The Canadian oil industry is changing—and so is the Petroleum Services Association of Canada, which is opening up membership to companies in other segments of the energy industry.
The Petroleum Services Association of Canada probably won’t ever let go of its oil-industry base. But it is taking steps to move away from being only about oil.
That’s according to a recent CBC News report, which revealed that PSAC is opening its doors to companies focused on wind, solar, and other kinds of renewable energy. Part of the reason, said PSAC President Mark Salkeld, is that member companies are themselves expanding beyond oil and gas.
“The writing is on the wall,” Salkeld told the news service. “Whether or not you believe in the climate change argument—doesn’t matter. The fact is, renewables, alternatives, other energy resources are coming.”
The association, which has no plans to change its name to reflect the shift, dropped a requirement that member companies earn at least 50 percent of their revenues from oil-related services. Removing that rule reflects what’s happening in the industry, as some of PSAC’s longtime members no longer meet that requirement.
“Some of our companies have moved away from oilfield services. They’re moving wind turbines, not drilling rigs,” Salkeld said.
The change in PSAC’s membership model comes as the Canadian oil industry continues to struggle to bounce back from a long-term drop in oil prices. The organization’s member count is down about 30 percent from two years ago.
PSAC projects improvement in the oil industry in 2017, forecasting a slight increase in the number of oil wells drilled next year.