JOHANNESBURG (miningweekly.com) – Canada should act on diversifying its energy resource exports or risk losing out on the “enormous” opportunity to supply burgeoning markets in the Asia-Pacific region, Natural Resources Minister Joe Oliver said on Monday.

The US currently imports “virtually all” Canada’s oil and gas supply but is becoming less dependent on its neighbour, owing to its own recent discoveries.

Speaking at a yearly meeting with federal and provincial counterparts at the 2013 Energy and Mines Ministers' Conference, in Yellowknife, Northwest Territories, Oliver said that Canada was well-positioned to take advantage of the opportunity to supply the Asia-Pacific region and elsewhere, as demand was set to increase by 35% between 2010 and 2035.

"This is a pivotal moment when we decide whether to take that opportunity or let it pass us by,” he stated.

Oil, natural gas and mining exports generated $30-billion a year to governments for critical social programmes, including healthcare and education.

Natural resources directly and indirectly account for 1.8-million jobs and over 18% of Canada's economy.

Over the next decade, hundreds of major resource projects, worth some $650-billion, could begin in Canada.

However, developing infrastructure, enhancing safety and cementing cooperation on natural resource projects, with the assistance of government’s Responsible Resource Development, was key to diversification.

Canada would establish a tanker safety expert panel to review the nation’s current system and propose new ways to bring its tanker safety system to world-class status.

The country aimed to increase yearly oil and gas pipeline inspections by 50% and double comprehensive audits of pipelines, as a new fine structure, aimed at preventatively dealing with contraventions to environmental law, would see offending companies fined between $25 000 to a maximum of $100 000 a day.

The implementation of new legislative measures would require a minimum financial capability of $1-billion for all major crude oil pipelines, with the absolute liability for companies operating in Canada's Atlantic and Arctic offshore increasing to $1-billion.

Further, a special federal representative reporting to the Prime Minister would be appointed to outline aboriginal participation in the development of the West Coast's energy infrastructure.

“All these initiatives contribute to achieving the potential of Canada's enormous natural resources,” averred Oliver.