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 Energy Information Administration reported on Tuesday that US imports from Canada reached record levels in 2015. Canada shipped 3.2 million bopd last year, a 10%…
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TransCanada, operator of the Keystone pipeline transporting crude from Alberta to the US, late on Wednesday said the conduit would remain shut-in until early next week.…
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The Obama administration is planning to announce measures aimed at reducing methane emissions from oil and gas wells on Thursday. President Barack Obama is expected to…
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Imperial Oil has sold its remaining Esso fuelling stations in Canada, the country’s integrated energy company announced on Wednesday, having reached agreements with…
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Husky Energy has laid off more workers to deal with the volatile oil and gas market in western Canada, one of the country’s largest energy independents confirmed by…
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A sharp drop in earnings have prompted Shell to again defer its final investment decision on its deepwater venture in Nigeria, the Bonga southwest project, the…
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Canadian Prime Minister Justin Trudeau held talks Wednesday with Alberta Premier Rachel Notley on federal support for environmental initiatives that should result in…
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Petromanas Energy is selling its Albanian assets for USD 45 million to super-major Shell, the Canadian exploration and development company announced yesterday.
The…
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Enbridge will buy major gas assets from US’ Murphy Oil for USD 382 million, Canada’s second-largest pipeline company stated yesterday.
The signed agreement is…
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Trican Well Service sold its entire US-based pressure pumping business to the US’ Keane Group, the Canadian company announced on Tuesday.
The USD 285 million deal…
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