ZenaTech DaaS Business Enters Strengthened Market with Higher Oil Prices

ZenaTech's Drone as a Service (DaaS) business in Western Canada is entering a strengthened market, thanks to higher oil prices and significant investment in the energy sector. According to Shaun Passley, Ph.D., Chairman and Chief Executive Officer of ZenaTech, 'Our Drone as a Service business is a field services business that follows customer activity, when producers in Alberta, British Columbia, and Saskatchewan have more cash flow, they drill more wells.'

Recent oil price increases of over 45% in the second quarter versus the same period last year have improved cash flow for Western Canadian oil and gas producers. This boost is expected to drive demand for drone-enabled surveying, inspection, mapping, and environmental monitoring services.

ZenaTech's recent acquisition, Velocity Geomatics, provides drone-based regulatory and environmental surveys to oil and gas producers. The company operates from four offices across Alberta, British Columbia, and Saskatchewan, serving leading regional and international oil and gas producers.

Canada's oil and gas industry is expected to attract more than US$500 billion in investment over the next decade, driven by growing energy demand, expanded export capacity, and continued infrastructure and environmental investment. This long-term trend is expected to drive sustained demand for drone-enabled services.