A new report by PwC says Canadian oil and gas producers can decrease the cost of production by 10 to 20 per cent by turning to technology.
The report Energy Visions: Decade of disruption, which was released on Wednesday in Calgary at the Energy Visions Business Forum, said focusing on technology puts oil and gas companies in a better position to manage costs and attract investments, address environmental issues, and shape the future of the industry.
“In Canada’s energy industry, innovation and improved recoveries go hand in hand. Innovation helps to reduce operating costs and environmental impact. As a result, technology enhancements strengthen Canada’s position in the global energy market,” said Reynold Tetzlaff, national energy leader and Calgary managing partner of PwC Canada.
The report said increased automation and advanced analytics allow oil and gas companies to analyze large amounts of data, making it easier for them to monitor assets and manage production. The oil and gas sector is also investing in the use of sensors, robotics, artificial intelligence (AI), 3D pad planning, improved seismic mapping, enhanced reservoir characterization, and predictive analytics and nanotechnology in drilling fluids.
“Our oil and gas industry has shown it can adapt to changing market conditions, survive and compete. And it will continue to do so as it uses innovation to overcome challenges and integrates new technologies into our future energy mix,” said Tetzlaff.
Respected business writer Mario Toneguzzi is a veteran Calgary-based journalist who worked for 35 years for the Calgary Herald in various capacities, including 12 years as a senior business writer.
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