There needs to be action on four fronts if Canada’s oil and gas industry is to success globally, say industry experts.
Canada is a high-cost oil & LNG producer, noted experts from Eurasia Group, Kissinger Associates, Columbia University, Cenovus Energy and Credit Suisse at a PwC energy conference.
The experts say market access and commodity pricing will be the biggest challenges facing the industry in the coming year. Experts also say Canada is moving from being a North American supplier to a global supplier, so it will need to be strategic as it manages future opportunities, including finding new customers, building operations, technology and handling competition.
A PwC report outlines four areas that Canada must address in developing its energy strategy. They are:
- achieving parity with global energy prices;
- competition for capital;
- cost containment;
- the role of government.
“We shouldn’t lose sight of the comparative advantages that will continue to make Canada competitive in the long term,” says Reynold Tetzlaff, national energy leader, PwC. “The industry is confident about Canada’s prospects for overcoming market access barriers and of our ability to attract the investment resources required to become a global player.”