The Canadian Association of Oilwell Drilling Contractors believes the Alberta Government’s $1.5 billion investment in the Keystone XL pipeline and $6 billion loan guarantee for TC Energy to backstop the project are a shot of adrenalin for Canada’s struggling oil and gas sector.
It is expected that the injection of funds from the province will initiate construction at a time when jobs for Canadians are sorely needed. Additionally, the support sends clear signals that Canada’s oil and gas sector will be well positioned to overcome its market access deficiencies in the coming years.
“Alberta’s investment decision sends a message of support and confidence to Canadian oil and gas workers and their families that their industry is not only important, but will be given every chance to compete and succeed for decades to come,” says CAODC President & CEO Mark Scholz.
The Canadian Association of Oilwell Drilling Contractors (CAODC) represents Canada’s drilling and service rig industry.
For further information, please contact:
Vice President, Communications
Canadian Association of Oilwell Drilling Contractors
Suite 2050, 717-7 Avenue SW Calgary, AB T2P 0Z3
Phone: (403) 264-4311