Entrec Expects Growth As Oil Sands Industry Continues To Boom
Spruce Grove, AB -- (SBWIRE) -- 03/24/2014 -- Canada is one of the world’s biggest oil reserves in the world, next to the world’s first – Saudi Arabia. Alberta is a province located in western Canada, which is rich with a beautiful environment, plentiful natural resources, a strong economy, and a stable political system. There is an estimated 1.7 to 2.5 trillion barrels of bitumen in Alberta’s oil sands. Current production rates project that resources from Alberta’s oils sands could provide Canada’s energy needs for more than 500 years. This is equivalent to the world’s needs for up to 15 years.
There is an expectation of over $60 billion of direct capital expenditures into the improvement of the oil sands in the following decade, The Alberta Energy and Utilities Board predict that Alberta’s oil sand reserves will become the primary source for Canada’s crude oil. Oil sands development helps Canadians by creating employment opportunities, as well as creating royalties and taxes that help compensate for government services and programs.
Entrec announced its 2013 fourth quarter and year-end financial results recently. According to John M. Stevens, Entrec’s President and CEO, “in 2013, we continued to make strong progress in positioning ourselves for the future.” Stevens affirmed that the the company is now well-positioned to take over a major share of the overall work in growing markets throughout western Canada and in the Bakken region of North Dakota.
He further stated, “this includes Alberta’s oil sands, where construction activity is expected to remain strong, and maintenance, repair and operation (MRO) work is expected to grow over the next several years. In addition, our operations are well-positioned to take advantage of liquefied natural gas (LNG) development in northeast B.C., where much of the natural gas is expected to be sourced, and in northwest B.C. where LNG facilities and the connecting pipelines are expected to be constructed in future years. We consider these two industries to be our critical growth drivers over the next decade.”
Oil sands industry’s demand for Entrec’s services is expected to boom as the year progresses. At present, the company is working with oil sands clients on large crane and heavy haul transportation projects which will begin as 2014 advances. Such projects will extend until 2017.
Entrec is extending the amount of long-term MRO contract work it executes in the Alberta oil sands region. The company was granted a five-year MRO contract with a new oil sands client recently, which began in late 2013. The firm persists to cross-sell its crane and heavy haul transportation services to existing and new oils sands clients. Mr. Stevens emphasized, “we believe in situ-related oil sands production will grow at a brisk pace over the next several years as new projects commence and existing facilities are expanded.”
ENTREC is a leading provider of heavy lift and heavy haul services with offerings encompassing crane services, heavy haul transportation, engineering, logistics and support. ENTREC provides these services to the oil and natural gas, construction, petrochemical, mining and power generation industries.