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Mar 22, 2018

Cenovus CEO declares economy at risk amid ‘urgent need’ for pipelines

Cenovus cuts production as WCS discount persists

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Cenovus Energy is taking matters into its own hands while warning a dearth of pipeline export options is holding back Canada's economy.

The oil sands giant said on Thursday it has been reducing oil sands production and making use of storage reservoirs as it seeks ways to offset the impact of tight transport capacity, including via crude by rail, and weak oil prices.

“We’re taking steps to respond to a critical shortage of export pipeline capacity in Western Canada that is beyond our control and is having a negative impact on our industry and the broader Canadian economy," Cenovus Chief Executive Officer Alex Pourbaix said in a press release.

“These transportation challenges faced by our industry clearly demonstrate the urgent need for approved pipeline projects in Canada to proceed as soon as possible.”

 

Notley: Not imposing other retaliatory measures on B.C. for the moment

Alberta Premier Rachel Notley said Monday she's not planning to impose any other retaliatory measures against British Columbia's "attack" on the Trans Mountain expansion as the federal government continues its talks to resolve the trade spat between both provinces. BNN's Tara Weber has more.

Alberta Premier Rachel Notley has become increasingly vocal about the need to get Canadian oil to tidewater, specifically via Kinder Morgan Canada's controversial Trans Mountain expansion project.

The lack of new pipelines has taken a heavy toll on local oil prices, with Canadian heavy oil trading at a US$24.50 per barrel discount to the benchmark West Texas Intermediate price as of 6:30 a.m. ET on Thursday.

Cenovus added it is also considering changes to its maintenance schedules as another coping mechanism.

The company said that despite the challenges it's facing, it still expects full-year production will be within its target range of 364,000 to 382,000 barrels per day.