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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Anurup Kumar, executive director of Oren Hydrocarbons, talks to The Energy Year about the company’s footprint within the chemicals market and market trends that have…
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The COP28 summit has ended with a deal signed by almost 200 countries to reduce consumption of fossil fuels, Reuters reported on Wednesday.
The new pact calls for…
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The Canadian government has proposed a system to cut emissions from its oil and gas sector by between 35% and 38% by 2030, Reuters reported on Thursday.
The…
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TotalEnergies has divested all remaining shares in local subsidiary TotalEnergies EP Canada to Canadian integrated energy company Suncor for USD 1.3 billion, the French…
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Tourmaline Oil has agreed to acquire local competitor Bonavista Energy for USD 1.06 billion in cash and stock, Canada’s largest gas producer announced on Monday.
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Spanish energy giant Repsol has signed an agreement to sell its Canadian upstream business to Peyto Exploration & Development Corporation for USD 468 million, the local…
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Moosa Al Moosa, president of Dow, Middle East and Turkey, talks to The Energy Year about recent developments in the global petrochemicals market and the main drivers of…
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ConocoPhillips has exercised its pre-emption rights to purchase the remaining 50% interest in the Surmont oil sands project in Canada, the American energy giant…
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TotalEnergies has accepted a USD 4.5-billion offer from Suncor Energy for the purchase of its oil sands assets in Canada, the French energy giant announced on…
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Canada has put 47 concession areas on offer in its latest offshore oil and gas bid round in the eastern province of Newfoundland and Labrador, the Canada-Newfoundland…
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