Reports related to this article:
Project(s): View 1 related project in PECWeb
Plant(s): View 1 related plant in PECWeb
Released June 06, 2023 | SUGAR LAND
en
Researched by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--After losing an estimated 200,000 barrels per day (BBL/d) of oil amid an outbreak of wildfires, the provincial government of Alberta ended a state of emergency and energy services are returning to normal. With the fourth-largest oil reserves on the planet, Canada's oil-production sector remains undeterred.
Alberta declared a state of emergency on May 11 in response to growing wildfires, which have since spread to neighboring regions. Smoke is still visible in skies across North America, with fires and red-flag warnings popping up from the U.S. state of Washington to northern Michigan.
Fires are still burning, and hot, dry weather across much of the area remains conducive to lingering risks. Evacuation orders are still in place, though Alberta's government ended the state of emergency on Saturday.
Crescent Point Energy Corporation (NYSE:CPG) (Calgary, Alberta) was among those announcing a recent return to production, bringing an estimated 45,000 barrels of oil equivalent per day (BOE/d) back on stream. None of its assets were damaged, and full-year guidance of between 160,000 and 166,000 BOE/d remains in place, despite the impact on second-quarter production.
"The company continues to monitor the wildfire situation closely, and will manage potential future temporary shut-ins as required with industry partners and local authorities to ensure the safety and security of its workers and assets," it said last week.
A recent study in the peer-reviewed journal Environmental Research Letters suggested nearly 40% of the wildfires in western Canada between 1986 and 2021 can be linked to emissions from the fossil-fuel industry and related sectors.
While much of the reserves are in western Canada, another 80,000 BBL/d are expected from Cenovus Energy Incorporated's (NYSE:CVE) (Calgary, Alberta) West White Rose project offshore Newfoundland and Labrador starting in early 2026. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Project Database can learn more from a detailed project report.
Since the outbreak of war in Ukraine, Canada has touted itself as a low-carbon solution to European energy security.
"Distance to key markets, including those critical markets in Europe that are facing an energy security crisis, is another challenge I often hear about," Lisa Baiton, the president and CEO of the Canadian Association of Petroleum Producers (CAPP), said of the offshore reserves. "Yet [Alberta] supplied oil to seven European countries in 2021, and is positioned to be an even greater source of secure energy for Europe and other partners."
As the top oil exporter to the U.S., Canada has long sought to expand its market reach. Perhaps no other project exemplifies that desire more than the planned expansion to the TransMountain Corporation (Calgary) pipeline to British Columbia. The federal government bought the pipeline in 2018 to ensure it gets built, with support coming from an initial USD $7.5 billion loan.
With Keystone XL abandoned, TransMountain has become the new scapegoat, where environmental concerns, regulatory delays and construction bottlenecks have long haunted the project. At an estimated $23 billion, the cost is now quadruple the original estimate from 2017.
Nevertheless, another 890,000 BBL/d--triple the current flow rate--will help Canada tap into the Asian markets by early next year. Subscribers can click here for a list of detailed project reports related to the TransMountain expansion.
Lackluster investments, an energy transition and environmental issues are headaches for the Canadian oil industry, but the future remains promising, according to CAPP. Total crude oil production is expected to expand from 4.6 million BBL/d in 2018 to nearly 6 million BBL/d by 2035.
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).
Alberta declared a state of emergency on May 11 in response to growing wildfires, which have since spread to neighboring regions. Smoke is still visible in skies across North America, with fires and red-flag warnings popping up from the U.S. state of Washington to northern Michigan.
Fires are still burning, and hot, dry weather across much of the area remains conducive to lingering risks. Evacuation orders are still in place, though Alberta's government ended the state of emergency on Saturday.
Crescent Point Energy Corporation (NYSE:CPG) (Calgary, Alberta) was among those announcing a recent return to production, bringing an estimated 45,000 barrels of oil equivalent per day (BOE/d) back on stream. None of its assets were damaged, and full-year guidance of between 160,000 and 166,000 BOE/d remains in place, despite the impact on second-quarter production.
"The company continues to monitor the wildfire situation closely, and will manage potential future temporary shut-ins as required with industry partners and local authorities to ensure the safety and security of its workers and assets," it said last week.
A recent study in the peer-reviewed journal Environmental Research Letters suggested nearly 40% of the wildfires in western Canada between 1986 and 2021 can be linked to emissions from the fossil-fuel industry and related sectors.
While much of the reserves are in western Canada, another 80,000 BBL/d are expected from Cenovus Energy Incorporated's (NYSE:CVE) (Calgary, Alberta) West White Rose project offshore Newfoundland and Labrador starting in early 2026. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Project Database can learn more from a detailed project report.
Since the outbreak of war in Ukraine, Canada has touted itself as a low-carbon solution to European energy security.
"Distance to key markets, including those critical markets in Europe that are facing an energy security crisis, is another challenge I often hear about," Lisa Baiton, the president and CEO of the Canadian Association of Petroleum Producers (CAPP), said of the offshore reserves. "Yet [Alberta] supplied oil to seven European countries in 2021, and is positioned to be an even greater source of secure energy for Europe and other partners."
As the top oil exporter to the U.S., Canada has long sought to expand its market reach. Perhaps no other project exemplifies that desire more than the planned expansion to the TransMountain Corporation (Calgary) pipeline to British Columbia. The federal government bought the pipeline in 2018 to ensure it gets built, with support coming from an initial USD $7.5 billion loan.
With Keystone XL abandoned, TransMountain has become the new scapegoat, where environmental concerns, regulatory delays and construction bottlenecks have long haunted the project. At an estimated $23 billion, the cost is now quadruple the original estimate from 2017.
Nevertheless, another 890,000 BBL/d--triple the current flow rate--will help Canada tap into the Asian markets by early next year. Subscribers can click here for a list of detailed project reports related to the TransMountain expansion.
Lackluster investments, an energy transition and environmental issues are headaches for the Canadian oil industry, but the future remains promising, according to CAPP. Total crude oil production is expected to expand from 4.6 million BBL/d in 2018 to nearly 6 million BBL/d by 2035.
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).
