From scarcity to abundance

摘要

Canada's E&P sector holds offshore and onshore opportunities but faces challenges from nearby competition. As one of the world's top oil and gas producers, Canada has gained prominence for being a reliable source of hydrocarbon resources that have maintained investors' attention for decades. Emerging opportunities, including shale plays like the Montney and Duvernay - still considered to be frontier - as well as acreage offshore the country's east coast that could lead to even more supplies. But just like other countries blessed with abundant natural resources, oil and gas developments in Canada, where oil production led by the oil sands is predicted to grow by an annual average of 175 Mbbl/d until 2030, still face obstacles. For starters, falling oil prices have further squeezed the budgets of E&P companies, which have become more focused in spending, strategically cutting loose assets that are not in sync with their missions. Regulatory and environmental pressures remain. In addition, the globalization of the industry has heightened competition as Canada's E&P sector moves from scarcity to abundance, according to Barry Munro, EY's oil and gas leader for Canada. With an evolving energy environment, he said that the implications of cost matter, organizations must think globally and innovation is key.