Teck’s proposed oil-sands mine gets support from rival producers
CALGARY – Teck Resources’ proposed Frontier oil-sands mine won votes of confidence from the heads of two rival crude producers as Canada weighs a decision on the project.
The mine in Alberta won the green light from a government panel last year, and Prime Minister Justin Trudeau’s Cabinet may decide on the project’s fate by the end of next month. The mine would cost about C$20-billion to build and produce 250,000 barrels a day after going into operation by 2026.
Cenovus Energy CEO Alex Pourbaix, speaking at an event in Calgary, said the industry is seeking certainty that it can get projects approved if they meet regulators’ requirements and go through “tough, transparent and challenging” assessments.
“You have a proponent that has been advancing this project for 10 years, and it looks to me like they’ve done everything right,” Pourbaix said in response to reporters’ questions. “They’ve received all the approvals and the positive reports, and if it were not to be approved, that would be a challenge.”
Suncor Energy CEO Mark Little said in an interview with BNN Bloomberg Television that Canada should help meet rising global demand for crude and that new oil-sands facilities are using technology that puts their carbon intensity on par with the North American average, reducing their environmental impact. Suncor partnered with Vancouver-based Teck on the Fort Hills oil-sands operation that opened in 2018.
Rejecting Frontier would be “a big hit on investor confidence in Canada,” Little said.
Teck, for its part, hasn’t committed to building Frontier. CEO Don Lindsay said at investor conference on Wednesday that the company will need a partner to develop the project with, adequate pipeline capacity and strong enough oil prices before deciding to go ahead with it.
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