Downturn in oil price has its blessings
by Vanessa on 11/07/09 at 3:07 pm
While the oil sands business remains challenging because of low oil prices, business conditions are improving thanks to lower costs, more productive labour and hungrier service providers, developers said at an investment conference Wednesday.
“The big change we have seen as an operator is that (staff) turnover is way down,” said Christopher Slubicki, CEO of OPTI Canada Inc., a partner in the Long Lake oil sands project, which is ramping up production at its recently completed first phase.
“We have our people. We are keeping our people. So, our productivity and our performance are improving with the workforce we have, which is much more constant compared to the turnover we had during the construction phase, when everybody was building,” Mr. Slubicki said on the sidelines of a conference on unconventional oil organized by TD Newcrest.
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