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Released September 24, 2024 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Canada's Oil & Gas Production Industry is poised for extensive development in the coming years, as rising demand for fossil fuel-based energy is spurring project proposals in the oil sands and other typically busy regions, including a long-gestating liquefied natural gas (LNG) processing and export complex on the western coast. Industrial Info is tracking about US$16 billion worth of capital-spending projects in Canada's Oil & Gas Production Industry that are set to begin construction in the fourth quarter, the bulk of which are in eastern Alberta.
Click on the image at right for a graph detailing the top 10 parent companies for capital-spending projects in Canada's Oil & Gas Production Industry that are set to begin construction from October through December.
The U.S. Energy Information Administration (EIA) recently predicted North America's LNG export capacity would more than double between 2024 and 2028, if projects nearing or under construction begin operations as planned. Although most of the new capacity will come from U.S.-based projects, about 2.5 billion cubic feet per day (Bcf/d) of the 13 Bcf/d increase is expected to come from Canada. Among the most promising projects is Pacific Oil & Gas Limited's (Singapore) Woodfibre LNG Facility near Squamish, British Columbia, which currently is expected to begin exporting in 2027.
The Woodfibre complex, which started its early analysis work in 2014, is designed to process 220 million standard cubic feet per day of natural gas into 2.1 metric tons per year of LNG via two production trains. The gas-marketing division of BP plc (NYSE:BP) (London, England) has agreed to buy all of the LNG produced at the complex. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Project and Plant databases can learn more from a detailed project report and plant profile.
Pacific Oil & Gas confirmed in August it had started pouring concrete for Woodfibre's piperack foundations: "All regular erosion, sediment control measures and environmental best practices remain in place. The floatel is in place at the project site, currently providing accommodation for the construction workforce of approximately 350 people and expected to ramp up to full occupancy in the coming weeks. Blasting of the project site slopeside and rock wall is in progress to create the space for the installation of the future permanent export terminal," the company said on its blog.
In the oil sands of Alberta and British Columbia, several of the industry's biggest players are moving toward major project kickoffs. Cenovus Energy Incorporated (NYSE:CVE) (Calgary, Alberta) could begin work on a pair of bitumen-processing plants at its Christina Lake and Narrows Lake properties near Fort McMurray, Alberta. The projects would have capacities of 50,000 and 45,000 barrels per day (BBL/d), respectively; the Christina Lake project would increase an existing facility's production capacity to 288,800 BBL/d. Subscribers can read detailed reports on the Christina Lake and Narrows Lake projects.
In a recent earnings-related conference call, Cenovus executives updated investors on the drilling projects that would fuel growth at the two processing plants. "On Narrows [Lake], we're approaching mechanical completion at the end of this year," said Keith Chiasson, the executive vice president of Cenovus' downstream business. "The pads are drilled and in place. So, we'll be able to progress that steaming in the first half of 2025 to see production coming out of Narrows in 2026."
MEG Energy Corporation (Calgary) is upping its exploration and production capacity in the same region with an expansion to its Christina Lake complex. MEG plans to drill new steam-assisted gravity-drainage (SAGD) well pairs, increase steam production and perform debottlenecks to increase capacity by about 13,000 BBL/d, which would bring its total plant capacity to about 113,000 BBL/d. Subscribers can learn more from a detailed project report.
"The plant right now is at full capacity. And so, without introducing these opportunities, we're not able to grow production," said Darlene Gates, the chief executive officer of MEG, in a recent earnings call. She said the company expects to see moderate production growth of 3% to 5% per year in 2025 and 2026: "We'll manage that based on the macroenvironment."
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for capital-spending projects in Canada's Oil & Gas Production Industry that are set to begin construction in the fourth quarter.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
Click on the image at right for a graph detailing the top 10 parent companies for capital-spending projects in Canada's Oil & Gas Production Industry that are set to begin construction from October through December.The U.S. Energy Information Administration (EIA) recently predicted North America's LNG export capacity would more than double between 2024 and 2028, if projects nearing or under construction begin operations as planned. Although most of the new capacity will come from U.S.-based projects, about 2.5 billion cubic feet per day (Bcf/d) of the 13 Bcf/d increase is expected to come from Canada. Among the most promising projects is Pacific Oil & Gas Limited's (Singapore) Woodfibre LNG Facility near Squamish, British Columbia, which currently is expected to begin exporting in 2027.
The Woodfibre complex, which started its early analysis work in 2014, is designed to process 220 million standard cubic feet per day of natural gas into 2.1 metric tons per year of LNG via two production trains. The gas-marketing division of BP plc (NYSE:BP) (London, England) has agreed to buy all of the LNG produced at the complex. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Project and Plant databases can learn more from a detailed project report and plant profile.
Pacific Oil & Gas confirmed in August it had started pouring concrete for Woodfibre's piperack foundations: "All regular erosion, sediment control measures and environmental best practices remain in place. The floatel is in place at the project site, currently providing accommodation for the construction workforce of approximately 350 people and expected to ramp up to full occupancy in the coming weeks. Blasting of the project site slopeside and rock wall is in progress to create the space for the installation of the future permanent export terminal," the company said on its blog.
In the oil sands of Alberta and British Columbia, several of the industry's biggest players are moving toward major project kickoffs. Cenovus Energy Incorporated (NYSE:CVE) (Calgary, Alberta) could begin work on a pair of bitumen-processing plants at its Christina Lake and Narrows Lake properties near Fort McMurray, Alberta. The projects would have capacities of 50,000 and 45,000 barrels per day (BBL/d), respectively; the Christina Lake project would increase an existing facility's production capacity to 288,800 BBL/d. Subscribers can read detailed reports on the Christina Lake and Narrows Lake projects.
In a recent earnings-related conference call, Cenovus executives updated investors on the drilling projects that would fuel growth at the two processing plants. "On Narrows [Lake], we're approaching mechanical completion at the end of this year," said Keith Chiasson, the executive vice president of Cenovus' downstream business. "The pads are drilled and in place. So, we'll be able to progress that steaming in the first half of 2025 to see production coming out of Narrows in 2026."
MEG Energy Corporation (Calgary) is upping its exploration and production capacity in the same region with an expansion to its Christina Lake complex. MEG plans to drill new steam-assisted gravity-drainage (SAGD) well pairs, increase steam production and perform debottlenecks to increase capacity by about 13,000 BBL/d, which would bring its total plant capacity to about 113,000 BBL/d. Subscribers can learn more from a detailed project report.
"The plant right now is at full capacity. And so, without introducing these opportunities, we're not able to grow production," said Darlene Gates, the chief executive officer of MEG, in a recent earnings call. She said the company expects to see moderate production growth of 3% to 5% per year in 2025 and 2026: "We'll manage that based on the macroenvironment."
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for capital-spending projects in Canada's Oil & Gas Production Industry that are set to begin construction in the fourth quarter.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
