Major energy players from around the globe are in Calgary for the start of a five-day conference at the BMO Centre and Big Four buildings at Stampede Park.
The World Petroleum Congress was last held in Calgary in 2000.
The event takes place every three years.
The Kingdom of Saudi Arabia, and that country’s minister of energy has secured a massive space at the BMO Centre to showcase its work within the industry, while Qatar Energy also has a booth.
The event will have around 5,000 delegates and create around $80 million dollars in economic activity for the city, according to mayor Jyoti Gondek.
“We still have to provide the energy that we’re producing to global markets because we are in a global situation of war,” said Gondek.
“And it is important that people that are in those nations are able to access energy securely, safely and at an affordable rate.”
This year the focus of the conference is Energy Transition – The Path to Net Zero.
“It’s different because it’s the first climate-related theme that this congress has ever had,” said president and CEO Denis Painchaud.
Painchaud says compared with 23 years ago, the conference has definitely seen changes.
“Oil was $10 a barrel then. There were lots of challenges in the industry, just as there are challenges now,” he said.
“But transition, that was not something that people talked about in 2000. They were talking about the best ways to get oil out of the ground, the most efficient, most economical ways to get it to market.”
Gondek says the message she hopes to convey is that Calgary is a city companies can invest in on a path to net zero.
“I really want to focus on what’s important to them as well,” she said.
“We are a city that has the type of talent you need to truly transform energy. So if that is the business that you’re in, this is the city you need to locate in.”
CLIMATE SANITY PROTEST
Protestors at the 2023 World Petroleum Congress. (Tyson Fedor/CTV News Edmonton)More than 100 people gathered on the front steps of city hall ahead of the congress’s official start.
The Climate Sanity protest addressed concerns surrounding climate change, and the role emissions has on the world.
The group also spoke about historic wildfires that ravaged Alberta and British Columbia for much of the summer.
Organizer Joe Vipond says it’s not everyday major oil company executives from around the globe are in the city, and he hopes they hear his message.
“We can’t pretend that declaring a net zero target, while at the same time increasing production and having no way of dealing with the combustion emissions is a reasonable solution,” he said.
Painchaud addressed the protest earlier on Sunday inviting activists to the conference to see what the messaging is all about.
“I’d say come down here, participate in the conversations, listen to what’s being said and be proactive and be an active participant in the path to net zero,” said Painchaud.
The conference will wrap up on Thursday.
Premier Danielle Smith will hold a media availability on Monday at the conference.
Rania Llewellyn is out after nearly three years as chief executive of Laurentian Bank of Canada, her sudden departure coming less than a month after a strategic review failed to find a buyer for the chronically underperforming Montreal-based bank.
Shortly after the strategic review ended, the bank’s operations were shaken by a major IT outage that has not been fully resolved.
Llewellyn, who was recruited to Laurentian from Bank of Nova Scotia in 2020 with much fanfare, becoming the first woman to lead a major Canadian bank, has been succeeded as CEO by Éric Provost, an 11-year veteran of Laurentian who was most recently group head of personal and commercial banking. He has also joined the board of directors.
In a further shakeup, Michael Boychuk, former audit committee chair and reportedly a key player in the strategic review, has been appointed chair of the board following the resignation of director and chair Michael Mueller, who had been on the board since 2013.
“Éric is the right executive to lead the bank at this critical point in its evolution,” Boychuk said in an Oct. 2 statement, adding that Provost’s ascension was part of the bank’s formal succession planning process.
“We have experienced challenges recently and the board is confident that Éric will successfully focus the organization on our customer experience and operational effectiveness.”
Meny Grauman, a bank analyst at Scotia Capital Inc., said Llewellyn’s sudden departure Oct. 2 was a negative development for the bank.
“Based on the text of this morning’s press release, the trigger for this morning’s leadership changes appears to be more tied to the bank’s ongoing systems issues, but it is hard to believe that the outcome of the recent strategic review was not a factor as well,” the analyst wrote in an Oct. 2 note to clients.
