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Released March 07, 2023 | SUGAR LAND
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Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--Alberta's energy minister is headed to Texas for the CERAWeek energy conference, carrying a message that the energy-rich province is "the best choice" for the world.
S&P Global Commodities Insight's who's-who event kicked off Monday in Houston, Texas, with speakers from U.S. Energy Secretary Jennifer Granholm to Amin Nasser, the president and chief executive officer of Saudi Aramco, on the agenda.
Themes this year should range from the impact of the war in Ukraine to global pledges of decarbonization. Looking at the event as an opportunity to address the world, Alberta Energy Minister Pete Guthrie is bringing the message that Alberta is the responsible energy producer for today's market.
"Alberta energy is the best choice for allies around the world," he said.
Canada produced an average of 4.8 million barrels of oil and equivalents per day last year, and most of that came from Alberta. Right now, Canada is mostly landlocked and most of its energy products stay in North America.
In fact, Canada and Mexico are the top two crude oil exporters to the United States. For the week ending February 27, Canada delivered an average of 3.6 million barrels per day (BBL/d) to its southern neighbor, while Mexico sent 725,000 BBL/d northward.
Accounting for just 5.8% of the total, Saudi Arabia--the de facto head of the Organization of the Petroleum Exporting Countries--delivered just 310,000 BBL/d.
Last year, Alberta Premier Jason Kenney testified before U.S. lawmakers that he was perplexed about President Joe Biden's frequent pleas to OPEC to open the spigot to arrest the inflationary pressures from the higher-for-longer outlook for crude oil prices.
"If you remember one fact from today's hearing, I hope it's this: the province of Alberta is the largest source of U.S. energy imports, by far," Kenney said. "U.S. energy security depends on Alberta."
This year, however, may be a breakout year for Canada. The Canadian Association of Petroleum Producers (CAPP) estimates total spending on upstream oil and natural gas will be 11% higher than last year's level, reaching around USD $30 billion this year.
About $5.3 billion of that will target British Columbia, which could see not only liquified natural gas leave its shores, but also crude oil from the long-awaited Trans Mountain pipeline expansion project.
"Major energy infrastructure projects under construction, like the Trans Mountain expansion, are incredibly important to Canada reaching its potential as a provider of secure energy to our trading partners," said Lisa Baiton, the president and chief executive officer of CAPP. "The completion of Trans Mountain will enable Canada to export nearly 900,000 barrels of oil per day to world markets, helping to ensure Canadians get greater value for their natural resources while significantly increasing our role in the global energy market."
Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Project Database can click here for a list of Trans Mountain project reports.
By the 2030s, the country could also be delivering liquefied natural gas (LNG) from Shell's facility under construction in Kitimat, British Columbia.
Shell in 2018 received approval to start building a project that could deliver as much as 680 billion cubic feet of LNG per year through the initial two-train development at Kitimat. Shell plans to expand that footprint to four trains, which is the infrastructure necessary to cool gas to the liquid form.
Shell believes Kitimat will eventually rival exports of LNG from the U.S. Gulf Coast, at least to the energy-hungry economies of Asia. The voyage from Kitimat is 50% shorter than from the Gulf of Mexico and deliveries will also avoid the Panama Canal. Subscribers can click here for a list of Kitimat project reports.
"Globally, LNG is one of the fastest growing sources of energy and Canada is one of the few stable and democratic countries that have the reserves and capacity to become an exporter of natural gas for decades to come," Baiton said.
Canada is unlikely to rival the United States, however, even if routes are shorter. Consultant group Wood Mackenzie expects the United States to pass Australia and Qatar this year to take the Number 1 spot for LNG exports, with deliveries totaling 88 billion cubic feet of gas in the liquid form for the seven-day period ending March 1.
U.S. crude oil production, meanwhile, is expected to average around 12 million BBL/d this year and exports are close to Canada's at around 4 million BBL/d.
But breaking landlock not only helps Canada, but the rest of the world given expectations of a protracted conflict in Ukraine and the absence of Russian supplies. With U.S. President Joe Biden mulling oil projects in Alaska, the North American energy sector may be moving further north.
Subscribers can click here for the project reports referenced in this article and click here for the related plant profiles.
