March 26, 2019
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Environmental liability management is one of the most challenging issues facing our industry right now – second only to increased access to tidewater and international markets. We remain optimistic that common sense will prevail, and Alberta’s pipeline problem will be resolved in due course. But once it is, the liability management challenge will still be here, casting uncertainty on the fiscal position of almost every E&P company in the WSCB. New technologies and new methodologies are developing that will help companies get a handle on things earlier and quell the fears of the investment community moving forward.
Evolving technologies and data-driven decision making have already helped Canada’s oil and gas sector drive efficiencies and productivity on many fronts. For example, digital oilfield technology has helped capture vital data for operational decision making. Purpose-built, integrated reserves and planning software technologies have helped companies improve the reliability of their forecasting and reserves management processes.
Now is the time for companies to consider a data-driven technology solution for estimating, tracking, managing, and reporting of oil and gas asset retirement obligations (ARO) in order to ensure that mounting liabilities – and constantly evolving regulatory and lender requirements – won’t hinder growth and industry confidence once pipeline and transportation remedies are in place.
For more information about XI’s ARO solutions, contact XI Technologies or call 403-296-0964.