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Natural Resources committee  Am I okay to answer, Mr. Chairman?

May 16th, 2016Committee meeting

Steve Reynish

Natural Resources committee  Very quickly, I think the industry has made great strides on water extraction. We're taking much less out of the river than a number of years ago. We've made great strides on the land reclamation point that you made. Greenhouse gases are, I think, the next big frontier for us to

May 16th, 2016Committee meeting

Steve Reynish

Natural Resources committee  Thank you very much for your comments about the evacuation. It was very much a community-based effort, including, as you well know, the first nations communities. It was not just Suncor Energy Inc.; it was all of the companies, the whole community, and our neighbours in the first

May 16th, 2016Committee meeting

Steve Reynish

Natural Resources committee  We have an interesting example that I briefly mentioned at the start. We have the Fort Hills project, a capital investment of $15 billion, due to come online at the end of 2017. We have decided, together with our partners, to keep progressing on that project even through the down

May 16th, 2016Committee meeting

Steve Reynish

Natural Resources committee  As we perhaps touched on a little earlier, the uncertainty that you refer to is, I think, an important consideration and does form a barrier to investment. We do have some very thorough regulatory review processes. Consultation is a very important part of that. We're fully suppor

May 16th, 2016Committee meeting

Steve Reynish

Natural Resources committee  I think the greatest market opportunity at this point in time is access to tidewater for Canadian material and the establishment of new markets.

May 16th, 2016Committee meeting

Steve Reynish

Natural Resources committee  Anything that's compatible with law is fine by us. It's really the certainty piece, I think, that we were talking about previously. The greater the clarity we have, the better as far as we're concerned.

May 16th, 2016Committee meeting

Steve Reynish

Natural Resources committee  Yes. As I commented in my introductory remarks, hopefully, we do see the role of new technology as a very important component from both an environmental footprint point of view and a cost reduction point of view in oil sands and in oil technology. We are making investments in th

May 16th, 2016Committee meeting

Steve Reynish

Natural Resources committee  I think we would say to look at the facility we're debating, and I don't think that pipelines should be included in that. Pipelines themselves are not greenhouse gas emitters, so I think it's difficult to argue that they should be included.

May 16th, 2016Committee meeting

Steve Reynish

Natural Resources committee  If the ambition is to drive down carbon emissions, and I think it is, then a broad-based carbon tax would help that objective. What we're trying to do is change behaviour and limit the amount of hydrocarbon that is being burned. That's the advantage of a broad-based carbon tax.

May 16th, 2016Committee meeting

Steve Reynish

Natural Resources committee  I would say we have very good relationships with the first nations, but the more examples of vetoes or opportunities for anybody to stop a project or extend the time taken to make a decision, the greater the increase in uncertainty and the more problematic the investment. That's

May 16th, 2016Committee meeting

Steve Reynish

Natural Resources committee  We are involved. We're involved in the full value chain of oil and petroleum products in Canada, and to some extent, in the U.S. We are an upstream producer of products. We upgrade that product. We transport it, either through some of our own pipes, or more generally, the pipes t

May 16th, 2016Committee meeting

Steve Reynish

Natural Resources committee  Yes, we export to the U.S. Other than that, we have exported very little. I think we may have tested some trial cargoes now and again over time, seaboard cargoes. But by far, most of our production goes into the U.S., either in the form of crude oil or in the form of products, as

May 16th, 2016Committee meeting

Steve Reynish

Natural Resources committee  I don't think it has any use in Canada. We essentially put the petcoke that we remove from our upgrading site back into the ground. That carbon is put back into the ground. I know we have exported some of that from time to time, but as far as I'm aware it doesn't go into the prod

May 16th, 2016Committee meeting

Steve Reynish

Natural Resources committee  I think it can be used in any process as a heat source. It tends to be a very high-carbon product, but as I say, I don't think we sell any of that for combustion in Canada.

May 16th, 2016Committee meeting

Steve Reynish