Oilsands Industry Warns of Missed Opportunity as Progress on Key MOU Slows
Canada's oil sands industry is at risk of missing out on an opportunity to boost production and meet energy security goals due to slow progress on a memorandum of understanding (MOU) between Ottawa and Alberta, according to the Oil Sands Alliance.
The group represents five of Canada's largest oilsands companies and says that capital investment in the sector has nearly halved over the past decade, from an average of $21.6 billion per year between 2006 and 2015 to $11.9 billion between 2016 and 2025.
The industry is calling for a 'carbon framework which supports competitiveness and production growth', as well as supportive regulatory and fiscal frameworks, rather than an 'uncompetitive industrial carbon tax' that would limit investment and growth.