Ukraine calls on Canadian energy companies to invest in Europe The war in Ukraine

On her first official day in office, the ambassador described a critical shortage of hydrocarbons in Ukraine. According to her, residents can get only 10 liters of gasoline per day. Russian bombings have rendered the country’s refineries unusable, she added.

Ukraine and Europe need Canadian oil and gasshe told.

Speech to the audience Global Energy Showin Calgary, Yulia Kovalev asked Canadian companies still operating in Russia to leave as soon as possible.

She also thanked Canada for the new sanctions imposed on Russia. Foreign Minister Melanie Jolie has imposed a new ban on the export of 28 services needed for Russia’s oil, gas and chemical industries.

Stocks are ready for Canadian investment

However, according to the ambassador, the situation is not only humanitarian, but also can create great business opportunities for the Canadian energy sector.

European sanctions against Russia will also lead to a complete transformation of the market, as by February 2023 most European countries have pledged to reduce imports of oil, gas and petroleum products from Russia by 90%.

Correction:

The previous version of this text spoke about the export of Russian oil, gas and petroleum products. Rather, it is a reduction in Russian energy imports.

Canadian companies must take this opportunity to enter the European market. »

The quote h Yulia Kovalev, Ambassador of Ukraine to Canada

Also present on stage with Global Energy ShowThe leaders of the main Ukrainian hydrocarbon company Naftogaz explained that the Canadian experience could be useful for Ukrainian gas production.

What do we need? We need horizontal drilling technology from North Americasummed up Brian Sralla, Director of Non-Traditional Resources of Naftogaz.

According to the ambassador, the environmental problems associated with increased oil and gas production are understandable, but in the short term Europe’s need for fossil fuels.

Help is more difficult than just a push button

Natural Resources Minister Jonathan Wilkinson previously said Canada could increase oil and gas exports by 300,000 barrels a day by the end of the year.

Alberta Prime Minister Jason Kenny estimates that with a little help from the Ottawa regulator, exports could increase by at least a million barrels, mostly to the United States.

However, Cenovus President and CEO Alex Purbe stressed on Tuesday that increasing oil production in Alberta is much more difficult. just a switch. According to him, the growth of oil sands requires millions of investments.

Until now, oil companies have preferred to use their profits to repay debts and increase shareholders’ dividends.

In another series of discussions at the Global Energy Show, Energy Aspects analyst Amrita Sen also reminded that European refineries are not suitable for the type of oil produced in Canada. In this sense, there are more business opportunities for Canadian companies in Asia.