To build a sustainable energy company, we must anticipate what’s next. As conventional oil and gas reserves decline, attention is turning to unconventional gas plays such as shale gas and coalbed methane (CBM). Here we have to creatively use technology to get at the resource. We moved early into these plays in Canada, establishing attractive land positions that could not be replicated easily and affordably today.

The beauty of unconventional gas, particularly shale gas, is that it could fuel our short to medium term growth. Wells can be brought on stream at peak rates with short cycle-times. This type of development is a great complement to our conventional mega projects that can span many years from discovery to first oil. And the potential here is huge — enough to more than double the size of our company based on our current proved reserves. It also increases our exposure to gas, reducing our reliance on one commodity. The current economic slowdown is providing a great opportunity to test and perfect the most economical way to produce this asset and move toward commerciality. Stay tuned.