Event calls for action in four keys area for Canada to be a successful global player
CALGARY, May 30, 2014 /CNW/ - The Canadian oil and gas industry is at a crossroads and at the 5th annual Energy Visions Forum held in Calgary, Alberta, global analysts and industry leaders called for action if Canada is to become a global energy leader.
Experts from PwC, Eurasia Group, Kissinger Associates, Columbia University, Cenovus Energy and Credit Suisse discussed the implications of Canada as a high-cost oil & LNG producer and attempted to provide a roadmap for the nation to compete in today's post-peak oil world to an audience of over 300 leaders in the Canadian energy community.
Participants agreed that market access and commodity pricing will be the most significant challenges facing the industry in the coming year. Experts also agreed that while Canada is moving from being a North American supplier to a global supplier, it will need to be strategic in its decisions for managing future opportunities including those related to new customers, operations, technology and competition.
According to the new PwC report entitled: At a crossroads: Considered a high cost oil and LNG producer, can Canada compete for capital in today's post-peak world? there are four specific areas that Canada must address to move a successful energy strategy forward.
Top Four areas where Canada will need to take action:
- Achieving parity with global energy prices
- The competition for capital
- Cost containment
- The role of Government
"Industry and government face new and critical challenges but 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. "While there are contrasting views on achieving parity with global energy prices and competition for capital, 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."
Canada's LNG potential was also discussed. "From a public policy point of view, the conditions in the US are becoming more bullish particularly with approvals of LNG terminals and competing pipelines to places like Mexico", says Robert Johnston, CEO, Eurasia Group. "Throw in more natural gas vehicle usage and similar items, and there are some negatives that will need to be addressed in Canada before you see a lot of capital flow in on the big final decisions about LNG."
Speaker's at this year's Energy Visions Business Forum included:
- Reynold Tetzlaff, National Energy Leader, PwC
- Robert Johnston, CEO, Eurasia Group
- Robert Hormats, Vice Chairman, Kissinger Associates
- Jason Bordoff, Professor and Director, Center on Global Energy Policy, Columbia University
- Harbir Chhina, Executive VP, Oil Sands, Cenovus Energy
- Jan Stuart, Head of Global Energy Commodities Research, Credit Suisse
The report Energy Visions 2014: At a crossroads is available at http://www.pwc.com/ca/en/energy-utilities/canadian-survey.
To speak with one of the presenters / report contributors or access a copy, please contact Kiran Chauhan at (416) 947-8983 or [email protected].
To read more about the 5th Annual Energy Visions Business Forum, please visit: http://www.pwc.com/ca/en/energy-utilities/energy-visions.jhtml
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SOURCE: PwC Management Services LP
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