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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Husky Energy cut C$800 million (USD 549 million) from its 2016 budget and will scale back production guidance by around 15,000 boepd, the Canadian petroleum company…
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Suncor Energy struck a USD 6.6-billion deal with Canadian Oil Sands for a takeover of shares, the Calgary-based energy companies reported in a joint statement…
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Enerplus Corporation is selling a number of its Alberta natural gas assets for about USD 193 million, the Canadian independent reported on Monday.
The properties…
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TransCanada plans to sue the US government after President Barack Obama did not approve the company’s request for a permit to build the Keystone XL pipeline, the…
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Talisman Energy has decided to ditch its name for Repsol Oil & Gas Canada, the Canadian oil producer announced in a statement Monday.
The change in name has…
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The environmental impact assessment for the planned Pacific Northwest LNG export facility in British Columbia will resume after a six-month pause.
The USD…
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Canada’s Husky Energy announced plans Tuesday to sell part of its midstream business and cut capital spending in its Alberta operations, citing the oil price slump.…
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President director of IndrillCo Group Mohamad Bawazeer discusses the economics of shale gas development, the challenges to fabricating rigs locally and potential areas…
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Shell received two fines on Tuesday for separate incidents involving leaks in the Canada and the UK.
The Ontario government ordered the super-major’s local…
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The oil-rich Canadian province of Alberta has announced it will cap emissions from oil sands producers.
Companies such as Imperial Oil and Suncor Energy will be…
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