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Fulfilling Decommissioning Obligations – A Service Industry Opportunity
Decommissioning obligations are having an overwhelming impact on the future viability of the oil and gas industry in Canada. Quantum and timing are uncertain, adding risk to the industry. Banks and equity lenders have prioritized decommissioning related to suspended and inactive wells, facilities and pipelines significantly reducing lines and access to capital. Layer on regulatory uncertainty and environmental and social governance and the industry is held hostage to decommissioning obligations. What if we could turn the decommissioning obligations into an opportunity for the service industry and in so doing empower the growth component of our industry? This presentation quantifies the opportunity, articulates an end of life model that can fulfill these objectives and discusses some regulatory and policy changes required to support such a model.
By: Randall (Randy) J. Green
Randy is Senior Vice President of Asset Management at Sproule. He has over 35 years of technical and executive management experience in the oil and gas industry, working in both public and private companies. Randy founded, built, and sold two junior oil and gas producing companies prior to taking a leadership role at Niven Fischer in 2008. He was instrumental in building the brand, expanding the services, growing the company and delivering on a value-added promise prior to Sproule’s acquisition of Niven Fischer. In his role at Sproule, Randy serves on the Executive Committee and is responsible for growing the asset management business to meet client’s needs in a cost-effective and efficient manner. Randy’s entrepreneurial spirit and commitment to the industry drive his desire to help address critical challenges facing the Canadian energy industry. Randy balances his passion for business with a commitment to philanthropy and volunteerism including an eight-year term as a director of YMCA Calgary and ongoing involvement with funds development for the organization.