​Expect TransCanada to abandon Energy East within a month: This week’s quotes

Image: Joey Podlubny/JWN

Here are some of the most meaningful quotes from news coverage in the Daily Oil Bulletin for the week ending September 15, 2017.

“It is widely known across the world that Canada is the most responsible developer of hydrocarbons. We have the most stringent, strongest compliance with transparency in the regulatory system in the world.

"When you couple the quality of the resource in B.C. in particular with the regulatory controls we have in place, we should be the last boe produced in the world, because we do it better than anybody else.”

— Paul Myers, president and chief executive officer of Canbriam Energy Inc.

“I do not think [the federal government] expected the response that TransCanada gave them. I think they thought TransCanada would soldier on regardless of how much grief and aggravation they heaped on them so this was a very surprising development...If you don’t believe me, see if TransCanada abandons Energy East in 30 days. That is the most eloquent testimony to how dysfunctional things have become.”

— Former TransCanada executive Dennis McConaghy, speaking to the Petroleum Joint Venture Association. He suggested that the cost of the hearing process has become so risky that no one almost is ready to use it anymore.

“I think the reason I like oil is because the supply and demand situation is tightening; the fundamentals are getting better. I think the Permian is showing some signs of struggle and strain as you would expect in a heavily active area such as that. We’re in one in the Eagle Ford and the Permian would be 10-times what we’re experiencing…

“And I believe OPEC is going to stay with their plan until they achieve their objectives, which is a price that is significantly higher than where they are today, even if Russia and others don’t go along with them.”

— Ed LaFehr, president and CEO of Baytex Energy.

“There is still hope. By our estimation by 2025 we are going to be in a very constrained world in which demand for LNG will grow. Where does Canadian natural gas fit into that? Well there is a place for it, and that place is really up to the producers.”

— Jihad Traya, manager of natural gas consulting with Solomon Associates.

“We have been working quietly with the oil industry for many years, and great gains have been made. What we would say about a carbon tax is that those gains are made by ensuring companies and others are investing money to make those improvements. To tax and take that capital away from companies just seems to us to be wrong-headed.”

— Laurie Pushor, Saskatchewan’s deputy minister of economy, speaking at the Peters & Co. Limited energy conference in Toronto.