Western oil and gas producers face down fiscal and COVID challenges

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Western oil and gas producers face down fiscal and COVID challenges

The western Canadian oil and gas industry is facing unprecedented challenges on several fronts but top producers are taking the “new normal” in stride. Leaders of several western Canadian energy producers expressed confidence in both their initial response to COVID-19 and the long-term future of the Keystone XL pipeline in a series of online chats at the Canadian Association of Petroleum Producers recent virtual conference. Despite the “double black swans” of crashing oil prices and a worldwide pandemic, Cenovus president and CEO Alex Pourbaix said his firm was ready for the sweeping changes hitting the economy. “In terms of our head office, we were very lucky because we moved to IT systems a year ago that fully supported working from home and remote locations,” Pourbaix said. He added physical work has also shifted smoothly to a social distancing model. “In the field we’re following (COVID-19) guidelines and using enhanced cleaning measures and I’ve been impressed with how staff has adopted,” he said. “We’re operating at 40 per cent of our standard complement and I’m confident we can do that for an extended period of time without having an impact on our production levels.” “Operators that need to be up there are up there, but support staff but with support staff who can do their jobs remotely, we have them working from home,” Pourbaix added. Enbridge president and CEO Al Monaco said the company “came in ready for this event for different reasons but we’re in good shape.

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