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CAPP President not losing sleep over lower oil prices

Tim McMillan is the new President and incoming CEO of the Canadian Association of Petroleum Producers.

Clearing up misinformation appears to be the top priority of the incoming president and CEO at the Canadian Association of Petroleum Producers Tim McMillan who spoke Tuesday afternoon to the Calgary Chamber of Commerce.

“If you are passionate about this industry, we’d like you to tell your friends and family about it,” he said.

But most had other things on their mind, mainly the low price of oil.

When asked about what kind of word he would use to describe the mood of the industry at roughly $64 a barrel, he stopped short of answering.

“I don’t think there is one word, I think everyone looks at it differently and we have a lot of people that are looking for long-term investments and Canada will be a place to invest in for the long term,” he said.

He told reporters everyone is watching the price of oil closely and believes this is only a short-term problem.

“Long-term, we are a jurisdiction that will get energy investment and energy development,” said McMillan.

CAPP plans to help reassure its members ensure they remain on a competitive and good economic footing so they can still compete with global producers.

Responding to questions on if they plan to change their forecast, McMillan said there may be some changes made to drilling programs but adds they have a lot of production that’s not as price-sensitive as drilling the next well.