Communication, cooperation, and collaboration. These were the three C's championed by Suncor's
With crude oil seemingly setting record highs every day, oil-sands oligarchs like Suncor, Imperial Oil
Thus, in order to maintain shareholder value in the oil sands space, let alone build that value, Suncor CEO Rick George argues that the various players will have to increasingly reach across company lines. I've noted some joint efforts over the past few months, such as BP's
These joint ventures are encouraging, but they pale in comparison to what multiparty projects could, and will need to, achieve. CO2 capture and storage is one of the industry's most pressing needs. Just this week, the Canadian government announced that oil sands and coal-fired power plants starting up in 2012 and beyond are required to employ this yet-to-be-commercialized emissions reduction technology.
Everyone faces the same challenge, or, to take the entrepreneurial point of view, the same opportunity. Another industrywide opportunity is the potential of turning petroleum coke -- a byproduct of the oil sands upgrading process -- into synthetic gas.
Suncor is sending an important message here. Let's hope the other companies mentioned above have leaders as receptive to collaborative solutions.