Canada’s Carbon Tax Hinders Pipeline Plans, Cenovus CEO Says

Alberta’s planned oil pipeline to the west coast requires Canada to shift away from stricter climate policies and toward promoting greater oil production from new projects, Cenovus Energy Inc.’s chief executive officer said.

The government of Alberta wants to build a new oil-export pipeline capable of carrying 1 million barrels a day of crude to global markets. That will require “greenfield” oil sands developments as opposed to the simple expansions of existing sites that the industry has been doing for more than a decade, Jon McKenzie said in call with analysts Wednesday.