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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Keyera, AltaGas and CN are advancing a strategic rail terminal project to bring greater LPG volumes to export markets on Canada’s west coast.
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Anglo American has agreed to sell its steelmaking coal portfolio in Australia to Dhilmar for up to USD 3.9 billion.
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Canada and Alberta have agreed on a timeline for a new bitumen pipeline to connect Alberta producers with Asian markets.
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Caturus has closed USD 9.75 billion in project finance and reached a positive FID on the Commonwealth LNG project in the US.
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A new oil pipeline between Canada and the US proposed by South Bow and Bridger Pipeline is nearing the shipper commitments required to begin construction.
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Canada is launching the Canada Strong Fund with USD 18.3 billion in seed capital to invest in Canadian infrastructure, manufacturing, energy and mining.
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Shell has acquired pure-play Montney shale producer ARC Resources for USD 16.4 billion, gaining about 370,000 boepd in production.
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Enbridge has received approval for a USD 2.9-billion expansion to its 2,900-kilometre Westcoast Pipeline system in Canada.
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AKITA Drilling has acquired Fox Drilling from Paramount Resources, adding six rigs to its fleet and expanding its footprint in Western Canada.
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Apollo has acquired 40% of Pembina Gas Infrastructure, one of Canada’s largest independent gas processing platforms.
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