Thank you very much, Mr. Chair.
Good afternoon. My name is Tristan Goodman, president of the Explorers and Producers Association of Canada, or EPAC.
Thank you for the chance to speak to the committee members today, and I hope you are all safe during this difficult period.
EPAC represents over 100 owned natural gas and oil producing companies focused on drilling, rather than mining, Canada's energy resources. Our members employ tens of thousands of Canadians across the country, and represent over a hundred billion dollars in market assets here in Canada.
We recognize Canadians' expectations of our industry to continue to make progress on reducing GHG emissions; ensuring that we support our indigenous partners through contributing to economic reconciliation; and responsibly underpinning Canada's future economic prosperity, all during a time of changes in global energy use.
Although important changes have been made and continue to be needed, we believe that a cleaner oil and gas sector can aid in driving the country's economic recovery.
We are a large contributor to the Canadian economy, as well as producing some of Canada's most valuable exports that ensure a responsible balance of trade for our nation. Petroleum products remain our country's number one export, representing close to 15% of Canada's total exports.
The current global health pandemic has created challenges for all industries, and especially so for Canada's oil and gas sector as prices for our products are far lower than demand dictates under regular world economic conditions. While prices have started to recover, we continue to face challenges that will have ramifications well beyond our industry, as the economy moves to repatriate manufacturing of such items as PPE, create the materials used to make electric vehicles, as well as long-term production of made-in- Canada solutions to lithium, helium, hydrogen, LNG and other elements in a changing economy.
Canadian oil and gas producers are world leaders in the evolving ESG space, and have demonstrated our commitment to contribute to economic reconciliation with our indigenous partners, and more broadly with indigenous nations. We acknowledge that our industry has made mistakes, not evolved quickly enough at times, and needs to do more.
Being Canadian means that we are here for the long term. We commit to continually improving our performance while ensuring that the essential need in Canada for oil and gas comes from this country rather than poorly regulated foreign entities.
We would like to thank the federal government, the official opposition, and the provincial governments for their support.
Key areas of success to date include projects such as the Keystone and TMX pipelines, the LNG Canada development in British Columbia, worker support programs through EDC-BDC liquidity actions, the emissions reduction fund, and job creation activities to remediate worksites.
EPAC and its members have the technology and innovation expertise to add remarkable value during a period of great transformation. We want to work with all levels of government as they rebuild Canada's economy while implementing the federal government's UNDRIP legislation, climate change policies, and resolving issues around market access.
There are many opportunities that can be discussed and implemented including a number that I have detailed in my written submission.
In particular, I would like to draw your attention to the following top-line recommendations: supporting the deployment of carbon capturing utilization and storage, ensuring financial liquidity, seizing the opportunity of liquefied natural gas, expanding the orphan well program, getting the clean fuel standards right, and continued support for market access and development.
Thank you again for letting me have the opportunity to address you as you continue your important work.
I look forward to your questions.