The Canada-US Energy Relationship Prosperity, Security, Sustainability

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1 The Canada-US Energy Relationship Prosperity, Security, Sustainability Serge P. Dupont Deputy Minister, Natural Resources Canada Legislative Energy Horizon Institute Portland, Oregon July 20, 2011

2 2 Canada-US: A Unique Relationship The United States and Canada are not simply allies, not simply neighbors; we are woven together like perhaps no other two countries in the world. - US President Barack Obama, February 4, 2011 Over the past nearly 200 years, our two countries have progressively developed the closest, warmest, most integrated and most successful relationship in the world. We are partners, neighbours, allies and, most of all, we are true friends. - Prime Minister Stephen Harper, February 4, 2011

3 3 Canada-US: World s Largest, Deepest Economic Partnership $1.6 billion in two-way trade every day Integrated supply chains Canada largest market for US and for 34 of 50 states More than 8 million US jobs dependent on trade with Canada Canadian FDI in US: $250 billion US FDI in Canada: $300 billion

4 4 Canada in Solid Position to Grow Opportunities Tax Rate on New Business Investment, 2012 Open trade and investment environment Strongest fiscal position in G7 Soundest banking sector in the world Strong corporate and household balance sheets Low corporate taxes % Japan U.K. U.S. France Italy Germany Canada

5 5 Shared Commitment to Expand the Relationship Shared Vision for Perimeter Security and Economic Competitiveness US-Canada Regulatory Cooperation Council (RCC)

6 6 Canada: A Global Energy Superpower Sixth largest producer of oil (~3 million barrels per day) Third largest producer of natural gas and third largest exporter Third largest producer of hydro power Second largest producer of uranium Own nuclear power technology (CANDU) 75 per cent of power generation non emitting Vast renewable and clean technology potential

7 7 Canada: Largest Supplier of Energy to the US Canadian exports satisfied 9% of total US demand (2010) 44M MWh 19M MWh 701 MMb 3.3 TcF 0.7 TcF 2600 tu Electricity Crude Oil Natural Gas Uranium 1% 13% 14% 22% % US Market $2.1 B $53.6 B $16.5 B $714M US$ Exports

8 8 Canada-US Clean Energy Dialogue Launched by Prime Minister Harper and President Obama in 2009 Collaboration in three areas Carbon Capture and Storage Clean Electricity and Smart Grid Clean Energy R&D

9 Million tonnes of oil equivalent Global Context: Growing Energy and Oil Demand 18,000 16,000 14,000 12,000 World Energy Outlook IEA projects energy demand to grow by 36% between now and 2035 Almost all oil demand growth concentrated in emerging economies 57% from China alone 10,000 8,000 6,000 4,000 The transition to a lower carbon economy will take time 2, Coal Oil Gas Nuclear Hydro Biomass and waste Other rewables Oil demand projected to peak no earlier than 2035 Source: World Energy Outlook 2010, New Policies Scenario

10 10 Canada: Third-largest oil reserves OPEC member Source: EIA, 2009 data

11 11 Canada s Energy Sector: Open Investment Environment 80% of the world s known oil reserves are state controlled or managed by national oil companies ~20% is openly accessible to market based development Canada s oil sands represent ~60% of the world s oil that is open to market participants

12 12 Oil sands: A Strategic Resource Extracted in two ways Mining: 20% of resource 55% of current production Steam Assisted Gravity Drainage In Situ: 80% of resource 45% of current production

13 13 Oil Sands and US Jobs (Forecast of 343,000 New American Jobs from 2011 to 2015) 7,300 1,200 4,700 1, ,200 3,100 6,000 43,200 6,500 2,000 Alaska = 900 Hawaii = 1, ,800 7,200 19,400 1,000 10,600 13,800 2,300 3,900 7,600 13,200 1,200 14,600 1,700 8,400 3,200 2,900 4,800 10,300 7,000 4,000 4,700 3,200 27,300 4,800 5,200 10,500 20,300 1, ,000 1,000 1,600 7,700 4,000 9,300 Source: Canadian Energy Research Institute, 2009

14 Oil Sands: GHG emissions 14

15 Oil sands: GHG emissions Life-cycle GHG emissions for various sources of crude oil 15 Source: HIS Cambridge Energy Research Associates (CERA), 2010

16 16 Oil Sands and Land 100% of disturbed land must be reclaimed Oil sand mineable area 1/10th of 1% of Canada s boreal forest Area deforested since 1967 about area of Chicago Most future development will be drilled, not mined

17 17 Oil Sands and Water Mined Oil Sands Up to 75% of the water is recycled Amounts to less than 1% of average flow of Athabasca River Regulated withdrawal limits from the river 3-4 barrels of water used per barrel of oil sands crude Tailings Ponds Producers not permitted to return production water to the river Regulations and technology reducing the amount of tailings and surface of tailings ponds Drilled Oil Sands (in situ) Up to 90% of the water is recycled New projects are increasingly using brackish water 1 barrel of water used per barrel of oil sands crude No tailings ponds

18 18 Oil Sands Commitment to Sustainability and Environmental Responsibility Stringent environmental reviews and regulation Climate change goals (Copenhagen) aligned with US Environmental monitoring founded on best science Public and private investment in technology

19 19 Keystone XL: Contribution to Energy Security, Prosperity, Sustainability Investment: $7 billion Employment in the US: 120,000 person-years Energy Supply: 500,000+ barrels/day Equivalent to June 2011 release from US strategic reserve, once every sixty days Pipelines safest mode of transportation of petroleum products

20 20 Conclusion A unique relationship Shared commitment and opportunity Prosperity, security, sustainability

21 21 Government of Canada canada.gc.ca Natural Resources Canada nrcan-rncan.gc.ca

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