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) 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 over 200,000 current and future projects worth $17.8 Trillion (USD).
S&P Global Commodities Insight's who's-who event kicked off Monday in Houston, Texas, with speakers from U.S. Energy Secretary Jennifer Granholm to Amin Nasser, the president and chief executive officer of Saudi Aramco, on the agenda.
Themes this year should range from the impact of the war in Ukraine to global pledges of decarbonization. Looking at the event as an opportunity to address the world, Alberta Energy Minister Pete Guthrie is bringing the message that Alberta is the responsible energy producer for today's market.
"Alberta energy is the best choice for allies around the world," he said.
Canada produced an average of 4.8 million barrels of oil and equivalents per day last year, and most of that came from Alberta. Right now, Canada is mostly landlocked and most of its energy products stay in North America.
In fact, Canada and Mexico are the top two crude oil exporters to the United States. For the week ending February 27, Canada delivered an average of 3.6 million barrels per day (BBL/d) to its southern neighbor, while Mexico sent 725,000 BBL/d northward.
Accounting for just 5.8% of the total, Saudi Arabia--the de facto head of the Organization of the Petroleum Exporting Countries--delivered just 310,000 BBL/d.
Last year, Alberta Premier Jason Kenney testified before U.S. lawmakers that he was perplexed about President Joe Biden's frequent pleas to OPEC to open the spigot to arrest the inflationary pressures from the higher-for-longer outlook for crude oil prices.
"If you remember one fact from today's hearing, I hope it's this: the province of Alberta is the largest source of U.S. energy imports, by far," Kenney said. "U.S. energy security depends on Alberta."
This year, however, may be a breakout year for Canada. The Canadian Association of Petroleum Producers (CAPP) estimates total spending on upstream oil and natural gas will be 11% higher than last year's level, reaching around USD $30 billion this year.
About $5.3 billion of that will target British Columbia, which could see not only liquified natural gas leave its shores, but also crude oil from the long-awaited Trans Mountain pipeline expansion project.
"Major energy infrastructure projects under construction, like the Trans Mountain expansion, are incredibly important to Canada reaching its potential as a provider of secure energy to our trading partners," said Lisa Baiton, the president and chief executive officer of CAPP. "The completion of Trans Mountain will enable Canada to export nearly 900,000 barrels of oil per day to world markets, helping to ensure Canadians get greater value for their natural resources while significantly increasing our role in the global energy market."
Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Project Database can click here for a list of Trans Mountain project reports.
By the 2030s, the country could also be delivering liquefied natural gas (LNG) from Shell's facility under construction in Kitimat, British Columbia.
Shell in 2018 received approval to start building a project that could deliver as much as 680 billion cubic feet of LNG per year through the initial two-train development at Kitimat. Shell plans to expand that footprint to four trains, which is the infrastructure necessary to cool gas to the liquid form.
Shell believes Kitimat will eventually rival exports of LNG from the U.S. Gulf Coast, at least to the energy-hungry economies of Asia. The voyage from Kitimat is 50% shorter than from the Gulf of Mexico and deliveries will also avoid the Panama Canal. Subscribers can click here for a list of Kitimat project reports.
"Globally, LNG is one of the fastest growing sources of energy and Canada is one of the few stable and democratic countries that have the reserves and capacity to become an exporter of natural gas for decades to come," Baiton said.
Canada is unlikely to rival the United States, however, even if routes are shorter. Consultant group Wood Mackenzie expects the United States to pass Australia and Qatar this year to take the Number 1 spot for LNG exports, with deliveries totaling 88 billion cubic feet of gas in the liquid form for the seven-day period ending March 1.
U.S. crude oil production, meanwhile, is expected to average around 12 million BBL/d this year and exports are close to Canada's at around 4 million BBL/d.
But breaking landlock not only helps Canada, but the rest of the world given expectations of a protracted conflict in Ukraine and the absence of Russian supplies. With U.S. President Joe Biden mulling oil projects in Alaska, the North American energy sector may be moving further north.
Subscribers can click here for the project reports referenced in this article and click here for the related plant profiles.
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) 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 over 200,000 current and future projects worth $17.8 Trillion (USD).
