Thank you for the opportunity to appear before you today.
My name is Tristan Goodman, and I represent EPAC, which deals with the Canadian natural gas and non-oil sands producing companies outside the oil sands mining area.
Under the chair's direction, I'll confine my remarks to English.
My association represents over 100 large and small companies drilling for natural gas and oil in western Canada. We employ tens of thousands of Canadians from coast to coast, and represent over $100 billion in market assets.
We understand and agree with those who want solutions to global climate change as well as indigenous reconciliation. Through working with federal and provincial governments, as well as indigenous nations, we believe there is a path forward for continued responsible oil and gas development in conjunction with Canadian leadership on these fundamental issues.
I would hope my personal background may be of use to the House of Commons committee, as I have senior-level experience implementing energy policy and regulation as a former energy regulator, and I have a relevant academic background with a Ph.D. in natural resource management, specializing in environmental science and economics, as well as several law degrees from Canada and the United Kingdom. My comments are addressed to you based on this background, as well as an approach that seeks to advance the broad Canadian public interest in these difficult times.
As Canadian governments restart the economy over the coming weeks and months, we believe that in many cases the Canadian-based oil and gas sector can quickly respond and dramatically support recovery through immediate activity and job creation. A noticeable proportion of employment in the oil and gas sector occurs in areas such as Montreal, Vancouver and Toronto through professional services, manufacturing, IT, corporate services, automotive and, increasingly, petrochemicals, which are the base components of a wide range of health-related products, such as ventilators, masks and plastic-based equipment.
I am sure you have heard from many over the past several weeks about the importance of oil and gas pipelines, as well as ensuring a competitive regulatory and fiscal environment to undertake business. Propane and other heating and drying products in Quebec, petrochemicals in Ontario, LNG in the Maritimes and British Columbia, broader applications of carbon capture and storage technology, and the completion of approved pipelines all remain critical to our country and workers going forward. However, today I would like to confine my limited time to specific short-term recovery opportunities that should be considered in the coming months, given the difficult economic situation we face.
Turning to the recent federal programs, the federal government has put in place four specific programs that have assisted, or have the potential to assist, Canadian workers who rely on the energy sector. EPAC strongly supports the $750-million methane emissions reduction loan program, the $1.7 billion of support to clean up orphan and inactive wells, and the Canada emergency wage subsidy. We want to acknowledge the efforts of the federal government to work with the provinces in these important areas. We also support the intention of the EDC, BDC and LEEFF programs. These loan programs are of particular relevance, as there are approximately 30 or more companies that should qualify for these programs, if qualifying conditions are reasonable, and thus support workers.
With the federal government's commitment to transparency in mind, we look forward to a comprehensive public understanding on specific uptake and use of the loan programs that have been put in place to support Canadian workers.
What else can be done to support Canadian workers?
Successful economic stimulus to support Canadian workers and families will require substantive private sector investment, given the magnitude of the current economic situation. Canada must have broad inflows of investor capital to be successful. There are additional short-term policies and programs that the federal government can put in place to support workers relying on oil and gas development. A few examples of these are attached to my opening comments as an appendix.
In conclusion, the future of Canadian oil and gas development can be bright and could be a significant contributor to economic recovery, while fitting within the clear policy commitments of Canadian climate change leadership and indigenous reconciliation. EPAC views our industry as part of the broader energy transition that has been occurring for decades.
Given the difficulties Canadian workers are currently facing, short-term policies need continued focus in parallel to the broad macrostrategies of Canada's energy future. Since the founding of Quebec City over 400 years ago, Canadians have been developing our natural resources and increasingly working collaboratively with our indigenous partners. Over the centuries of our young country's development, there have certainly been mistakes in both the development and partnership areas. However, there is now an opportunity to renew our commitment to responsible development within a modern Canadian framework that meets expectations around the environment, indigenous reconciliation and a prosperous economy.
Thank you.