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Minister Oliver Meets Chief Economist of the International Energy Agency

Report highlights critical need to create new markets for Canadian natural resources

OTTAWA, ONTARIO -- (Marketwire) -- 11/26/12 -- The Honourable Joe Oliver, Canada's Minister of Natural Resources, today met with Dr. Fatih Birol, Chief Economist of the International Energy Agency (IEA), to discuss the IEA's World Energy Outlook 2012. The IEA is the leading authority on global energy supply and demand trends. Its 2012 report, released earlier this month, highlights Canada's need for infrastructure to export our natural resources to new markets.

"Creating new markets for our natural resources is critical for Canadian jobs, economic growth and long-term prosperity across our country," said Minister Oliver. "We are supportive of proposals for pipelines to transport Canadian oil west, south and east, while ensuring the environment is protected. These proposals are subject to independent, science-based review."

The IEA's World Energy Outlook 2012 finds that the new global energy landscape is "being redrawn by the resurgence in oil and gas production in the United States," which will be "almost self-sufficient in energy, in net terms, by 2035." However, 98 percent of Canadian crude oil exports and 100 percent of our natural gas exports are to the United States.

"Our successful approach to Responsible Resource Development includes keeping taxes low and aggressively pursuing agreements that give Canadian business an opportunity to compete in the world's fastest-growing regions," said Minister Oliver. "That means infrastructure, including pipelines, must be built to export our natural resources that fund critical social programs like health care and education."

The IEA's World Energy Outlook 2012 report found that global energy demand is projected to grow by more than one-third by 2035 with China, India and the Middle East accounting for 60 percent of this increase.

Over the past several months, Minister Oliver has led economic missions to the United States, Europe, China, Korea, Japan, Israel, India, the Philippines and Hong Kong to promote Canada's abundant natural resources.

"At every stop, I met with industry and government representatives and emphasized our immense resource wealth, our liquid capital markets, our world-class technological expertise and our unprecedented plans for development," added Minister Oliver. "Canada needs to diversify its energy export markets to take advantage of emerging opportunities in the Asia-Pacific region and elsewhere."

NRCan's news releases and backgrounders are available at www.nrcan.gc.ca/media.

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