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.
SLB OneSubsea and Subsea7 have signed a long-term strategic collaboration agreement with Equinor.
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Canada's USD 24.7-billionTrans Mountain Expansion (TMX) oil pipeline has begun operations.
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As an established global petrochemicals exporter, Trinidad is well positioned to take the lead as a green commodity producer.
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Baker Hughes will supply a range of electric-driven liquefaction technologies to the Cedar LNG project in Canada.
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Canada's energy minister has said the country will not subsidise future LNG projects, calling such investments the "role of the private sector."
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Malaysia's Petronas is eyeing new investments in the Atlantic Basin in a bid to boost its global LNG market share to 10%.
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Total has announced it will “reduce its exposure” to Canadian oil sands operations in the context of low crude prices.
The company said on Monday that it has…
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Petrofac Kuwait country manager Mohammad Al Fahoum talks to TOGY about gas opportunities in Kuwait, international technology trends affecting the country’s expansion…
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Samer Adham, managing director of ConocoPhillips’ Global Water & Sustainability Center (GWSC), talks to TOGY about the importance of produced water treatment and…
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Seadrill has cancelled its contract with South Korean shipbuilding company Hyundai Heavy Industries for the construction of the semi-submersible West Mira due to…
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Australian exploration and production company Woodside is in talks to acquire Oil Search, the largest producer in Papua New Guinea, for a reported AUD11.6 billion…
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On Sunday, the Chinese National Offshore Oil Corporation (CNOOC) has been permitted to maintain three-quarters production at its Long Lake oil sands facility in…
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ConocoPhillips’ oil sands mega-project Surmont-2 in northeastern Alberta began producing oil on Wednesday, the company announced.
Production over the next two…
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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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