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.
The Canada–Newfoundland and Labrador Offshore Energy Regulator has opened the bidding for 16 exploration licences.
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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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South Bow has secured 20-year commitments to back its Prairie Connector between Alberta and the Canada-US border, advancing…
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Northern Oil and Gas has entered Canada with the acquisition of a 25% stake in Duvernay Basin light oil assets from Parallax Energy Operating.
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Keyera, AltaGas and CN are advancing a strategic rail terminal project to bring greater LPG volumes to export markets on Canada’s west coast.
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Anglo American has agreed to sell its steelmaking coal portfolio in Australia to Dhilmar for up to USD 3.9 billion.
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Canada and Alberta have agreed on a timeline for a new bitumen pipeline to connect Alberta producers with Asian markets.
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Canada is launching the Canada Strong Fund with USD 18.3 billion in seed capital to invest in Canadian infrastructure, manufacturing, energy and mining.
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Shell has acquired pure-play Montney shale producer ARC Resources for USD 16.4 billion, gaining about 370,000 boepd in production.
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Enbridge has received approval for a USD 2.9-billion expansion to its 2,900-kilometre Westcoast Pipeline system in Canada.
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Apollo has acquired 40% of Pembina Gas Infrastructure, one of Canada’s largest independent gas processing platforms.
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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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