Ukraine’s ambassador to Canada Yulia Kovaliv urged Canadian oil companies to show leadership and invest in her country to help rebuild the energy market in Europe.
On his first official day in office, the ambassador pointed to a critical shortage of hydrocarbons in Ukraine. According to him, only 10 liters of fuel will be available to residents per day. Russia’s bombing has caused the country’s refineries to be unusable, he added.
Ukraine and Europe need Canadian oil and gashe says.
Speaking in front of an audience Global Energy Showin Calgary, Yulia Kovaliv called on Canadian companies still operating in Russia to leave as soon as possible.
He also thanked Canada for the new sanctions announced against Russia. Foreign Affairs Minister Mélanie Joly has imposed a new export ban on 28 services essential to the functioning of Russia’s oil, gas and chemical industries.
The reserves are ready for investment in Canada
However, the situation is not only humanitarian, but could also present great business opportunities for Canada’s energy sector, according to the ambassador.
European sanctions against Russia will also lead to a complete market change because by February 2023, most European countries have promised to reduce their exports of oil, gas and petroleum products from Russia by 90 %.
” Canadian companies should take advantage of this opportunity to enter the European market. “
Also present on stage Global Energy Showthe heads of the main Ukrainian hydrocarbon company, Naftogaz, explained that gas operations in Ukraine could benefit from the Canadian experience.
What do we need? We need horizontal drilling technology from North Americasummary with Bryan Sralla, director of unconventional resources at Naftogaz.
According to the ambassador, the environmental concerns surrounding increasing oil and gas production are understandable, but in the short term, Europe’s needs are on fossil fuels.
Help is more complex than pressing a button
Natural Resources Minister Jonathan Wilkinson has indicated in the past that Canada could increase its oil and gas exports by 300,000 barrels per day by the end of the year.
Alberta Premier Jason Kenney estimated that with a little regulatory help from Ottawa, exports could rise by at least a million barrels, mostly to the United States.
However, Cenovus President and CEO Alex Pourbaix stressed on Tuesday that the increase in oil production in Alberta is more complicated. just flip the switch. The growth of oil sands development requires millions of dollars of investment, he said.
Until now, oil companies have preferred to use their profits to pay off their debts and increase shareholder dividends.
In another series of discussions at the Global Energy Show, Energy Aspects analyst Amrita Sen also recalled that European refineries do not lend themselves to the type of oil being exploited in Canada. In this sense, more business opportunities exist in Asia for Canadian companies.
Source: Radio-Canada
