This past week I was fortunate to take part in the Edmonton Synergy Network Oil Sands & Fort McMurray tour. Having never visited Fort McMurray or the Alberta Oil Sands, I was not sure what to expect or what the tour highlights may be. Driving through Ft. McMurray and touring Syncrude’s production site revealed firsthand the scale and complexity of the oil sands, as well as the corresponding economic development that is occurring in both the region and the province. The amount of time, human capital, domestic and foreign investment, and infrastructure that has been allocated to carefully plan the development of the region and communities that make this progress possible – is mind-blowing. The area continues to plan and position itself for success for many years to come.A Few Quick Facts on the Canadian Oil Sands:
- After Saudi Arabia and Venezuela, Alberta ranks third in terms of proven global crude oil reserves.
- In 2012, Alberta exported roughly 1.8 million barrels per day and by 2021, crude bitumen production is expected to more than double to 3.7 million barrels per day.
Perhaps the most profound statistic is based on the future corresponding impact of these projects. The Conference Board of Canada predicts the Alberta Oil Sands will generate $364 billion of economic activity over the next two decades …$364 BILLION! The overall economic impact and trickle down effect will have a significant influence on businesses throughout the province. So what does that mean for your business and are your ready to seize this opportunity?
Whether you are involved in oil and gas servicing, commercial real estate, truck manufacturing, furniture sales or home building, the economic activity that will occur in Alberta will impact your business. However, you must be prepared to capitalize on the momentum that is continually building here in our province. If you are an Alberta citizen or business, now is the time to plan accordingly and ensure you are positioned for success. Don’t prepare for success for just the next few years, but for decades and perhaps the century. Alberta’s Oil Sands will continue to play a major role in shaping our economic environment for many years to come.
Many businesses are so busy solving short-term challenges that careful growth and strategic planning for long-term sustained success becomes an afterthought. Like it or not, Alberta Oil Sands development is here to stay. Embrace the economic activity that is occurring here in the province, schedule time for long-term strategic planning each week, put this plan in writing, stay committed to continuous improvement and enjoy the benefits of being in business in Alberta.
Stay tuned for Blessed to Do Business in Alberta: Part 2 – An Insider’s Perspective on the Canadian Oil Sands.