The Canadian oil industry is expressing optimism as a new federal-provincial energy agreement is set to be announced in Calgary. A memorandum of understanding (MOU) between the Carney government and Alberta is expected to outline a pathway for a new oil pipeline and address other significant energy issues. This announcement is anticipated to take place on Thursday, according to a source familiar with the matter.

The MOU has been closely monitored by industry stakeholders in recent weeks. The agreement is seen as a crucial step in revitalizing the oil sector and enhancing production capabilities to support new export pipelines. “I think it will be a good day for Canada,” the source stated, highlighting the potential positive impact of the pact.

Industry leaders are hopeful that this agreement will signal a renewed commitment to energy development in Canada. Surge Energy CEO Paul Colborne commented on the significance of the MOU, saying, “It signals to the world that Canada is, once again, open for business, and bring your capital. We’ve got the resources, let’s see the projects — and let’s go.” Colborne expressed his excitement, stating, “I’m thrilled by this news.”

The meeting between Premier Danielle Smith and Prime Minister Mark Carney on Wednesday is expected to precede the announcement, further emphasizing the importance of this collaboration between federal and provincial governments. The energy sector is watching closely as details of the agreement emerge, anticipating a boost in investment and production in the coming months.