Sources said Llewellyn was not pleased with the timing of the strategic review, which was acknowledged by the bank in July, just 18 months into her plan to transform the underperforming lender with a promise of “accelerated” growth by 2024.
One industry source familiar with the review said Llewellyn felt the initial rollout of her vision had been successful and she had not had sufficient time to make necessary changes to the bank’s culture and operations.
Llewellyn could not immediately be reached for comment.
Shares in Laurentian, which had already settled back down to around $30, where they traded before the strategic process was announced, fell further following the tech problems and word of Llewellyn’s departure. The stock was trading at $28.81 at midday on Oct. 2.
Laurentian has underperformed other Canadian banks, including those in Quebec, for years. Even before the shares tumbled in September when it was revealed that the strategic review had ended without a buyer, Laurentian’s stock had risen around 165 per cent since January of 1995 compared to an 1,800 per cent rise for shares of Royal Bank of Canada shares and a more than 2,000 per cent rise for National Bank of Canada stock. National Bank’s market capitalization of $34.4 billion in July dwarfed Laurentian’s of just $1.72 billion, which had sunk further to $1.25 billion by Oct. 2.
While there is much to do, Grauman said the immediate priority for Laurentian’s new CEO will be to address the impacts of a mainframe outage that occurred last week during regular maintenance.
A three-part action plan announced by the bank will include resolving any outstanding issues from the outage, better communicating progress with the bank’s clients, and launching a comprehensive review of the factors that led to the outage.
Laurentian has already announced that all service fees charged to clients for the month of September will be reversed, and that normal hours will be extended this week.
“The bank has not quantified the financial impact of this outage, but we now expect it to be material at least for the current quarter,” Grauman wrote.
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TTC riders in Toronto’s downtown core now have access to 5G service.
In a Monday media release, representatives for Rogers said customers of all major Canadian wireless companies can connect to 5G to talk, text, and stream on Toronto’s subway system.
Service extends to all stations and tunnels in the downtown U (between Bloor-Yonge and Spadina, as well as Dupont Station), as well as in 13 stations between Keele and Castle Frank, plus the tunnels between St. George and Yonge stations.
The announcement comes a day earlier than anticipated, as the federal deadline given to Rogers to implement the extended service for all mobile customers was originally slated for Tuesday.
Rogers customers have had 5G connection in the aforementioned stations and tunnels since August, a decision that sparked ire in the telecommunications space, particularly from rivals Telus and Bell.
“Our dedicated team of technologists designed and introduced an immediate solution that added capacity, so Bell and Telus could join the network,” Ron McKenzie, chief technology and information officer for Rogers, said.
“For over 10 years, subway riders have been without mobile phone services and the Rogers team is pleased to step up and make 5G a reality for all riders today.”
In a statement shared with CP24, representatives for Telus said, “we are pleased to launch service for all our customers in connected TTC subway tunnels and stations. Now, TELUS customers can browse the Internet, talk and text, staying connected and safe on Toronto transit. We’ll be working hard to expand the number of stations and tunnels covered in the coming months.”
“We would like to thank Minister Champagne for his leadership in ensuring that all wireless carriers have the ability to serve their customers in Toronto’s subway system, and that Rogers can no longer delay the deployment of wireless service for all TTC riders regardless of their choice of carrier,” representatives for Bell shared in an afternoon statement.
“Bell looks forward to working collaboratively with our partners to build out the remainder of the TTC’s wireless network.”
Toronto Mayor Olivia Chow responded to today’s news in a tweet.
“Happy to hear that all 3 major telecoms have unrolled service to downtown stations,” she wrote.
“The work continues to expand service to the rest of the TTC subway system. François-Philippe Champagne and I will work to make sure it happens quickly.”
CP24 and CTV News Toronto are owned by Bell Media.