Energy
Energy investors see less opportunity in Canada compared to the United States

From Resource Works
Despite Prime Minister Mark Carney’s words of encouragement and the plan to make Canada an “energy superpower,” the country’s energy industry is still falling behind the United States.
The clearest proof of this disturbing trend came straight from one of Canada’s biggest energy infrastructure companies. On a recent earnings call, François Poirier, CEO of TC Energy, flat out said that despite Ottawa’s rhetoric and Bill C-5 to speed up infrastructure development, TC Energy sees more investment opportunities south of the border.
Poirier said, “risk adjusted returns in the U.S. are meaningfully higher than in Canada,” clearly showing a lack of confidence in Canada’s energy sector.
This lack of confidence persists despite several positive developments. Carney’s appearance at the Calgary Stampede, where he said a new west coast pipeline is “highly likely,” seemed good. Alberta Premier Danielle Smith’s “grand bargain” in June, pairing pipeline development with big green investments, also looked like a boost for infrastructure.
But Canada has still not fully committed to fresh pipeline and LNG infrastructure, and it’s holding the country back at the worst time.
As TC Energy is investing in the U.S., Canada is sitting idle, missing out on big economic opportunities. The U.S.-EU trade deal signed in July 2025 is a perfect example: it promises American LNG exports to Europe of $250 billion annually for the next three years.
That’s a huge missed opportunity for Canada, especially on the Atlantic coast, where former Prime Minister Justin Trudeau repeatedly said LNG exports were not viable. His stance culminated in Canada losing contracts to countries like Qatar, while American companies cashed in on the demand generated by Russia’s 2022 invasion of Ukraine.
On the Pacific side, Canada finally saw the first shipment from LNG Canada’s Kitimat plant leave on July 1. Backed by global giants like Shell and Petronas, this facility is well positioned to serve Asian markets.
In fact, shipments from Canada to Asia take half the time of U.S. Gulf Coast exports. ASEAN countries, including the Philippines, have shown interest in Canadian LNG, and that’s another big opportunity for Canada to seize.
But projects like Cedar LNG and Woodfibre LNG are moving slowly and uncertainly, while American LNG facilities along the Gulf Coast and potential Alaskan LNG projects championed by President Donald Trump are expanding fast.
Trump’s tariffs have made it even more urgent for Canada to diversify its energy trade. With Canadian industries like softwood lumber facing 45 percent duties and oil and gas facing 10 percent tariffs, the country needs alternative export routes and markets.
Public opinion is in favour of expansion and diversification, with 91 percent of Canadians supporting increased oil and gas exports according to a recent Nanos poll. But Canada’s regulatory environment, with bills like C-69 and strict emissions caps, is still stifling investment and investor confidence.
The Fraser Institute found in 2023 that 68 percent of North American energy executives view Canadian environmental regulatory uncertainty as a deterrent, much higher than in the U.S.
The economic consequences are severe. Canada’s resource sector contributed 14.9 percent of national GDP in 2023, employed 1.3 million Canadians, and generated nearly half of all business investment. But underinvestment is glaring: since 2015, investment in major resource projects has dropped from $711 billion to $572 billion in 2023, according to Natural Resources Canada.
This decline is directly correlated to Canada’s slow economic growth and global competitiveness.
Historical perspective puts this missed opportunity in context. Canada was once the go-to destination for resource investors; a 1955 issue of Mechanix Illustrated touted Canada as an investment opportunity.
Today, regulatory and political hurdles have turned Canada’s strong environmental standards into a liability, and investors are fleeing to more predictable and welcoming jurisdictions like the U.S.
Meanwhile, the U.S. is taking advantage of Canada’s shortcomings. American LNG exports are projected to reach 150 million tonnes annually by 2029, which is 11 times Canada’s projected capacity. Canada’s hesitation to develop infrastructure not only restricts economic potential but, ironically, contributes to more global emissions as countries revert to coal when natural gas is not available.
Canada’s natural resources should be its ace in the hole. Governments must realize that economic prosperity, national security, and environmental goals are not at odds. Until Canada simplifies regulations, builds energy infrastructure, and regains investor trust, it will always be behind a neighbour that has no problem saying yes.
Economy
Reconciliation means clearing the way for Indigenous leadership

