Amid a growing exodus of investors and companies in the oil sector in Canada due to the pipeline crisis that the country is in, encana corporation has announced that it will change the Calgary base to United States and will become Ovintiv Inc. next year.
“Unfortunately, I cannot say that I am surprised, for Encana has been transferring its efforts to the U.S. for years, largely due to harmful policies in Canada,” said Sonya Savage, minister Alberta Energy in a statement.
Oil in the west of the country suffers from five years of lows pipeline prices and restrictions, which resulted in C$ 37 billion ($28.12 billion) of investment in the sector in 2019, compared to C$ 81 billion in 2014.
Encana, which operates in the exploration of hydrocarbons, has already been one of Canada’s largest oil companies, generated to share the energy wealth of the province. The founding CEO, Gwyn Morgan, last year, blamed Prime Minister Justin Trudeau’s policies for the gradual change of Can you can so on the United States.ACESSE AS REDES DA PANORAMA OFFSHORE: