As the urban centre at the heart of Canada's oilsands industry, Fort McMurray has seen more than its share of ups and downs. Now, with the official opening of the Trans Mountain pipeline expansion just days away, those who live and work here hope their fortunes are once again headed for an upswing.With the long-awaited Trans Mountain pipeline expansion about to be open for business, the oilsands is gearing up for record production levels.
The oil industry permeates every aspect of life here. Every morning, oil workers clad in blue-and-yellow coveralls line up at the local Tim Hortons for double-doubles, and diesel trucks and big rigs churn up dust on their way out to industrial work sites. The airport gift shop sells "Canada's Oilsands" sweatshirts and local rec centres and educational facilities are emblazoned with the names of their oil company sponsors.
The path to get here hasn't been rosy. The pipeline project, which took more than four years and at least $34 billion to construct, has been marred by environmental protests, delays and budget overruns.The odyssey of developing and building the Trans Mountain expansion project in Western Canada is finally nearing the finishing line as sections of the pipeline begin filling with oil.
It has also inhibited oil companies' ability to grow, so the anticipation when it comes to Trans Mountain is real."It's an exciting time. It's been a long time since we've had some new incremental egress for Canadian products," said Drew Zieglgansberger, executive vice-president and chief commercial officer for Cenovus Energy Inc., a major contracted shipper on Trans Mountain.
Even on the low end of the forecast, this growth rate would match the average annual oil output growth rate Canada saw in the booming years between 2010 and 2015, when commodity prices were high and Alberta's oilsands region was undergoing unprecedented levels of construction and activity. Cenovus, for example, plans to grow its production by 150,000 barrels a day over the next five years.
"I got a job as a server at one of the local restaurants, and they made seven to 10 grand just by selling breakfasts," she said. The process of extracting oilsands bitumen is a comparatively emissions-heavy way of producing oil. And while companies have been able to reduce the greenhouse gas intensity per barrel, the industry's overall emissions footprint is increasing due to increased production. In 2021, the oil and gas sector was responsible for 28 per cent of Canada's overall emissions.
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