Toronto: Canada is set to become an energy superpower becoming lifeline of the energy-starved world, according to a top corporate honcho. (Agencies)
“In 2021, Canada will be an energy superpower. We are the world's largest producer of energy in all forms when measured per capita. We have the oil, natural gas, hydro power and uranium. But mere ownership of resources does not make us a superpower... we are still missing one vital component: a diversified market,” said Jim Prentice on Wednesday, who quit as Canada's industry minister last year to join the corporate world.
After Saudi Arabia, Canada is the world's second largest oil reservoir, with oil sands accounting for half of its oil output. By 2025, the country plans to raise its oil sands production from about 1.3 million barrels to nearly 3.3 million barrels per day.
It is also the world leader in CNG and fuel gases.
With the US alone consuming 99 percent Canadian oil exports, he said, 'Today, virtually all our energy exports are destined for the United States. We have one customer... and that makes us a price-taker rather than a price-maker,” he said.
He said the marketplace is changing for Canadian energy given a slow decline in US demand for imported energy and rising demand in developing countries.
Toronto: Canada is set to become an energy superpower becoming lifeline of the energy-starved world, according to a top corporate honcho.