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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Canada’s National Energy Board (NEB) has approved local energy company Steelhead LNG’s exports proposals, the company announced via Friday press release.
Steelhead…
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Spain’s Repsol is laying off 1,500 people over the next three years, company spokesman Kristian Rix wrote in an email to press.
It was not made clear which sectors…
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WorleyParsons has won a contract to carry out fabrication, assembly and construction for the Cutbank Ridge Partnership Program’s 03-07 Tower Sweet Gas Plant Project in…
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Total has announced it will “reduce its exposure” to Canadian oil sands operations in the context of low crude prices.
The company said on Monday that it has…
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Petrofac Kuwait country manager Mohammad Al Fahoum talks to TOGY about gas opportunities in Kuwait, international technology trends affecting the country’s expansion…
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Samer Adham, managing director of ConocoPhillips’ Global Water & Sustainability Center (GWSC), talks to TOGY about the importance of produced water treatment and…
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Seadrill has cancelled its contract with South Korean shipbuilding company Hyundai Heavy Industries for the construction of the semi-submersible West Mira due to…
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Australian exploration and production company Woodside is in talks to acquire Oil Search, the largest producer in Papua New Guinea, for a reported AUD11.6 billion…
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On Sunday, the Chinese National Offshore Oil Corporation (CNOOC) has been permitted to maintain three-quarters production at its Long Lake oil sands facility in…
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ConocoPhillips’ oil sands mega-project Surmont-2 in northeastern Alberta began producing oil on Wednesday, the company announced.
Production over the next two…
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