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.
READ MORE
Fluor and JGC have received limited notice to proceed on LNG Canada’s Phase 2 expansion to double liquefaction capacity.
READ MORE
South Bow has secured 20-year commitments to back its Prairie Connector between Alberta and the Canada-US border, advancing…
READ MORE
Northern Oil and Gas has entered Canada with the acquisition of a 25% stake in Duvernay Basin light oil assets from Parallax Energy Operating.
READ MORE
Keyera, AltaGas and CN are advancing a strategic rail terminal project to bring greater LPG volumes to export markets on Canada’s west coast.
READ MORE
Anglo American has agreed to sell its steelmaking coal portfolio in Australia to Dhilmar for up to USD 3.9 billion.
READ MORE
Canada and Alberta have agreed on a timeline for a new bitumen pipeline to connect Alberta producers with Asian markets.
READ MORE
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…
READ MORE
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…
READ MORE
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…
READ MORE
Shell Canada, the local subsidiary of Anglo-Dutch multinational Shell, received approval today from Canada’s Ministry of Environment to drill offshore Nova…
READ MORE
Canada’s Scotiabank is one of the few banks globally that specialises evenly across financial advising and large capital lending activities. Mark Ammerman,…
READ MORE
A wildfire that started on Friday in northeastern Alberta edge closer to two major oil sands has doubled in size to 42,000 acres on Wednesday.
The fire has caused…
READ MORE
An assessment released on Friday of Canada’s Northwest Territories Canol and Bluefish shale reserves has estimated nearly 200 billion barrels of oil. The Canol field…
READ MORE
Petronas-led consortium Pacific NorthWest LNG has agreed a preliminary deal with British Columbia on taxes and royalties for a proposed C$36 billion ($30 billion) LNG…
READ MORE
Canadian exploration and production company Talisman Energy has announced layoffs of 10-15 percent of its workforce.
A company spokesperson said on Wednesday that…
READ MORE
The US Senate has failed to override President Barack Obama’s veto of a bill that would have cleared construction of the Keystone XL pipeline.
The result on…
READ MOREWHOSE PLATFORM IS THIS?
ASK US
