Youth Committee – Canadian Association – World Petroleum Council
“Extreme Makeover”
Corporate Knights – The Canadian Magazine for Responsible Business
By: Leor Rotchild
April 2009
The petroleum industry’s image needs to change to attract more youth. The recent meltdown in commodity prices is only the latest challenge the petroleum industry is facing. An even greater threat relates to the most vital and common element required in the production of oil and gas: people. Continue reading
The history of the development of the modern petroleum industry is a history of scientific invention and technological innovation. The over-100-year history of the petroleum industry demonstrates that science and technology are the keys to the success. For example, the value of the technology lies in using the least amount of investment to extract the most oil and gas from reserves, while minimizing the impact to the environment and civilization. Continue reading
The sustainable development of Canada’s oil and gas resources is a major concern to Canadians. Not only are citizens concerned about the long term supply of oil and gas for domestic consumption, but also for the responsible production and remediation of any and all lands involved. Further issues that fall under the ‘sustainability umbrella’ are climate change and energy security. Continue reading
The oil and gas industry makes exorbitant profits
Especially during high gas prices, the media often publicizes oil and gas company profits in an unfavorable light, portraying companies as greedy entities gouging customers for unfair profits. While absolute profit numbers can be large, they only reflect the size of some of the major companies, which is needed due to the sheer scale of the industry and the necessary capital required for operations. Oil and natural gas company earnings, in fact, are in line with the average of other major manufacturing industries, and are well behind many companies in the technology sector. Continue reading
The Rise of National Oil Companies
A common misperception in the oil and gas industry revolves around the myth of ‘Big Oil’. This myth, perpetuated by the media and politicians, narrates the tale of supermajor oil companies controlling global oil supplies, setting oil prices on a whim, and wrestling away the supply of resources from foreign countries. When these statements are examined at face value, however, all three of these ‘facts’ couldn’t be farther from the truth. Continue reading
Millions of years of geological formations, tectonic plate shifting, compression, and geothermal “cooking” has created thousands of petroleum deposits around the world in various formations called basins. Within these basins are oil reservoirs, some of which yield a few hundred barrels, while others supply entire nations for decades. While many countries have found some amount of underground hydrocarbons within their borders, a few nations have come out on top of the geologic lottery. Continue reading
Despite the misrepresentation in the media and among the general public, the oil and gas industry invests billions of dollars toward developing new technology to reduce its environmental impacts and reduce greenhouse gas emissions. Continue reading
The oil and gas sector has traditionally held a reputation of being an “old boys club”, reinforced by the lack of females in senior management and on-site engineering roles. On average, only 7-12% of senior management roles in publicly traded oil and gas companies are held by females. However, the industry is changing and recognizes the need to replace the aging workforce and fill leadership positions with people of diverse backgrounds and perspectives, which includes more female representation in senior management positions and boards of directors. Continue reading
