CALGARY, Alberta: Frustration is palpable among Canadian energy executives who have flocked to the annual Calgary Stampede celebrations in Canada's oil capital this week, even though a recent pipeline approval gives them something to celebrate amid the rodeo competitions, corporate parties and pancake breakfasts.
"The unpredictability of getting pipelines built has kept capital out of Canada and it's not getting any better," RS Energy analyst Samir Kayande told Reuters in a phone interview. In the Wildhorse Saloon Stampede tent, pitched on a parking lot in downtown Calgary, the atmosphere was quieter than in past years, according to one oil trader at a corporate event on Monday night, even as hundreds of revelers in cowboy hats and plaid shirts filled the dance floor.
"The really important thing in the short to medium-term is getting these development pipeline projects completed and in service," Cenovus Energy Chief Executive Officer Alex Pourbaix told Reuters on the sidelines of a conference held here this week. The industry is accustomed to having its hopes raised and dashed, making investors gun-shy about Canada. Those who do invest focus on big oil sands companies while smaller companies get ignored, said Laura Lau, senior portfolio manager with Brompton Group.
The Alberta government curtailments, announced late last year, helped margins for struggling local producers but until transportation improves, Canadian crude prices will be squeezed.
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