A decision by Encana Corp. to move its corporate headquarters to the U.S. to gain access to needed investment is part of an ongoing story that’s a “tragedy for Canada,” says the CEO of oilsands producer Cenovus Energy Inc.
Alex Pourbaix said the move announced Thursday is similar to announcements by some drilling companies to move rigs south of the border to pursue more active oilfields, and the exodus of foreign companies over the past few years from the oilsands.
“I think this is a tragedy for Canada,” he said on a conference call to discuss quarterly results, adding foreign companies have taken billions of dollars with them as they left the Canadian oilpatch.
“Over the past five or six years, we have generally seen an exodus of investment, both by international companies and, frankly, Canadian companies, into this country and it’s an element of our competitiveness, our regulatory world that we’re in right now.”
Source: Read Full Article