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‘It’s a short-sighted view of the industry. It takes a lot of capital, that you put at risk, to develop new plays,’ said Brian Schmidt, chief executive of Tamarack Valley Energy, whose pumpjacks are seen working on oil wells in Alberta in 2016. (Larry MacDougal/The Canadian Press)
‘It’s a short-sighted view of the industry. It takes a lot of capital, that you put at risk, to develop new plays,’ said Brian Schmidt, chief executive of Tamarack Valley Energy, whose pumpjacks are seen working on oil wells in Alberta in 2016. (Larry MacDougal/The Canadian Press)

Energy firms decry tax clampdown in federal budget Add to ...

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Ottawa’s plan to end tax allowances for oil firms seeking to drill new wells is riling the energy sector – especially small and medium-sized producers who have already been hit hard by the oil-price drop and increasing competition from the United States.

Canadian firms say the push to eliminate any preferential tax treatment for oil and natural gas development, in large part to honour federal environmental commitments, adds to their list of problems as they try to distinguish themselves in the global hunt for energy investors.

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