Canada's Tourmaline Upbeat on Oil & Gas Output in 2023, Despite Inflation

January 19, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)-- Following a year of record oil and gas production in some of its key drilling areas, Canada's Tourmaline Oil Corporation (Calgary, Alberta) expects to grow its presence in Western Canada's fossil fuel-rich fields, despite persistent pressure from inflation.

Industrial Info is tracking more than US$3.2 billion worth of active projects from Tourmaline, with about 55% attributed to British Columbia and 45% attributed to Alberta. Tourmaline expects capital expenditures (capex) for 2023 will total about C$1.68 billion (US$1.25 billion), with inflation expected to be about 25% higher than what was seen in 2021. Projects include a series of new wells in three large resource plays in the Western Canadian Sedimentary Basin: the Alberta Deep Basin, the Northeast British Columbia (NEBC) Montney and the Peace River Triassic Oil complex.