Pipeline companies should move on after Keystone XL rejected
New pipelines down but not out, according to industry
Pipeline insiders say it's time for the industry to shift its focus to new projects that could get Canadian crude to new markets.
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The comments come on the heels of the President Barack Obama's decision to reject TransCanada's controversial Keystone XL pipeline, which would have carried bitumen from Alberta's oilsands to refineries on the U.S. Gulf Coast.
Speaking at the Canadian Energy Pipeline Association's annual gala, CEPA president Brenda Kenny said it's time for the industry to move past Keystone.
"It's disappointing naturally, but at the same time I think it's just time to move forward," Kenny said.
Kenny adds the industry should turn its attention to change how Canadians view pipelines.
"We all have to be very focused on climate change and work hard to reduce the use of all kinds of energy and to make production cleaner."
Another primary focus for Canada's pipeline industry is to improve its safety record.
"Our commitment to safety and performance with a goal of zero incidents is the glue that keeps us together and moving," Kenny said.
Steven Paget, a researcher with First Energy Capital, says Alberta's pipeline industry hasn't ground to a halt after the rejection of Keystone.
"One blocked — one does not a blocked industry make," said Paget.
He adds that the recent slow down has meant tougher times for companies involved in oil and gas exploration while those involved in pipelines have faired better.
"They have access to debt, equity, capital, they have access to money, and they're still getting paid," he said.
Paget believes the pipeline industry must now focus on projects that will be able to move Alberta crude to Canada's east and west coasts.