Canadian Energy Weekly Round-Up: July 13, 2020
Here are the top news stories covering Canada’s energy landscape:
New Brunswick-bound Tanker Takes Off from British Columbia Port, Cenovus Energy Announces
As Canadian oil suppliers continue to find ways to meet market demands, Cenovus Energy is the first oilsands producer to ship crude to refineries on Canada’s east coast.
In a tweet dated July 1, 2020, Cenovus announced it had loaded its crude onto the Cabo de Hornos tanker at the Trans Mountain terminal in Burnaby, B.C. The tanker will make an approximately 12,000-kilometre journey to Saint John, New Brunswick, where it will be refined by Irving Oil Ltd.
In a statement sent to the Financial Post, Cenovus executive vice president Keith Chiasson expressed his excitement at the notion of sending Canadian crude to Canadian refineries:
“It’s encouraging to see more Canadian-produced oil refined at a Canadian refinery. It’s a one-off shipment for now, but we believe this Canadian success story has the potential over time to create significant value for both companies and the entire country.”
While the shipment may be one-off for now, the Canada-based refinery has plans to continue increasing its refining capacity and to process more Canadian crude—in late May Irving announced it would purchase the only refinery in Newfoundland and Labrador. Candice MacLean, an Irving spokesperson, wrote to the Financial Post stating the refinery purchase was part of a strategy to make Canadian oil competitive on the world stage:
“Our recently announced plans to source Canadian crude oil and today’s announcement in Newfoundland are two building blocks that fit together with our company’s existing strengths. All of these elements contribute to our long-time objective of helping Canada be even more competitive in the international landscape.”
Former Alberta Trade Representative Named CEO of the Canada Energy Regulator
Gitane De Silva, who previously served as Alberta’s senior representative in Washington, D.C., will serve as Chief Executive to the Canada Energy Regulator, the Canadian Broadcasting Channel reports. De Silva will serve in the role for a five-year term and replace the acting chief executive Sandy Lapointe.
A statement from the Canadian federal government shares that De Silva will be part of reshaping the regulatory body to be more sustainable:
“Under Ms. De Silva’s leadership, the CER will continue its role of overseeing — on behalf of all Canadians — a strong, safe and sustainable Canadian energy sector as we transition to a low-carbon economy.”
Previously, De Silva worked as a special advisor with the Alberta-based utility company TransAlta, along with representing Canadian fishery and environment interests at the Canadian Embassy in Washington, D.C.
Ultimately, De Silva will play a crucial role in approving and overseeing a number of energy project proposals that the regulatory body is tasked with reviewing. The CER is also responsible for the oversight of existing pipelines and transmission lines.
For more Canadian energy news and setting the record straight on the day’s top stories about the oil and natural gas industry, visit Canadian Energy Network.