Tuesday , July 5 2022

Encana's founder accuses Trudeau of targeting Newfield's US-based solution


According to Kevin Orland on 11. 5. 2018

CALGARY (Bloomberg) – Founder of Encana Corp. and former CEO Gwyn Morgan said he was disappointed with $ 5,5 billion in Newfield Exploration, which targets the US and hopes that the company will represent Canada on the world stage.

Morgan, who has named Encana's oil and gas producer to evoke "Energy Canada," accuses a departure from the environmental policy of Prime Minister Justin Trudeau, who said he made the country unimportant in the global energy industry. The new agreement extends the Encanan area into the slate fields in Oklahoma. The company is also shifting towards what the current CEO Doug Suttles called a "non-model headquarters", with operations controlled by branches near Houston, Denver's home town of Suttles, and Calgary's official office.

"I am deeply saddened that, as a result of the catastrophic policies of the Trudeau government, what was once the largest Canadian energy producer saw both the CEO and the core of his US property base," said Morgan, who served as CEO of Encana since 2002 in 2005, BNN Bloomberg reported Friday in an e-mail message.

Morgan said he imagined that "Canada should have an energy company that would be one of the largest and best in the world." Encana refused to answer Morgan's comments.

Trudeau's office replied that his administration had done more to support the energy industry and gained its market power in its three years in power than the competing Conservatives in ten years. Speaker Vanessa Adams said in e-mail that Canada is "one of the most attractive destinations for investing in the sustainable development of natural resources in the world" and pointed to Canada's LNG decision to prove it last month as a proof that it will continue with a facility of 31 billion dollars.

Encale's Newfield deal "does not change the fact that Canada is a great place to do business," said Adams.

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