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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The wildfires that raged across much of Alberta, home to Canada’s oil sands operations, will cost insurers some USD 2.8 billion, Insurance Bureau of Canada said late…
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Mexico has pledged to join an initiative backed by the US and Canada to reduce oil and gas industry-related methane emissions, a joint statement released on Wednesday…
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OPEC struck down a cap on production at its annual meeting in Vienna yesterday.
The cartel’s 13 ministers agreed to allow oil production to rise, stating that the…
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Dozens of international climate scientists have asked the Canadian government to reconsider a Petronas-backed LNG project in northwest British Colombia.
The report,…
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The wildfires that continue to eat away at the forests surrounding the oil sands operations in Canada’s Alberta province have necessitated the evacuation of oil…
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Abu Dhabi National Energy Company, or TAQA, revealed a loss of USD 166 million in Q1 due to lower oil prices in its quarterly results posted on Wednesday. During the…
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Oil sands operators Shell and ConocoPhillips are planning to resume operations in northern Alberta, the companies said late on Monday. The resumption of work in the oil…
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Crude futures saw gains early on Monday as Asian traders responded to reduced Canadian output and the change of the guard at Saudi Arabia’s Ministry of Oil. At 06:30…
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Operators working in Alberta’s oil patch have opened up their work camps to locals fleeing from the raging wildfires, Canadian media reported on Wednesday. As part of…
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Suncor late on Wednesday announced it had agreed to purchase Murphy Oil Corporation’s 5% interest in Syncrude, raising its stake in the venture to 53.74%. Through…
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