|By Marketwired .||
|May 2, 2014 09:30 AM EDT||
OTTAWA , ONTARIO -- (Marketwired) -- 05/02/14 -- Natural Resources Canada
The Honourable Greg Rickford, Canada's Minister of Natural Resources and Minister for the Federal Economic Development Initiative for Northern Ontario, today announced his participation in a special two-day G7 Energy Ministers' Meeting in Rome, Italy.
At the G7 Leaders meeting in The Hague, Netherlands, on March 24, G7 Leaders called on energy ministers to meet to discuss means to support and improve their collective energy security, and to consider means to support energy security in Ukraine. The meetings were driven by the ongoing crisis in the Ukraine and follow actions in recent months by Prime Minister Stephen Harper and the Honourable John Baird, Canada's Minister of Foreign Affairs, to provide financial aid and political support to the country.
Minister Rickford's participation in these special meetings also highlights the Harper Government's ongoing commitment to diversifying Canada's energy export markets and positions Canada as a reliable, secure and responsible supplier of energy. With its abundant resources and commitment to open investment and trade, Canada has an opportunity, and a responsibility, to collaborate with partners and help meet global needs.
During the G7 meeting, and in bilateral discussions with his G7 counterparts, Minister Rickford will highlight the necessary commitment of nations to expand the infrastructure to produce and distribute energy, increasing global resilience and energy security. In addition, Minister Rickford will stress the importance of innovation to help balance energy needs with responsible energy use.
-- Between 2011 and 2035, global energy demand is forecast to increase by 33 percent, and Canada is well positioned to take advantage of these emerging opportunities. -- Canada is the fifth-largest natural gas producer in the world, with marketable resources of up to 37 trillion cubic metres. -- Canada has the third-largest reserves of crude oil in the world, including 168 billion barrels in Canada's oil sands alone, and is the fifth-largest producer. -- By 2025, Canadian oil exports available for other global markets could reach over 1.5 million barrels per day. -- Even if just two average-sized proposed liquefied natural gas (LNG) projects go forward, Canada would have about 30 million tonnes per year of LNG (or 4 billion cubic feet per day (Bcf/d)) available for export to world markets by 2025. This is similar to Ukraine's annual import requirements for natural gas. -- In 2011, Ukraine imported 74 percent of its oil and 67 percent of its gas. In that year, Russia accounted for 82 percent of Ukraine's oil imports and 100 percent of its gas imports.
"Long-term energy security will play a critical role in Ukraine's future stability and prosperity, as it does for all G7 countries. Our message to my G7 colleagues will be clear: Canada represents a reliable, secure and responsible source of energy to the world."
Greg Rickford, Canada's Minister of Natural Resources and Minister for the Federal Economic Development Initiative for Northern Ontario
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