Canada must act as Europe’s energy ‘tragedy’ shows ‘cautionary tale’: Cenovus head

The European Union is looking down the barrel of a severe energy crisis as Russia continues to weaponize its supply of natural gas to the region.

The head of Canadian energy giant Cenovus says the country needs to be “front and centre” in meeting the world’s natural gas supply demands amid an “unfolding tragedy” in Western Europe.

Cenovus President Alex Pourbaix, speaking in an interview with The West Block host Mercedes Stephenson, said the transition off of oil and gas is going to take “decades.”

Meanwhile, the European Union continues to face the prospect of a severe energy crisis over the coming years as Russia continues to weaponize its supply of natural gas to the region.

While the International Energy Agency (IEA) has said Europe has sufficient stockpiles of gas to get through the winter, it warned that the situation could grow dire if governments don’t act fast.

That’s where Canada could step in, according to Pourbaix.

“We have the gas. We should be supplying the world’s needs,” he said.

“We’re watching an unfolding tragedy.”

Prime Minister Justin Trudeau has faced repeated questions since the summer about whether Canada intends to ramp up its liquified natural gas (LNG) exports to help its partners in Europe. However, speaking in late August, the prime minister said it all depends on the business case.