MARCH 2016
H
business elite canada 61
By Rajitha Sivakumaran
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S
eptember 2014 brought with it a
catastrophic supply-demand im-
balance in the oil and gas industry.
As one of the top exporters of crude oil,
the Canadian petrochemical sector suf-
fered major losses after OPEC’s decision
to maintain oil production despite a dwin-
dling global demand. More than a year and
a half later, conditions have yet to improve
as industry giants continue to cut staff. Ac-
cording to the 2015 fourth quarter finan-
cial results of the Calgary-based Hallibur-
ton Group, an oil and gas services (OGS)
company, $192 million was spent on asset
