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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Chevron is looking to offload its 20% non-operated working interest in the Athabasca Oil Sands Project, industry sources said late on Thursday.
The sale, which…
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China has overtaken Canada to become the biggest purchaser of US crude, figures released on Tuesday indicate.
The US sent 8.08 million bopd of light crude to China…
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ConocoPhillips announced on Wednesday that it had agreed to sell oil and gas assets in Canada valued at USD 13.3 billion to Cenovus.
The deal covers its 50% stake in…
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The past week had it all; new projects coming on stream, a slew of EPC contract awards, divestments and financial figures. The past week also saw Ghana make its debut…
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Canadian pipeline operator TransCanada received a presidential permit from the US administration on Friday to proceed with the controversial Keystone XL pipeline,…
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TOGY talks to Mohammad Kyanpour, engineering and business development manager for the GCC at RGL Reservoir Management, about how the company is applying its…
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The past week was one of farm-ins and acquisitions, with several majors splurging on gas-rich acreage in particular.
OMV set the buying in motion on Monday when it…
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Shell has reached agreements with Canadian Natural Resources on the sale of its in-situ oil sands assets, along with undeveloped leases, the Anglo-Dutch major said on…
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The news of the past week revolved around major deals in Abu Dhabi, a fresh oil find and additional reserves in Iraq and a slew of annual results announcements.…
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Iraq has updated its proven oil reserves figures, Minister of Oil Jabar Al Luaibi announced on Sunday.
The second-largest producer in OPEC now boasts 153 billion…
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