Imperial Oil, as the first major energy company in Alberta, led by John Whelan, announced its position against separatism in the province at a conference in Calgary. He stated that "as a national company, we believe that a united Canada is the best position to tackle the challenges and opportunities ahead," emphasizing the importance of cooperation and the free flow of people, products, energy, and capital across the country.
Details of the Vote in Alberta
On October 19, Alberta is set to vote to determine whether the provincial government can pursue an independent referendum. This referendum will be procedural and does not mean a direct vote for separation. A government study conducted by the University of Calgary has modeled two different scenarios. In the first scenario, a smooth transition that harms Alberta's GDP by 2.2% in the short term could lead to a 3.4% increase in the long term compared to staying in Canada. The second scenario indicates a difficult transition, where the short-term damage would be 10.1% and the long-term damage would be 16.2%.
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Cost Predictions and Reactions from Other Executives
The government's estimated costs for the first five years of separation are around $50 to $170 billion, of which $40 to $55 billion pertains to initial costs. Other energy executives in Alberta have not joined this movement. Jon McKenzie, CEO of Cenovus Energy, previously stated that separatist sentiments stem from real grievances, and if these issues are resolved, these sentiments will decrease. Nancy Southern, CEO of ATCO, also described this discussion as "very unhelpful."
Whelan also supported Premier Danielle Smith's production goals, stating that Imperial "has the potential to double its upstream production while also advancing additional biofuel production under a supportive financial and regulatory framework." Imperial Oil, a subsidiary of Exxon Mobil, operates the Kearl oil fields and the Cold Lake in-situ site, as well as refineries in Alberta and Ontario.
The separatist movement in Alberta has gained momentum following a meeting between separatist organizers and Donald Trump, and despite legal challenges, the province has moved towards holding a referendum. Recent polls indicate that the majority of Albertans oppose separation.
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