Word to the Wise: Better business intelligence helps service companies land abandonment and reclamation contracts

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Word to the Wise: Better business intelligence helps service companies land abandonment and reclamation contracts

There’s no doubt the current business climate has been particularly tough on energy supply and service companies.

Each week, XI Technologies scans their unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you’d like to receive our Wednesday Word to the Wise delivered directly to your inbox, subscribe here.

Challenging times for call for new, innovative, and strategic approaches to business development and sales. By capitalizing on the digital transformation that has been taking place in Canada’s energy industry over the past several years, service and supply companies can better position themselves to help solve an important industry problem.

As we have noted in a previous article, decommissioning of inactive wells could be a mutually beneficial opportunity for Canadian E&P operators and service companies alike. High-profile cases like Redwater have led to a renewed focus on Environmental, Social, and Governance (ESG) factors among Canada’s investment community and banks. To be responsible and to maintain their credit facilities, E&P operators everywhere are taking a hard look at their abandonment and reclamation obligations in order to find the most economical and effective way to remove liability from their books and maintain healthy liability ratios.

Service and supply companies can better position themselves by unlocking public data and helping companies to spot trends, identify opportunities, and devise solutions. Coming to a meeting armed with the appropriate information about your prospective client’s operations, challenges, and opportunities not only shows you know your stuff, but that you care enough about their business and success to have done your homework.

As one of Canada’s best and most accessible sources of public data, XI has developed a short video to demonstrate how a service and supply company can use AssetBook to quickly and easily identify prospects or prepare for a meeting with prospective companies in need of abandonment and reclamation services anywhere in the WCSB.

Watch the video here.  You can also contact XI for a personalized demo or call 403-296-0964.