Precision Drilling CEO blasts governments for weak energy investment climate

Kevin Neveu. Image: Precision Drilling

The CEO of Precision Drilling Corp. lashed out at political leaders in Ottawa, B.C. and Quebec on Thursday during a conference call to discuss his company's second-quarter financial results.

A “zero'' level of investment interest from capital markets in the Canadian energy sector is clearly linked to government policies, Kevin Neveu charged, before calling on candidates in the fall federal election to voice their support for the industry.

“I'm very disappointed with the weak energy investment environment in Canada. I believe this is a direct result of the lack of federal government leadership and unco-operative political self-interest evident in British Columbia and Quebec,'' he said on the call with financial analysts.

“Like most energy firms operating in the Canadian region, we are deeply frustrated by the Canadian federal government's failure to support the Canadian oil and gas industry's globally recognized leadership for social, environmentally responsible energy development.''

Ottawa's recent passage of Bill C-69 to revamp the way projects are approved and C-48 to ban oil tanker traffic on B.C.'s North Coast are ``clearly intended to undermine the domestic energy industry,'' Neveu said.

The premiers of B.C. and Quebec, meanwhile, have opposed pipeline projects industry leaders say are needed to get barrels of oil to market.

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