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Released April 03, 2024 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Canada is among the four biggest crude oil producers worldwide, with its annual production up for a third consecutive year in 2023, according to Statistics Canada. The bulk of this growth was driven by production from Western Canada's oil sands, including record monthly volumes of synthetic crude produced in the second half of the year. Further development in this region could take Canada even higher in 2024. Industrial Info is tracking nearly US$4 billion worth of crude oil-production projects across Canada that are set to begin in the second quarter, more than 75% of which is attributed to projects in Alberta.
Click on the image at right for a graph detailing crude oil-production projects across Canada that are slated to kick off from April through June, by parent company.
Crescent Point Energy Corporation (NYSE:CPG) (Calgary, Alberta) leads all other oil producers in the number and total investment value for second-quarter capital-spending kickoffs, including four in Alberta's Montney Shale. Three of these projects are tightly clustered: the Karr West, Gold Creek and Gold Creek West fields near Lone Pine, Alberta, in which the company plans to drill 24 new wells for US$240 million, 22 new wells for US$176 million and 21 new wells for US$189 million, respectively. Crescent Point hopes to expand total output from the three fields from 98,000 to roughly 137,200 barrels of oil equivalent per day (BOE/d) by the end of the year.
About 20 miles southwest, Crescent Point plans to drill 24 new wells in a US$256 million program in the Kaybob Duvernay North Field near Whitecourt, Alberta. Crescent Point aims to more than triple production at the field to as much as 32,000 BOE/d by the end of the year. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Project Database can read detailed reports on the Karr West, Gold Creek, Gold Creek West and Kaybob Duvernay North projects.
"By entering into the Alberta Montney, we added significant reserves in 2023, increasing our total corporate reserve life index to approximately 16 years," said Craig Bryksa, the chief executive officer of Crescent Point, in a recent earnings-related conference call. "It's also worth highlighting that approximately 60% of our premium locations in the Kaybob Duvernay and over 70% of our inventory in the Alberta Montney remain unbooked at year-end 2023, allowing for future reserve additions."
Crescent Point has undergone a series of structural changes over the past few years, in which the company has sold off non-core assets in the U.S. and Saskatchewan, and has broadened its role in Alberta through targeted acquisitions. Last month, executives announced Crescent Point soon will change its name to "Veren"--a combination of "veritas," the Latin word for truth, and "energy"--to reflect these changes.
Whitecap Resources Incorporated (Calgary) trails only Crescent Point in its number and investment in second-quarter kickoffs, including a trio in western Saskatchewan's Viking Shale: the Kindersley, Kerrobert and North Dodsland fields near Dodsland, Saskatchewan, in which the company plans to drill 48 new wells for US$145 million, 91 new wells for US$118.3 million and 30 new wells for US$60 million, respectively, before the end of the year.
Whitecap acquired its 4,000-barrel-per-day, high-netback, light-oil Viking assets last year, and expects output from the area will benefit its overall results for 2024 significantly. The company also plays a part in Saskatchewan's portion of the Williston Basin, where it is developing a US$150 million program in the Weyburn Oil Field near Goodwater, which is about 15 miles north of the border with North Dakota. Whitecap aims to drill 19 new wells at Weyburn to maintain production levels. Subscribers can read detailed reports on the Kindersley, Kerrobert, North Dodsland and Weyburn projects.
Canadian Natural Resources Limited (NYSE:CNQ) (CNRL) (Calgary) accounts for only one project, but it is the highest-valued of any set to begin through the end of June: the US$550 million expansion in the Smith West Field near Slave Lake, Alberta. CNRL plans to drill more than 190 new wells and construct gathering field tie-ins to grow its production of heavy crude. Subscribers can learn more from a detailed project report.
Subscribers to Industrial Info's GMI Project Database 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 crude oil-production projects across Canada that are set to begin in the second 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 crude oil-production projects across Canada that are slated to kick off from April through June, by parent company.Crescent Point Energy Corporation (NYSE:CPG) (Calgary, Alberta) leads all other oil producers in the number and total investment value for second-quarter capital-spending kickoffs, including four in Alberta's Montney Shale. Three of these projects are tightly clustered: the Karr West, Gold Creek and Gold Creek West fields near Lone Pine, Alberta, in which the company plans to drill 24 new wells for US$240 million, 22 new wells for US$176 million and 21 new wells for US$189 million, respectively. Crescent Point hopes to expand total output from the three fields from 98,000 to roughly 137,200 barrels of oil equivalent per day (BOE/d) by the end of the year.
About 20 miles southwest, Crescent Point plans to drill 24 new wells in a US$256 million program in the Kaybob Duvernay North Field near Whitecourt, Alberta. Crescent Point aims to more than triple production at the field to as much as 32,000 BOE/d by the end of the year. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Project Database can read detailed reports on the Karr West, Gold Creek, Gold Creek West and Kaybob Duvernay North projects.
"By entering into the Alberta Montney, we added significant reserves in 2023, increasing our total corporate reserve life index to approximately 16 years," said Craig Bryksa, the chief executive officer of Crescent Point, in a recent earnings-related conference call. "It's also worth highlighting that approximately 60% of our premium locations in the Kaybob Duvernay and over 70% of our inventory in the Alberta Montney remain unbooked at year-end 2023, allowing for future reserve additions."
Crescent Point has undergone a series of structural changes over the past few years, in which the company has sold off non-core assets in the U.S. and Saskatchewan, and has broadened its role in Alberta through targeted acquisitions. Last month, executives announced Crescent Point soon will change its name to "Veren"--a combination of "veritas," the Latin word for truth, and "energy"--to reflect these changes.
Whitecap Resources Incorporated (Calgary) trails only Crescent Point in its number and investment in second-quarter kickoffs, including a trio in western Saskatchewan's Viking Shale: the Kindersley, Kerrobert and North Dodsland fields near Dodsland, Saskatchewan, in which the company plans to drill 48 new wells for US$145 million, 91 new wells for US$118.3 million and 30 new wells for US$60 million, respectively, before the end of the year.
Whitecap acquired its 4,000-barrel-per-day, high-netback, light-oil Viking assets last year, and expects output from the area will benefit its overall results for 2024 significantly. The company also plays a part in Saskatchewan's portion of the Williston Basin, where it is developing a US$150 million program in the Weyburn Oil Field near Goodwater, which is about 15 miles north of the border with North Dakota. Whitecap aims to drill 19 new wells at Weyburn to maintain production levels. Subscribers can read detailed reports on the Kindersley, Kerrobert, North Dodsland and Weyburn projects.
Canadian Natural Resources Limited (NYSE:CNQ) (CNRL) (Calgary) accounts for only one project, but it is the highest-valued of any set to begin through the end of June: the US$550 million expansion in the Smith West Field near Slave Lake, Alberta. CNRL plans to drill more than 190 new wells and construct gathering field tie-ins to grow its production of heavy crude. Subscribers can learn more from a detailed project report.
Subscribers to Industrial Info's GMI Project Database 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 crude oil-production projects across Canada that are set to begin in the second 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).
