CALGARY, Alberta, Feb. 18 (UPI) -- The Canadian and U.S. governments announced the signing of a memorandum of understanding on the best practices in the regional energy sector.
Gaetan Caron, chairman of the Canadian National Energy Board, announced the signing of a MOU with the U.S. Bureau of Safety and Environmental Enforcement.
"It lays the groundwork for cooperation on matters of mutual interest between our two agencies and it's an important step in sharing best practices and supporting effective regulatory outcomes," he said in a statement.
The NEB, an independent agency with headquarters in Calgary, said the MOU aims to facilitate the sharing of information on matters related to regulatory practices and "where appropriate, specific energy projects."
Both countries are among the regional leaders in terms of oil and natural gas deposits.
Pipeline company TransCanada aims to build the Keystone XL pipeline to ship Alberta oil to southern U.S. refineries. The company needs the U.S. State Department's approval because the project would cross the U.S.-Canadian border.
The MOU covers a 5-year period, which is renewable by either side.