the way it produces oil.
“When you look at the science and you look at the technology being applied to the oilsands – it’s truly best in class technology.”
He notes this set back just highlights the importance of getting projects like Trans Mountain up and running.
Moving forward, Pickering suggests the different levels of government need to organize its policies, get on the same page, and really promote Canadian oil on a global market.