Today, IBM opened its US $2.6 million Oil Sands Centre of Excellence in Calgary, which aims to help petroleum producers test and use new technologies that will lower costs and make oil recovery easier, more efficient, and more intelligent. The Centre is the fifth IBM facility focused on the global oil and gas industry to open in the past two years.
The development of Alberta’s oil sands will be one of the world’s largest capital investments, with the petroleum industry expected to invest between US $42.4 billion and US $84.8 billion within the next decade. But capital costs have doubled in the past five years and many projects are behind schedule and over budget. The new centre will promote collaboration among all industry players, helping them do business more effectively.