Tertzakian on the speed of the shift from fossil fuels: This weeks' 5 best quotes
“We shouldn’t be in denial about the emergence of substitutes in any business, and oil and gas is no exception. But equally I would have to say that people who think that the world of our energy complex is changing quickly should not be in denial about the magnitude of the challenge.” – ARC Financial chief energy economist Peter Tertzakian , noting that those who casually predict the transportation industry will move entirely to non-carbon fuel sources in a few years don’t understand the enormity of the logistical hurdles.
“It’s an indication, a sign of the times, of how tight things are, so this will go for a while just because there’s very little work and these guys more or less become free agents.” -- Mark Salkeld , president and chief executive officer of the Petroleum Services Association of Canada, discussing the introduction of variable pay in the service industry.
“We plan to work with the regulator to see if we can develop some more permanent measures while the legal fallout from the Redwater decision is clarified to protect the industry funded orphan well program from unwarranted liability dumping while preserving as much as possible of our active market for oil and gas assets.” – Gary Leach , president of the Explorers and Producers Association of Canada, on the the new rules announced by the Alberta Energy Regulator about well clean up liability.
“Look to other industries that have solved something and then see how you can adopt that.” -- Mark Conacher , Suncor's director of wellpad development, on how companies can achieve a "relentless" focus on cost reduction.
“…No one [pipeline] project is going to solve our challenges. We need multiple projects going in multiple different directions if we’re going to be efficient and reach our potential.” -- Canadian Association of Petroleum Producers CEO Tim McMillan , discussing the producer group’s new oil outlook.