Yesterday, Steve Williams, CEO of Suncor Energy came out and said that he doesn’t think the exodus of foreign investments in the Alberta oilsands is over. At this point, companies are lining up to get out of Alberta due to Rachel Notley’s business killing policies.
Companies like Marathon Oil, Shell, Statoil and ConocoPhillips have ditched a big share of their oilsands assets and there are rumours that British Petroleum are looking at selling off stakes in 3 major projects in northeastern Alberta. California based Chevron is also rumoured to be shopping around 20% of its stake in the Athabasca Oilsands Project.
Rachel Notley calls it a “reorganization in the oilsands.” I call it a reorganization of investments in the oilsands out of Alberta.
We’ve all been wondering why the CEO of the most important oilsands company in the world is so against developing the business that affords him his multi-million dollar salary. Like I mentioned, he’s also in favour of the anti-Albertan carbon tax – he’s said that a broad based carbon tax is the answer. Keeping the oil in the ground is what the activists in the government want and the carbon tax is what’s causing this mass evacuation of foreign investments in the oilsands. And when Suncor parrots the government, it keeps the relationship friendly and gives the NDP destroyers validation for their policies.
Endorsing the carbon tax, also means a massive fire sale for Suncor to build their very own assets. In fact, Suncor is looking for deals and even increased their ownership in Syncrude. Williams said himself in an address to the company’s annual meeting that they’re watching closely to scoop up oilsands bargains.
Every time we say a policy is going to hurt Albertans, the NDP can trot their friends in the oil and gas industry out to validate their plans. Williams himself said "there may be some incredible opportunities because I don't think there are many companies out there now that have a balance sheet capable of purchase.” Albertans are paying more for gas, groceries and getting poorer so a few companies that can survive the NDP’s policies that sabotage business can monopolize an industry - like CNRL, like Suncor. Make no mistake that this province is on fire and if it’s up to companies like Suncor and Rachel Notley, they’re going to save themselves before they save you.