Alberta, Canada – as we all know, is the second largest source of oil in Canada. With such vast amounts of crude oil in play, but extremely constrained supplies, the oil and gas companies have gone to great lengths to find ways to both drive prices and contain costs. Then, of course, there is the information technology.
With all that information, it is not surprising that the oil and gas companies work to implement new technologies that optimize extraction, reduce tailpipe emissions, or even find ways to slash energy use by trimming your lights. When it comes to finding ways to grow, and in turn deliver value for all investors, oil and gas companies look to Canada.
According to Oliver Wyatt, director of oil and gas for PwC Canada, “It is absolutely essential that Canada’s oil and gas industry plans for the future. Everyone is focused on operational efficiencies and resource growth to retain their position in the marketplace, but what is often overlooked is the fact that new developments are still in their infancy.”
So while companies tend to look at the latest technologies that increase drilling efficiencies and provide greater focus on the oil and gas cost profile, they need to be more than focused on optimizing operations for today. They need to look at how their future will look.
Oil and gas companies are also looking at the energy bills that they themselves are responsible for. “Our clients are looking to reduce costs through efficiency improvements and advanced drilling technologies – reducing energy use in the field of operations and at their facilities. However, at the same time they are looking for ways to help contribute to their own sustainability goals,” Wyatt says.
Whether it’s partnering with partners to reduce some of the power consumption, or working with agencies like Carrington Energy to address waste, there are many organizations out there working to identify and implement solutions. While investing in the future is important, so is looking at how one company, and the solutions they offer, can accelerate the success of the collective resource.
“Our clients are already working with third parties to help reduce their own environmental impact. They are employing the most advanced practices such as carbon capture and storage, wetlands cleanup, lighting retrofits and water reclamation projects,” Wyatt says. “All of these efforts can be a catalyst for bringing valuable solutions to market and supporting the economy of the future.”
The oil and gas companies need to look at what technology is in the pipeline, and how it can impact the future of their business. But, also, it is time for us to look forward. What will the economy of the future look like? What exactly can we invest in that will produce meaningful gains for the future success of our economy?
There is no better time to start.
To read more from OUE Little Company of Montreal, visit: www.ouledearlcoo.com