Oil Reserves168.1 billion barrels
Oil Production5.43 million bopd
Gas Reserves2.4 tcm
Gas Production172.3 bcm
The world’s third largest holder of oil reserves, third largest natural gas producer and biggest source of US energy imports, Canada – fuelled by abundant oil sands – is now looking east to Asian markets as US demand levels off, production rises and the Keystone XL pipeline project drags on.
Chinese companies, including PetroChina and its China National Petroleum Corporation parent company have invested in the oil sands and other parts of Canada’s energy sector.
The participation of international oil companies, both private and state-owned, in Canada’s oil industry has risen rapidly. With 168 billion barrels as of the end of 2013, the oil sands represent 96 percent of Canada’s oil reserves. However, getting oil sands bitumen to market is no easy task. In order for the oil sands region to reach its potential, significant challenges must be overcome.
Undaunted by the challenges and renowned for its innovative companies and operators used to working in unconventional reservoirs Canada is determined to get maximum benefit out of its massive supply of hydrocarbons, including its 2 tcm (71 tcf) of proved natural gas reserves.
Pembina and partners have sanctioned the USD 3.2-billion Greenlight Electricity Centre project to power a new data centre in…
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EDF has agreed to sell its renewable energy business in the US and Canada to private equity firm KKR.
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Murphy Oil has announced that its Bubale-1X exploration well offshore Côte d’Ivoire has encountered 30 metres of net oil pay.
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Newmont has secured approvals for the expansion of the Red Chris gold and copper mine in British Columbia.
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Hanwha Ocean has signed an MoU with Kanata Clean to develop a USD 15.7-billion, 12-million-tpy FLNG export project in British Columbia.
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ADNOC will explore upstream and LNG opportunities in Canada through its international investment arm, XRG.
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Fluor and JGC have received limited notice to proceed on LNG Canada’s Phase 2 expansion to double liquefaction capacity.
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Shell and its partners have made an FID on the CAD 40-billion (USD 31-billion) LNG Canada project, international media reported on Monday.
Bloomberg reported the…
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Enbridge will buy the outstanding public common shares of its US subsidiary Spectra Energy Partners (SEP) for USD 3.3 billion, the Canadian pipeline operator announced…
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Crude oil prices rose on Tuesday amid supply shortages, as Iran vowed to sell as much oil as it could.
West Texas Crude oil futures rose 0.84% to $74.47 a barrel as…
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Oil prices gained more than 1% on Tuesday with West Texas Intermediate crude passing the $75 mark for the first time since 2014 as supply outages and expectations for…
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Crude oil prices were at a fresh three-year high on Thursday amid falling U.S. stockpiles and U.S.-Iranian tensions.
Crude oil futures increased 1.04% to $73.52 a…
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Petronas has agreed to acquire a 25% stake in the LNG Canada project, the Malaysian NOC announced on Thursday.
The total cost of the project, which is to be operated…
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Shell is in the process of selling its entire interest in Canadian Natural Resources for about USD 3.3 billion, the company announced on Monday.
“Shell’s…
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Daniel De Nigris, country manager of ExxonMobil Exploration Argentina (EMEA), talks to TOGY about the company’s recent developments at its projects and what industry…
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Crude oil prices continued to climb on Friday, as news of a U.S.-North Korea thaw boosted market sentiment and overshadowed recent concerns over U.S. oil inventories…
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Robert Fry, the Canadian ambassador to Argentina and Paraguay, talks to TOGY about the bilateral relationship between the countries, opportunities for companies in…
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