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 realisation of Canada’s $7.9-billion Northern Gateway Pipeline project is becoming less likely as the latest regional developments hamper progress. The oil tanker…
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Canadian Natural Resources will sell a majority of its royalty assets to PrairieSky Royalty for $1.4 billion to cope with the downturn in oil prices, the two companies…
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TransCanada has agreed to sell 49.9 percent of its interest in the 474-kilometre Portland Natural Gas pipeline to US gas company TC PipeLines, the North American energy…
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TransCanada has cancelled one of two planned export terminals in eastern Canada intended to connect with the midstream company’s Energy East pipeline, it announced on…
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A new generic offshore royalty scheme was unveiled by the government of Newfoundland and Labrador on Monday as part of an effort to attract investors to the eastern…
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Shell has cancelled its plans to develop thermal oil sands at Canada’s Carmon Creek citing low petroleum prices, the super-major announced on Tuesday.
As a result…
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The Canada-Nova Scotia Offshore Petroleum Board (CNSOPB) approved Shell’s development plans for the Shelburne Basin Exploration Project on Tuesday.
According to…
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Poland’s biggest oil company has secured the purchase of local and Canadian assets worth a total of $392 million.
State-run Orlen will acquire Kicking Horse…
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Malaysia’s Petronas reiterated its intention to proceed with its $36-billion Canadian natural gas project amid volatility in the energy market, the state-owned…
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Suncor Energy formally placed a $3.3-billion bid to acquire investment company Canadian Oil Sands. Suncor’s intention is to boost production in Alberta, the company…
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