Canada’s top energy CEOs urge PM Carney to reform regulations and unlock Canada’s potential as a global energy superpower amid rising investor uncertainty.
Oilpatch Leaders Urge Carney to Cut Red Tape and Boost Energy Growth
Canada’s energy executives say they’re ready to help the federal government turn the country into an energy powerhouse—if regulatory reforms come first.
Industry Extends a Hand, but Demands Policy Changes
Top executives from 38 major Canadian energy companies have offered to collaborate with Prime Minister Mark Carney to help fulfill his goal of making Canada an energy superpower. However, their support is contingent on meaningful reforms to the existing regulatory landscape—rules they argue have stifled growth and deterred investment.
“Our economic sovereignty is being tested,” said Suncor CEO Rich Kruger. “We’re ready to engage, but we need an environment that enables success.”
The group voiced concerns in an open letter, marking their second public appeal in recent weeks. Their message: attracting the private capital necessary for large-scale energy development won’t happen without a significant policy pivot.
Praise for Progress, but Frustration Persists
While the industry welcomed Carney’s pledge to limit federal reviews for major energy projects to two years, they argued it doesn’t go far enough. Instead, they proposed a more aggressive six-month approval timeline and supported the expansion of the Indigenous loan guarantee program to $10 billion.
Still, key points of contention remain—particularly over the Impact Assessment Act (Bill C-69) and the ban on oil tankers along B.C.’s northern coast. Energy leaders say current federal policies—especially the emissions cap and industrial carbon tax—pose serious risks to future expansion.
“We don’t need to build pipelines that are going to be empty,” Kruger added. “Before we talk about market access, we need regulatory certainty.”
Investor Confidence Fading Amid Regulatory Confusion
Whitecap Resources CEO Grant Fagerheim echoed concerns over unclear investment returns in Canada’s energy sector.
“There’s got to be a pivot,” he said. “They must recalibrate their message and approach to resource development if we want capital to return.”
Despite growing public and political interest in energy projects—fueled in part by rising tensions with the U.S.—oilpatch leaders remain wary of what they see as a policy environment too volatile for long-term investment.
Pipelines: A Security Issue or a Policy Trap?
Carney and Conservative Leader Pierre Poilievre both view new pipelines as essential to Canada’s national and economic security. And with public support for west-to-east oil and LNG infrastructure increasing, pipeline companies are being pushed to revisit previously abandoned projects.
However, industry insiders caution that pipelines cannot be built on political momentum alone. Companies need production commitments locked in through long-term contracts, which are difficult to secure under today’s regulatory and fiscal uncertainty.
“Building infrastructure without policy clarity won’t work,” said one executive. “Capital is mobile—and right now, it’s leaving Canada.”
Energy Future Tied to Decarbonization Clarity
The lack of consistent federal direction also threatens Canada’s climate ambitions, energy firms warn. Without predictable policy, decarbonization efforts—such as carbon capture and cleaner production methods—could falter.
“Over the last decade, regulatory layering has driven away investment,” said Kruger. “Canada needs to act now or risk falling behind.”
Conclusion
The message from the oilpatch is clear: Canada’s energy potential is enormous, but it cannot be unlocked under the current regulatory regime. The willingness to invest, innovate, and collaborate is there—but so is the growing frustration. As Canada weighs energy security, climate goals, and economic competitiveness, the pressure is on for Ottawa to deliver bold reforms.
