The Canadian oil and gas industry is slowly showing signs of recovery as energy experts are cautiously optimistic about the future of the vital economic driver.

The first positive sign of a turnaround occurred June 18 when the federal government predictably approved the long-awaited Trans Mountain Expansion (TMX) project, designed to triple the amount of crude transported from the Edmonton, Alberta, area to Burnaby, British Columbia.

“I believe that Canada has to show that we are open for business,” Laura Lau, senior portfolio manager with Brompton Group, told Hart Energy. “Canada has to show that if companies play by the rules, they will get their projects approved in a timely and efficient manner with low regulatory and legal risk. It will help when people can see that pipelines such as TMX, Coastal GasLink, Enbridge Line 5 and large projects such as LNG liquefaction plants are actually being built.”

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