Canada’s oil and gas sector sits at a crossroads. Global commodity prices are expected to remain low and the price placed on carbon emissions through government policy and regulations is increasing, to drive Canada towards a low carbon economy. At the same time, global energy demand is expected to continue to rise, with particularly strong and synergistic opportunities in Asia, and now is the time for Canada to make sure it can compete on cost and carbon, to capture a fair share of that growing market.
To get there, the oil and gas sector will need to accelerate the pace of innovation and technology commercialization, and continue to increase productivity. The Future of Oil & Gas 2017 event’s panel and breakout discussions provided many good examples, learnings and tools to do so, and specific recommendations for key stakeholders involved in the sector’s transition to a low carbon industrial economic engine in Canada.