Canada open for business but oilsands CEO questions carbon tax and CCS pipeline deal

Federal natural resources minister Tim Hodgson told the Global Energy Show that Canada is a reliable energy supplier in a volatile world. He tied support for a new West Coast oilsands pipeline to the multibillion-dollar Pathways carbon capture and storage project and an industrial carbon levy. Cenovus CEO Jon McKenzie pushed back hard. He called the industrial carbon tax insidious and said it makes Canadian oilsands investments uncompetitive. He estimated Pathways would cost $20 to $30 billion with no revenue stream and described the pipeline as unfinanceable under current rules. The Alberta government aims to file a pipeline application by July 1 and get shovels in the ground by September 2027. But with industry reluctant to invest beyond sustaining capital, the gap between political ambition and project reality remains wide.