Peter Findlay

Research Associate

Peter Findlay is vice-president and energy lead of PwC’s Financial Decisions and Analytics practice in Calgary, Canada. He has supported and analyzed major acquisition and divestiture decisions, as well as developed strategic initiatives across the global energy value chain. He is also a research associate with the Oxford Institute for Energy Studies in the UK, charged with analyzing Canada’s Oil Sands.

Mr. Findlay has extensive experience in energy strategy consulting, numerical modelling, mechanical engineering & technology, and M&A. While working as strategy and management consultant with A.T. Kearney from 2008-2014, he managed and led large-scale strategy, investment, analytic, and operations engagements for supermajors, national oil companies, and private equity firms, including making M&A recommendations on midstream, upstream, petrochemical, and LNG assets. He has also worked in non-oil and gas sectors such as utilities and renewable power generation, including disruptive technology. He started his career designing aircraft engines, as an aerodynamics engineer, for Pratt & Whitney, and is today registered as a professional engineer.

In addition to this institute, Mr. Findlay has contributed insight to the Financial Post,the Daily Oil Bulletin, Alberta Oil Magazine, the Wall Street Journal, and Petroleum Economist.

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                    [post_content] => Since the 2014 price collapse, many observers have leaned towards a pessimistic view on future attractiveness and growth prospects in Canadian oil sands. The cooling off of integrated oil company enthusiasm for the oil sands provides easy fodder for analysts and journalists trying to extrapolate an underlying industry trend. These notions are however oversimplifications of a more nuanced and complex story. While oil sands costs escalated relentlessly from the ramp-up in the early 2000s through 2014,  recent cost reductions are impressive, due to decreasing differentials, a lower Canadian dollar, lower operating costs, lower capital costs, lower natural gas costs, and lower condensate costs for diluent. With their backs against the wall and shareholders clamouring, producers are consolidating and adapting as they have in previous downturns to become lean manufacturers. Suppliers and the labour market are starting to follow suit, further driving down costs with more competition and less rent-seeking than during the boom years. And though oil sands production is far from being environmentally innocuous, the visually unappealing open face mines are being reclaimed and greenfield projects have halted, while the lower-land impact, but higher-emitting SAGD operations are becoming less carbon intensive. Therefore, whether one is bearish or bullish on oil sands growth is a matter of perspective. Oil sands producers and investors may have a number of reasons to feel sanguine. But rapidly falling costs, streamlined designs and operations, labour and supplier availability, technological improvements, environmental impact reduction, and (eventually) new exit pipeline capacity, all point toward some level of continued growth in the oil sands. Looking ahead, the most vital for further oil sands growth is that the cornerstone Canadian-based producers demonstrate success in driving down full-cycle production costs, even beyond what has been already accomplished.
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                    [post_content] => Though the Canadian oil sands may have been overlooked in recent years, due to the impressive story of North American tight oil growth, their massive bitumen deposits still comprise a major portion of the world’s crude resources. With an estimated 170 billion barrels of economically proven reserves (amidst the 1.7-2.5 trillion barrels of oil in place in this northern region in the province of Alberta), the oil sands region itself represents approximately 10% of global reserves.

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Latest Publications by Peter Findlay

Latest Tweets from @OxfordEnergy

  • OPEC Cycles and Crude Oil Market Dynamics https://t.co/pPZC2FIpWz

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