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Alberta oil executives have largely refrained from staking a firm position on the matter
By Iain Boekhoff and Robert Tuttle
Imperial Oil Ltd. came out against Alberta separatism, the first major energy company in the province to stake a firm position on the movement to break away from Canada.
“As a national company, we believe a united Canada is the strongest position we can take to face the challenges and opportunities ahead,” chief executive John Whelan told attendees at a Calgary conference on Tuesday. “Canada and Alberta work best when people, products, energy and investment can move freely and reliably across the country.”
In just about a month, Alberta residents are set to vote on whether to hold a referendum on independence. Last week, a study commissioned by the province’s government was released showing that any secession process would dent gross domestic product by at least 2.2 per cent in the first five years in a good scenario, or more than 10 per cent in a poor one. Recent polls indicate that most Albertans oppose separation.
Longstanding disputes between Alberta and the federal government have led to a sovereignty movement that’s seeking independence from Ottawa in order to reap more of the rewards of the region’s natural resources, which account for the vast majority of the country’s oil production. But, Alberta oil executives have largely refrained from staking a firm position on the matter.
Cenovus Energy Inc. chief executive Jon McKenzie said earlier this year that separatist sentiments were rooted in genuine grievances and would subside if they were addressed. Nancy Southern, chief executive of the power-generator ATCO Ltd., has called the separatist discussion “very unhelpful,” according to Canadian Press.
Imperial, a unit of Exxon Mobil Corp., is one of the largest Canadian oilsands producers, operating the Kearl mine and Cold Lake in-situ well site. The company also operates of refineries in Alberta and Ontario.
Whelan said he shared Alberta Premier Danielle Smith’s goal to double oil production in the province and lauded moves the Alberta and Canadian government have made to encourage production growth. “With a supportive fiscal and regulatory framework, Imperial has the potential to double our gross operated upstream production while also advancing additional downstream biofuel production,” he said.
Bloomberg.com
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