Bloomberg News

Cenovus Sees Enough Canadian Workers for Oil-Sands Needs

September 07, 2012

Canada has enough workers to fill the demand from expanding oil-sands projects in the coming years, Cenovus Energy Inc. (CVE) Chief Operating Officer John Brannan said.

“Across the country there are enough people” to supply the labor needs of the industry, Brannan said in an interview today at the Spruce Meadows Roundtable in Calgary. The industry in Alberta has managed to keep pace with labor demands, he said.

Canadian employment rose faster than economists forecast in August, with a 34,300 increase following July’s 30,400 decline, Statistics Canada said today. The unemployment rate was unchanged at 7.3 percent.

Increased investment in the nation’s oil sands is expected to result in 905,000 jobs in 2035 from 75,000 in 2010, according to the Canadian Association of Petroleum Producers.

Cenovus, based in Calgary, employs more than 4,000 workers, according to its website. With new oil-sands production, the company is planning to reach almost 500,000 barrels a day by 2021, three times more than current output, according to a Sept. 6 investor presentation.

To contact the reporter on this story: Jeremy van Loon in Calgary at jvanloon@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net


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