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Main Connect News Oil Companies Investing in the Industry's Future

Oil Companies Investing in the Industry's Future

Thursday, March 14, 2013

With high demand and several changes on the horizon for the Canadian oil industry, several companies are altering the way they do business in order to acclimate to the new economic outlook. Several factors are expected to affect the oil and gas industry, among them advancements in technologies used in the refinery process and accommodations for new players in the market. In response many companies are making strides to expand their operations in 2013.

One company making strides to increase oil production is Canadian Natural Resources Ltd., the nation's largest independent petroleum producer. The manufacturer is looking to grow its production by about 9 per cent in 2013 and will be increasing its budget by almost 8 per cent in order to achieve this, Reuters reports. While the spending is expected to be greater, Canadian Natural officials believe that oil pricing will make up for the difference.

Canadian Natural isn't the only corporation looking to raise its spending and oil output. Suncor Energy Inc., one of the major oil sands companies, recently made the decision to boost its 2013 budget. According to The Financial Post, the company plans to invest about $7.3 billion in its business dealings next year, with much of those funds going toward expansion projects and upgrades.

"Our 2013 capital plan demonstrates our commitment to be absolutely diligent in pursuing those projects expected to provide profitable, long-term growth for shareholders," Suncor chief executive officer Steve Williams told the news source. "As a result of our disciplined and prudent spending in 2012, we will begin 2013 with a strong balance sheet and the ability to fund our capital program completely from internal cash flow."

Another factor set to affect the industry, according to the Ernst & Young report "Canadian oil and gas: Transactions and trends 2012-13," are the people that work within the field. The study suggests that national companies can benefit more from business acumen and knowledge in their personnel. Employees who have built their education at an Alberta college around the oil industry may be better prepared to handle the day-to-day tasks presented to them, thus making them attractive to potential employers.

Students who want to strengthen their skills  needed for a career in the oil and gas industry can learn the fundamentals in the business courses of the Oil and Gas Administrative Assistant program at Reeves College. For more information on the program, fill out the form on the right