Shell Canada'S President & Country Chair urges business leaders to actively support a new energy framework for Canada

ST. JOHN'S, Sept. 18, 2011 /CNW/ - Canada risks losing the opportunity to position itself as an energy superpower unless it acts quickly to take advantage of a rapidly changing global energy market, Shell Canada's President & Country Chair, Lorraine Mitchelmore, warned today.

In a speech to the annual general meeting of the Canadian Chamber of Commerce in St. John's, Newfoundland, Ms. Mitchelmore said every major energy-producing country in the world is going after the growing Asian market - except Canada.

"We are the only major oil and gas producer in the world that does not have access to a global market. All our eggs are in one basket - the US," she said.

However, added Ms. Mitchelmore, US demand for Canada's energy products is not growing and unless Canada diversifies its market, it could be in trouble down the road.

"Right now, Asia is setting up its energy supply points and Canada is not one of them," she warned.

Ms. Mitchelmore urged the Chamber to use the influence of the 192,000 businesses represented by its affiliates to support a more competitive energy framework for Canada, one that includes a streamlined regulatory system where the rules of engagement are clear.

"Canada needs your help," she told delegates. "This should be a time of great opportunity for Canada, but it's not - or at least not yet. We need to diversify our customer base for energy products and create access to the global growth markets. If we mess this up, Canada will miss an opportunity to sell oil and gas to Asia, which is the world's fastest growing energy market."

Ms. Mitchelmore said the next step towards an energy framework is to build on the action plans identified at the Energy and Mines Ministers' Conference in Kananaskis in July.

"You can help by talking to your MPs and to the media. Let them know that you want to see significant progress before the 2012 Ministers' conference on Prince Edward Island," she urged delegates.

There should also be more cooperation between groups that have an interest in energy based on recognition that Canada's energy resources are very important to its national future.

Ms. Mitchelmore said if anyone asks "what's in it for me?" the answer is simple: Canada's economic future.

"Every Canadian business and every Canadian citizen will be better off if we can sell our oil and gas on the global market. It will generate jobs and create the national wealth we need to continue providing the services and infrastructure that Canadians need to prosper and live well."

She said government revenue generated by the energy industry translates into funding for public services for ordinary Canadians across the country.

"Like healthcare where we spend around $190 billion, and education, which takes another $80 billion every year. I think it is easy to see that energy is the key to Canada's wealth and well-being."

Quoting energy economist Peter Tertzakian, Ms. Mitchelmore said Canadians are losing about $50 million a day of revenue because Canada does not have access to global energy markets.

"It adds up to $18 billion every year of which $4 billion would be the government's take. In other words, that's $4 billion that could be used to provide services for Canadians," she said.

Notes to Editors

Royal Dutch Shell plc
Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 90 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects. For further information, visit www.shell.com.

Shell Canada Ltd
Shell has been operating in Canada since 1911 and employs approximately 8,000 people across the country. A leading manufacturer, distributor and marketer of refined petroleum products, Shell produces natural gas, natural gas liquids and bitumen, and is Canada's largest producer of sulphur. Shell is one of Canada's oil sands developers and operates the Athabasca Oil Sands Project on behalf of the joint venture partners.

Cautionary note
The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate entities. In this release "Shell", "Shell group" and "Royal Dutch Shell" are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words "we", "us" and "our" are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies. ''Subsidiaries'', "Shell subsidiaries" and "Shell companies" as used in this release refer to companies in which Royal Dutch Shell either directly or indirectly has control, by having either a majority of the voting rights or the right to exercise a controlling influence. The companies in which Shell has significant influence but not control are referred to as "associated companies" or "associates" and companies in which Shell has joint control are referred to as "jointly controlled entities". In this release, associates and jointly controlled entities are also referred to as "equity-accounted investments". The term "Shell interest" is used for convenience to indicate the direct and/or indirect (for example, through our 24% shareholding in Woodside Petroleum Ltd.) ownership interest held by Shell in a venture, partnership or company, after exclusion of all third-party interest.

This release contains forward-looking statements concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Royal Dutch Shell to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as ''anticipate'', ''believe'', ''could'', ''estimate'', ''expect'', ''intend'', ''may'', ''plan'', ''objectives'', ''outlook'', ''probably'', ''project'', ''will'', ''seek'', ''target'', ''risks'', ''goals'', ''should'' and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this release, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for the Shell's products; (c) currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including potential litigation and regulatory measures as a result of climate changes; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; and (m) changes in trading conditions. All forward-looking statements contained in this release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional factors that may affect future results are contained in Royal Dutch Shell's 20-F for the year ended 31 December, 2010 (available at www.shell.com/investor and www.sec.gov). These factors also should be considered by the reader.  Each forward-looking statement speaks only as of the date of this release, 18 September 2011. Neither Royal Dutch Shell nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this release. There can be no assurance that dividend payments will match or exceed those set out in this release in the future, or that they will be made at all.

The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions.  We use certain terms in this release, such as resources and oil in place, that SEC's guidelines strictly prohibit us from including in filings with the SEC.  U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov. You can also obtain these forms from the SEC by calling 1-800-SEC-0330.


 

SOURCE Shell Canada Limited

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