Report from the Legislature December 8, 2016

Dec 8, 2016

Saskatchewan Attracting Energy Investment

According to an annual global survey of energy-sector executives, Saskatchewan is increasingly becoming an attractive place for energy investment.

Saskatchewan ranks as the 4th best jurisdiction in the world to invest in petroleum exploration and production – behind only Oklahoma, Texas and Kansas.

Saskatchewan’s position is thanks in large part to a stable taxation and regulatory environment.

Due to resource taxation and an efficient regulatory environment, Saskatchewan leads Canadian oil rig activity, a trend that is expected to continue in 2017.

Calgary-based Crescent Point Energy is boosting their 2017 capital budget to $1.45 billion. Nearly 80%, or $1.1 billion, will be invested in Saskatchewan.

They also plan to drill 600 new wells in Saskatchewan.

We thank Crescent Point Energy for a strong vote of confidence in our province that will create jobs in our energy sector and support economic growth.

A forced federal carbon tax would significantly harm our competitiveness in this sector and export our jobs to the U.S., our closest competitor in the industry.

Saskatchewan, Federal Government Work Together on Equivalency Agreement

The Province of Saskatchewan and Government of Canada have reached an agreement in principle to finalize an equivalency agreement for Canada’s existing coal-fired regulation.

The agreement acknowledges that we have introduced carbon capture and storage (CCS) “in advance of, and beyond regulatory requirements” and our significant public commitment to renewable energy.

Once finalized, the agreement will provide more flexibility in transitioning to additional renewable energy, including evaluating future opportunities for carbon capture technology.

Meanwhile we can proceed with our plan to move to 50 per cent renewable energy generation capacity by 2030, cutting emissions by 40 per cent over 2005 levels. We can also continue to use coal in a responsible manner beyond 2030 as long as equivalent emission reduction outcomes are achieved.

200 Saskatchewan Companies Now Part of P3 Builds

Our government is using innovative public-private partnerships (P3s) to build 18 new schools, The Regina Bypass and a new mental health hospital in North Battleford. Our first P3, an award-winning long-term care home in Swift Current, finished on-time and on-budget this spring.

200 Saskatchewan companies represent more than 70% of businesses on the projects. The majority are located in Regina or Saskatoon with others coming from Estevan, Martensville, Moose Jaw, North Battleford, Prince Albert, Swift Current, seven small towns and three First Nations.

Job creation was a top priority when our government launched P3 projects in Saskatchewan. Together these projects are responsible for supporting 12,500 construction jobs in the province.

For more information on the projects, visit www.saskbuilds.ca.