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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Canadian oil and natural gas production company Penn West has been forced to lower its capital expenditure to $500 million in response to low crude prices, the…
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More than 75 percent of the daily output from Canada’s oil sands is being produced at a loss under current crude prices, according to Canadian investment firm TD…
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The US-Canadian Alliance Pipeline, which transports about 45.3 mcm (1.6 bcf) of gas per day, reopened Thursday after having been shut down for six days due to the…
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KBR has been awarded a contract for work on Suncor Energy’s Fort Hills oil sands mining project in Alberta, Canada. The contract will see the Houston-based company…
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Two North American onshore drilling rig operators released positive outlooks on Thursday, despite both companies posting net losses for the second quarter of 2015.…
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An estimated 5-million-litre pipeline spill of bitumen was reported Wednesday at the Nexen Long Lake oil sands development in Alberta, Canada. The area affected by the…
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Teck Resources, a Canadian diversified mining entity, announced on July 10 that it would delay the anticipated start up of its Frontier oil sands mine by a minimum of…
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Canadian firm Pacific Rubiales announced on Wednesday that Mexican conglomerate Alfa SAB and investment firm Harbour Energy will not go through with their plans to…
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ExxonMobil announced today that bitumen production at its Kearl oil sands expansion project in Alberta, Canada, has begun ahead of schedule.
The expansion project is…
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Shell Canada, the local subsidiary of Anglo-Dutch multinational Shell, received approval today from Canada’s Ministry of Environment to drill offshore Nova…
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