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    The Canadian Energy Sector is Expected to Kick-start Canada’s Economy Post COVID

    The Canadian Energy Sector is Expected to Kick-start Canada’s Economy Post COVID

    The Canadian Energy Sector is Expected to Kick-start Canada’s Economy Post COVID

    The Canadian Energy Sector is Expected to Kick-start Canada’s Economy Post COVID

    Vast amounts of energy will be needed to kick start the economy. “The reality is, our economy will need to restart. And all the parts of the economy will need to restart for us to be able to recover out of this. And that includes the oil and gas sector, which is a major part of our economy,” says Kevin Birn, vice-president of North American crude oil markets with IHS Markit.

    The Canadian Oil and gas industry has long track record of driving nation’s economy and can do so again to help us recover from the COVID recession. Oil and gas won’t just provide the energy to give Canada a jump-start, it will also provide funding to essential services, like healthcare that Canadians will need to make sure the virus doesn’t return.

    As many Canadians know, the oil and gas industry is one of the country’s largest economic sectors. It has a long track record of driving Canada’s economy. The energy sector generated $359 billion in federal and provincial revenues between 2000 and 2018. And it can do so again, with production of safe, reliable, secure, and affordable oil and gas, rooted in world-leading environmental practices.

    The oil and gas sector supports more than 500,000 jobs across Canada in direct and related industries. Canada’s Indigenous nations are looking forward to benefiting as never before as the result of energy projects that Indigenous leaders say respect the environment and afford their people a way out of poverty.

    More specifically the vast majority, 120 of 129 First Nations support the expansion of the Trans Mountain Pipeline. The pipeline will allow Canada to diversify oil markets and increase exports to Asia, which could improve the likelihood of getting a better price for our oil. Currently 99% of Canada’s exports now go to refiners in the U.S., where we are forced to sell our oil at discount.

    As producers of primarily heavy oil and synthetic oil derived from the oil sands, Canada has a unique opportunity in this market, says Phil Skolnick, analyst with Eight Capital.

    Most of the demand globally where the growth is happening is actually on the heavy oil side.” Skolnick says.

    Post-COVID, momentum on major infrastructure projects including the Trans Mountain pipeline expansion and LNG Canada is expected to play a significant role in kickstarting the Canadian economy. Beyond the benefit of construction, these projects set up the industry for long-term growth in operations jobs and revenues, while providing the foundation for innovation as energy markets evolve. Major infrastructure projects are a key tool to get our engine restarted.

    Canada’s energy sector leads the world in responsible development while investing in new technologies that could help reduce both greenhouse gas and particulate emissions. Canadians would prefer to use Canadian energy over foreign sources – especially from regimes that have little respect for women’s rights, human rights more broadly and the environment.

    The oil and natural gas industry is one of Canada’s leading economic drivers, accounting for 10% of the country’s economy. In addition to creating a multitude of benefits for Canada’s economy, the oil and natural gas industry also pays significant taxes and royalties to federal and provincial governments—over the next 10 years, it’s estimated that the natural gas industry alone will contribute $45.6 billion in taxes.

    Our recovery post COVID will not be easy, but with the aid of the Canadian energy industry, Canada’s outlook for a positive recovery from the economic devastation of COVID-19 is predicted to be better than expected.

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    Clients who choose AiM Land require a company with the knowledge and expertise to complete all necessary steps to get the project done, and done for the best price. We are a full-service broker that does all portions of a project internally; we do not outsource any part of the work. We utilize leading edge technology to reduce costs, improve communications, and ultimately deliver the project more efficiently. Our strong and dynamic team brings a extensive knowledge from the field and varying experiences to each project.

    Reach out to connect with us to learn how we can help with your next project. 

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    Dan-Legault-VP-Surface-Land-AiM-75
    Dan Legault
    Vice President | Land – AiM Land
    E: Dlegault@aimland.ca
    C: 403-669-5180
    O: 403-648-5423
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