Just when we thought in June that oil prices had finally stabilized above the $50 USD threshold, we have seen another couple of months of lower prices and more uncertainty. We were hearing glimmers of hope and even hints of new drilling activity ramping back up this coming fall. Those voices of renewed optimism have been somewhat subdued over the summer season and it has been a couple of very quiet months in oil and gas industry in Western Canada.

More distressingly from our standpoint is learning about a number of our Oilfield HUB clients who have been forced into bankruptcy or have simply shut their doors, either temporarily or most unfortunately on a permanent basis. Once vibrant and long standing companies spanning decades of profitable activity are now history, joining several of their brethren as casualties of the global war on lower commodity prices.

It goes without saying right now that Alberta’s economy leaves a lot to be desired. With issues like job loss, low drilling activity and political uncertainty, it’s anyone’s guess when activity may return to levels experienced in years past. This has forced most companies to re-evaluate how they do business, to sustain their business. Alberta, and other western provinces, may be in a slump, but there are other markets out there experiencing activity and even growth, and are investing in infrastructure and various forms of energy production. This presents some fantastic opportunities for business growth for companies residing in Western Canada. These markets aren’t necessarily halfway around the world either. Expanding to a new market could mean a new city, province, or country, close to home or across the globe.

Yet in all this despair, we are talking with a number of exploration and production companies who remain guarded, and yet cautiously optimistic that there is still life in them there oil and gas bones. Many of which still have access to capital and are patiently waiting on the sidelines, ready to pounce when the right asset deals come along, while also planning for new drilling activity in Canada later this year or next. This couldn’t come soon enough for beleaguered energy services companies who are racing to the table for any scraps of project work that might still be available. Several companies in our Oilfield HUB online supply network have taken a broader view and are now actively pursuing new business opportunities beyond our Canadian borders, which leads us to the theme for this issue of Oilfield PULSE.

In June of this year, Oilfield HUB Inc. participated in the ‘Alberta Export Readiness Roadshow’ hosted by Rainmaker Global Business Development. [Rainmaker is also one of our HUB Benefactor clients participating on the Oilfield HUB online supply network]. This Roadshow was the spark for our ‘Doing Business Abroad’ theme for this issue of the PULSE. Workshops were held in Calgary, Red Deer and Edmonton, presenting resources that are available for companies to help with market expansion. The speakers provided tools, intelligence and guidance to companies considering international business opportunities.

As usual, I would like to express my personal appreciation to you for keeping Oilfield PULSE as part of your regular reading pile. Even in these difficult times our team continues to strive to bring you both interesting stories and informative articles in each and every edition of Oilfield PULSE. Our theme for the July/August issue is ‘Doing Business Abroad’.

The sessions were very well attended and such a positive response was received that another Roadshow is being planned for later this year. Once the dates have been set we will announce them in an upcoming issue of Oilfield PULSE.

We asked both the Roadshow presenters and our regular contributors to weigh in on the idea of doing business abroad. Have you ever thought of expanding your business outside of your home turf? If you are considering exploring new markets as additional strategies for growth, diversification and sustainability during these hard economic times, this issue of the PULSE should certainly be of interest to you. If doing business abroad is not your cup of tea, take some time to browse through the articles as you’ll find there are still lots of valuable ideas put forward that are just as applicable here at home. Enjoy!