Canada's Oil Producers Gird for Growth in Alberta, Saskatchewan

April 3, 2024--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. 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; other companies include Whitecap Resources Incorporated and Canadian Natural Resources Limited (NYSE:CNQ).