The Globe and Mail reports in its Thursday edition that Cenovus Energy chief executive officer Jon McKenzie says the energy agreement recently signed by Alberta, Ottawa and Canada's five largest oil sands companies paves the way for significant production growth. The Globe's Emma Graney writes that the July 2 pact advances a significant carbon-capture project in Northern Alberta, facilitating the construction of a West Coast oil pipeline, a key priority for both the federal and provincial governments. It also enables increased financial support for Canada's largest oil sands producers to reduce emissions and boost production. Mr. McKenzie says the agreement "creates a framework for governments and industry to work together on production growth, emissions reduction and expanded market access." He remains, however, unimpressed with the "uncompetitive carbon tax" that he says "uniquely burdens Canadian industry." Mr. McKenzie argues that industrial carbon pricing fails to incentivize the oil and gas sector to reduce greenhouse gas emissions. Still, he says, the memorandum of understanding "represents meaningful progress toward creating a competitive investment environment" for the oil sands.