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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Alberta and South Korea have agreed to waive a 3% tariff on crude exports, facilitating flows of Canadian oil to refineries in South Korea.
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Mangrove Lithium has opened North America’s first commercial electrochemical lithium refinery, a 1,000-tpy facility in Delta, British Columbia.
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Canadian Copper has secured CAD 96 million in project funding from OR Royalties and Ocean Partners to develop its flagship Murray Brook deposit.
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Eni has invested USD 70 million in Canada’s Nouveau Monde Graphite to build a vertically integrated ore-to-battery-material business.
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Canadian light crude premiums have surged to record highs as US refiners look north amid tightening global supplies.
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SAGA Metals has acquired the Garneau Titanium Project, a drill-ready asset with established infrastructure, from Rio Tinto Exploration Canada.
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LNG Canada has selected Técnicas Reunidas for FEED work towards the planned Phase 2 expansion of the Coastal Gas Link Pipeline.
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Equinor and BP have reached a Bay du Nord deal set to generate $4.7 billion for Newfoundland.
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Arrow Exploration has brought two appraisal wells on stream in Colombia’s Llanos Basin.
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Rio Tinto has taken a majority stake and management control of Nemaska Lithium to build an integrated business in Québec.
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