This project represents an investment of over $1 million of direct funding and unkind investment by the governments of Alberta, British Columbia and Saskatchewan, and the upstream oil and gas industry in Western Canada. It was prepared to provide a detailed business case for increasing recovery factors, and recoverable reserves, of conventional oil and gas, through research and technology development, transfer,
demonstration and commercialization. The business case, in turn, is providing the basis for development of technology roadmaps that detail the paths toward increased recovery of conventional oil and conventional gas and inform decisions by industry, government and academia concerning research, development and demonstration
It is essential to understand that technology has been critical to the growth of the energy industry in Canada. Technology is as important as commodity price to reserves growth. Most reserves growth in Canada and worldwide has been technology driven, even in low oil or gas price environments. However, the rate-limiting step to executing
the reserve growth strategies is often the use of knowledge and adaptation of the technology by industry. Commodity price interplays with technology and it is often easier to accept and adapt new technology when prices are high, although it may also be difficult to widely implement new technology if it has short-term negative impacts on cash flow.