A recent study by the American Petroleum Institute suggested the U.S. energy industry could create a million jobs in the next 18 years.
And with producers lowering costs, the upstream sector gaining confidence, reinvestment gathering steam, and commodity prices improving, North America is ready to take a big step forward, President and CEO Al Monaco told Enbridge Inc.’s 2017 Annual Meeting of Shareholders on Thursday.
“The conversation about energy has changed,” said Mr. Monaco. “People are again thinking about energy as an economic driver—creating jobs, moving our economy forward.
“Equally importantly, most people are on the same page in believing that energy and environmental protection can go hand in hand.”
Speaking to Enbridge Inc. shareholders at Calgary’s Metropolitan Conference Centre, Mr. Monaco said natural gas has the most to gain in meeting growing global energy demand, and North America can capitalize, thanks to:
North America is also on the verge of becoming a critical exporter of energy, and competing for a larger share of growing global demand, he said, citing:
There’s also appetite for renewable power generation, with large energy consumers influencing change.
“It will take time, but natural gas, NGLs and renewables provide a new and large opportunity set,” he said. “To capitalize on this opportunity, we’re going to need a lot more energy infrastructure—somewhere in the order of $700 billion to $900 billion over the next two decades.”
The recent merger of Enbridge and Spectra Energy Corp has transformed Enbridge into North America’s biggest energy infrastructure company—with diversified growth platforms that include the continent’s largest liquids and natural gas franchises, well-established gas utilities, midstream operations, and a growing interest in renewable power generation.
And speaking of energy infrastructure, Enbridge is working on an industry-leading growth program—with $28 billion in secured projects and another $48 billion in development.
“Our business has always been about hard assets in the ground. Those hard assets are even more valuable in today’s environment,” said Mr. Monaco.
“All told, we’re on track to bring $13 billion of projects into service this year, and another $4 billion next year. (Enbridge’s diversified business units) give us options to grow across the entire oil, gas and NGL value chains.”
