Even the trade flows that have been well established in Canada are being affected by the significant rise in production of natural gas and crude oil production in the U.S. According to the Financial Post, Alberta producers are losing market share to American petroleum providers because they are being forced to compete. Exports of crude oil in the United States is at its highest mark in more than 15 years. This is according to the data recorded by the United States government. Also, shale gas from Ohio and Pennsylvania primarily are quickly dislodging the Western supplies in Eastern Canada.
Urgency is the primary goal now. With the quick changes, Alberta is now hunting for new markets. This even though it is diminished by Canada’s crude exports to the United States. Alberta is hoping to loosen their reliance on the lone export market. This is a market that finds itself well off with domestic petroleum.
North of the border, many companies are looking to find ways to advance. They are hoping to find cheap energy through hydraulic fracturing and drilling. This move has been attributed as a critical maneuver. President of Olefins and Feedstock for Calgary-based Nova Chemicals Corp., Grant Thomson states its importance in their growth and success. Nova Chemicals Corp. is owned by the Emirate of Abu government.
In June, Nova Chemicals Corp. began sourcing ethane by pipeline. This took place in North Dakota in the Bakken region. It was used for the Joffre, Alta. petrochemical compound. And it started with 40,000 barrels a day.
A new polyethylene unit is set to be complete in 2016 and it will help fix the many years of shortages for the company. The $1 billion investment has the company hoping for a brighter future.
Nova Chemicals Corp. helps provide the chemicals that create everyday useful items like food packaging and grocery bags.