Alberta Economy Turns the Corner But Where is it Going?

Early indications are the Alberta economy is about to start growing again, with oil seemingly stabilized around $50/barrel.  All indications are that growth will not come from increased commodity prices but real efforts and results through improved efficiency, productivity, innovation and workforce training for improved competency.

The Alberta energy sector is going to respond to this change cautiously and work hard to ensure we don’t get into the crazy boom mentality so characteristic of the past.

The surviving energy corporations have gone through major restructuring and have significantly reduced operating costs.  they now want to keep controls on those costs as the take shelved project back into planning and development.

Consider that the oil sands industry is moving to radical standardization of modularization and automation in new SAGD projects. The efforts to completing project engineering and design, with a focus on collaborating for constructability, a new approach to risk management by integrated on-going sharing of risk assessment and information by key project participants.

There are new efforts towards completing project engineering and design before starting construction. There is a focus emerging towards a more integrated front-end approach to collaborating on projects.  This is all in aid of improved project constructability, productivity improvements, waste reductions and better on time and on budget delivery.  A  new approach to risk management by an organized and on-going sharing of risk information by key project participants is showing benefits on how to anticipate, detect, prevent and correct ignorance and error.

A  new approach to risk management by an organized and on-going sharing of risk information by key project participants is showing benefits on how to anticipate, detect, prevent and correct ignorance and error.

Here are a few examples of the reduced labour demands in the increased automation in the reviving energy sector.  This means we will see fewer energy sector jobs but they will require different skills with much higher degrees of competency than in the past.  This shift in approach on how to do the energy business more effectively has lots of implications for Albertans looking to return to energy sector jobs.

It is a prime time and place for the Alberta industry, government, unions, supply chains, and post-secondary institutions to begin a more intentional collaboration for responding to this new reality and the new normal for the Alberta economy.

Project Alignment and Delivery (PAAD) is a Go Productivity initiative to advance these efforts to safer, productive, innovative and competitive project delivery.

If you want to learn more about who and how these new approaches to improved safety, productivity, innovation and project performance are being done, click here for more information.

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