From the Resource Works team.
On Truth and Reconciliation Day, Canadians are asked to honour residential school survivors and to support the families and communities who must live with that history.
It also calls for action, not mere commemoration. The Truth and Reconciliation Commission called for structural change in Canada, and that means clearing the way for Indigenous leadership across this country.
Economic reconciliation is a practical journey that shifts decision-making and ownership towards First Nations and Indigenous people more generally.
Throughout B.C., First Nations are already practicing what that looks like. The Osoyoos Indian Band has built a diverse economy in tourism, wine, and recreation that has sustained steady jobs and revenue.
“I think all Native leadership need to get the economic development focus going on and make the economy the number one issue. It’s the economy that looks after everything,” Chief Clarence Louie has said. That sense of mission, along with assets like Nk’Mip Cellars and Spirit Ridge, has helped to turn Osoyoos into a B.C. success story.
On the coast, the Haisla Nation is leading in innovation in the LNG sector. In 2024, the Cedar LNG facility was granted a positive final investment decision, along with the Haisla’s majority ownership of the $4 billion project.
“Today is about changing the course of history for my Nation and Indigenous peoples,” said Haisla Chief Councillor Crystal Smith during the long approval process. By seeing the project through, Haisla ownership has created the means to fund language, health care, and opportunity for generations that had found all of that out of reach.
In the Lower Mainland, the Squamish Nation’s Sen̓áḵw development is one of the biggest projects in the Vancouver real estate market, and will become an asset for decades to come.
“This project is not just about buildings, it’s about bringing the Squamish People back to the land, making our presence felt once again in the heart of our ancestral territory, and creating long term wealth for the Squamish Nation,” said Council Chairperson Khelsilem.
The Squamish recently restructured the partnership so Squamish holds half of phases one and two and all of phases three and four, while welcoming OPTrust to a 50 percent stake in the early phases. Indigenous leadership is not just transforming the rural resource economy, but the urban one as well.
Chief Ian Campbell of the Squamish Nation, former chair of the Indigenous Partnerships Success Showcase event in Vancouver, has said that economic reconciliation is essential to the future of Canada.

“To move forward and reframe that complex dynamic, and put the lens on economic reconciliation, to me, is the path forward to create mutual benefits and values that benefit all Canadians, which includes Indigenous people,” said Campbell.
For governments and industry, there is a duty to align policy, permitting, and capital flows with Indigenous-led priorities. Beyond benefits agreements, reconciliation requires listening both early and attentively, and ensuring cooperation every step of the way.
The Bank of Canada itself has noted that “tremendous untapped potential exists”, but only when private firms and public agencies commit to economic reconciliation.
Listening also means resisting the temptation to cast Indigenous peoples as either monolithic supporters or opponents of development. Figures like Ellis Ross, former Chief Councillor of the Haisla, and his successor Crystal Smith have challenged these narratives, pointing instead to Haisla and neighbouring Nations’ experience with real jobs, careers, and community services tied to LNG and related infrastructure.
The Haisla message is straightforward: the path to revitalized language and culture runs through sustained opportunity and self-determination.
Truth and Reconciliation Day is a reminder that the past matters, and this is evident in the inequities of the present and in the possibilities now being realized by Nations that are reclaiming jurisdiction and building enterprises on their own terms.
Our task is to ensure public policy and corporate practice do not get in the way. On September 30, we remember, and then on October 1 and every day after, we have work to do.
Alberta
Halfway River First Nation makes history with Montney natural gas development deal

In northeast B.C., about 75 kilometres from Fort St. John, Halfway River First Nation sits in the heart of the Montney, one of North America’s largest natural gas plays. Photo courtesy Halfway River First Nation
From the Canadian Energy Centre
By Will Gibson
Greg Kist has seen plenty of change during more than three decades working in the energy industry. But the former executive with Petronas and Progress Energy has rarely experienced a history-making moment.
That happened in July 2024, when the B.C. government awarded the Halfway River First Nation what’s known as oil and gas tenure in the heart of the Montney play.
It’s an agreement that grants the Nation decision-making authority over the exploration and development of petroleum and natural gas resources on more than 34,000 hectares of Crown land in its traditional territory, located approximately 1,000 kilometres northeast of downtown Vancouver.
That agreement is now moving further into action with a deal between Halfway River-owned Tsaa Dunne Za Energy (TDZE) and ARC Resources.

Members of the Halfway River First Nation participate in a field tour with the BC Energy Regulator in June 2025. Photo courtesy BCER
The agreement, signed earlier this year, will see TDZE work with Calgary-based ARC to develop about 25 per cent of the tenured land.
The region is adjacent to ARC’s existing Attachie natural gas operations, which are rich in high-value natural gas liquids.
The company describes Attachie as one of its most profitable assets, which can be expanded thanks to the TDZE agreement.
“This land was deferred from development for more than two decades while sitting in the premier natural gas play in North America,” says Kist, one of TDZE’s managing executives.
“Unlocking it will generate all kinds of economic activity and royalties for the B.C. government that help pay for schools and health care. But it will also generate the same benefits for the Halfway River First Nation.”
ARC plans to integrate the new areas using existing roads, pipelines and other infrastructure from Attachie.
Developing the land will still require consultation with the Halfway River First Nation.

Drilling in the Montney play straddles the border between northeast B.C. and northwest Alberta. Photo courtesy ARC Resources
“This is very much about Tsaa Dunne Za Energy delivering the best return on this particular asset for its shareholders, which are the members of the Halfway River First Nation,” Kist says.
In addition to granting tenure to develop oil and gas on the land, the B.C. government and Halfway River have implemented a landscape planning pilot to mitigate the impacts of development on the Nation’s Treaty 8 rights and manage potential cumulative effects of new development.
“The tenure award and landscape planning pilot will help to ensure that oil and gas development in these areas is sustainable and managed in accordance with the values of the Halfway River First Nation,” Chief Darlene Hunter said in a statement.
Kist sees the agreement as a template for other governments, energy companies and First Nations to follow.
“This has the potential to be the model for cooperative development so that we can develop resources in the right way that benefits governments, First Nations and industry. I’m proud to be a part of this because everybody involved wins from this.”
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