Notes for an address by

The Honourable Lynne Yelich
Minister of State for Western Economic Diversification

Funding Announcement

Corresponding Document: News release (2009-02-20)

Check Against Delivery

Thank you MP Lukiwski.

Mr. Sacuta (Norm, emcee).

Good afternoon ladies and gentlemen and  distinguished guests.

I’m pleased to join you today as Minister of State for Western Economic Diversification and on behalf of my colleague the Honourable Lisa Raitt, Minister of Natural Resources Canada.

I am proud to announce that  Western Economic Diversification and Natural Resources Canada will invest a combined total of $2.5-million towards the Petroleum Technology Research Centre’s research to enhance oil recovery not only in Saskatchewan, but across the country.

Starting at home, our Government is working with industry to apply the best technological know-how to improve the competitiveness of Canadian and Saskatchewan businesses.

Over the next 3 years, the PTRC will develop and test new and innovative technologies to increase oil production and decrease environmental impacts.

The two projects our Government is funding are related to solvent extraction, which could allow for oil to be extracted from oil sands or heavy oil deposits without using steam. 

These projects avoid or eliminate greenhouse gases in bitumen and heavy oil extraction process by using solvents that require no heating, rather than water.

So, if this technology can be successfully brought to market, by eliminating heat or additional energy from the process, it virtually eliminates C02 produced during extraction.

Western Economic Diversification Canada is pleased to help the PTRC make advances in science and technology such as these, which are essential to strengthen the competitiveness of Canada’s economy.

When we look at the potential benefits of this project in terms of the amount of oil that could be recovered, the results are quite significant.

For example, based on current oil prices, even a one percent increase in oil recovery could yield an additional 350 million barrels of oil worth approximately $17 billion.

This project demonstrates how Western Economic Diversification Canada is delivering on its mandate to develop and diversify the western economy.

It also supports our Government’s commitment to build a competitive advantage for Canada based on excellence in science and technology.

That’s why our Prime Minister launched our Government’s Science and Technology Strategy in 2007.

It’s also why we have invested $2.4 billion in research and development since 2006 and why in 2009 we are making another $3.5 billion in new investments.

Investing in science and technology is crucial for developing highly-skilled people and improving the long-term competiveness of Canadian firms.

In fact, in January of this year, my colleague the Minister of State for Science and Technology, Gary Goodyear, announced the creation of a new Business-Led Network of Centres of Excellence here in Regina, the Sustainable Technologies for Energy Production Systems Network (STEPS), for which PTRC is the lead.

The Business-Led Networks program is a key commitment of Canada’s Science and Technology Strategy, Mobilizing Science and Technology to Canada’s Advantage, and will go on to build a more diverse and resilient economy over the long-term.

In the last three weeks, Canadians have heard us talk about the importance of our new budget, our economic action plan.

Canadians also know that this is more than just a budget.

This is an economic action plan that will help Canadians weather the global economic slowdown in the short term, while building economic prosperity for the future.

Our priority is to create new jobs, support new businesses and grow new ideas.

Today’s investment in enhancing oil recovery acknowledges the leading-edge research being conducted here in Saskatchewan, strengthens our competitiveness, and builds on our record of results for the West.

Our goal is to attract the best researchers; provide them with the best equipment; and help them get their innovations from the lab to the marketplace - for the benefit of all Canadians.

I am also confident that investments such as these will help ensure the West remains strong, because I know that a stronger west will mean a stronger Canada.

Thank you.