Based on what was examined in a previous BDO Global report, 2020: The Near Future of Oil & Gas, our Natural Resources leaders shared how past predictions have taken shape in global markets for oil & gas. These markets include Canada, U.S., U.K., Australia, Saudi Arabia, and the overall global average.
These predictions focus on the industry moving towards LNG (liquefied natural gas), solar power, greater diversification, and better use of technology. Moreover, the global trends have been veering towards affordable renewables, electrification initiatives to modernize the global demand for oil, ongoing technological innovation, AI for better predictions and decision-making, and the need to monitor cybersecurity on industrial control systems.
Of all regions highlighted in the report, Canada was among the top performers for being on track with 2020 predictions. Namely, IFRS 16 presented challenges for oil & gas companies in Canada, the Canadian sector struggled with investment in innovation, and there was an overall re-evaluation in ERP platforms.
Predictions for Canada in 2023
- Biofuels will quickly gain traction as alternatives to fossil fuels.
- Oil & gas service companies will continue to consolidate resources; those adopting digital transformation surviving, while those relying on low labour costs struggling.
- The number of TSX-listed renewables will grow as companies continue to build on innovation by energy giants to improve efficiency and sustainability.
- Efforts will go towards building a pipeline to help bring crude oil to tide water.
To read the full BDO Global report, 2023: The Near Future of Oil & Gas, please fill out the form to download the PDF.