CALGARY, March 25, 2012 - Canada's upstream oil and natural gas
industry encourages federal initiatives to negotiate trade-related
agreements with Asian countries given their strong and growing need for
oil and natural gas and growing importance in global energy markets.
Prime Minister Stephen Harper, on his second visit to the region this
year, announced the launch of free trade talks with Japan. The federal
government is already pursuing trade agreements with Thailand and South
Korea.
"Demand for Canadian products like crude oil and natural gas is strong
in Asia and growing," said CAPP President Dave Collyer. "Oil and
natural gas exports, primarily to the United States, currently
contribute some $80 billion to the Canadian economy annually.
Diversifying markets for Canadian oil and natural gas products is vital
to ensuring Canada continues to grow its oil and gas production and
receives full value for its natural resources."
In addition to developing new export markets, Canada's oil and gas
industry continues to explore cost-competitive ways of providing
Canadian crude oil and natural gas to domestic markets and the United
States, reducing North American dependence on foreign imports.
According to the International Energy Agency, the dynamics of energy
markets will be determined more and more by Asian economies, especially
China. Over the next 25 years, China alone accounts for more than 30
per cent of the projected growth in global energy demand, consolidating
its position as the world's largest energy consumer.
"While developing new markets for Canadian trade is very important, our
industry understands that increasing domestic oil and natural gas
production depends on continuing environmental and social performance
improvement and delivering tangible economic benefits for all
Canadians," said Collyer.
The Canadian Association of Petroleum Producers (CAPP) represents
companies, large and small, that explore for, develop and produce
natural gas and crude oil throughout Canada. CAPP's member companies
produce more than 90 per cent of Canada's natural gas and crude oil.
CAPP's associate members provide a wide range of services that support
the upstream crude oil and natural gas industry. Together CAPP's
members and associate members are an important part of a national
industry with revenues of about $100 billion-a-year. CAPP's mission is
to enhance the economic sustainability of the Canadian upstream
petroleum industry in a safe and environmentally and socially
responsible manner, through constructive engagement and communication
with governments, the public and stakeholders in the communities in
which we operate.
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