AMERICAS OIL: Canada Needs More Oil Pipelines: PM

Canada needs to expand oil pipelines to reduce its dependence on foreign supplies, PM Mark Carney said March 20, cited by Argus.

• "It's about getting things done. It's about getting, yes, getting pipelines built, across this country, so we that can displace imports of foreign oil," Carney said while in Edmonton, Alberta.
• "We need to do things that had not been imagined or had not been thought possible, at a speed we haven't seen before," Carney added. "That's the nature of the time."
• Around $194 billion of Canadian oil and gas projects have been cancelled over the past decade.
• TC Energy's 1.1mn b/d Energy East pipeline, proposed in 2013 to transport oil from Alberta to eastern Canada was abandoned because of changing regulations.
• Canadian production is around 5mn b/d; 80% is exported to the US.
• Carney wants to pursue energy and trade corridors including potentially from Alberta to Canada's Arctic coast and/or Hudson Bay, Argus said.