CANADA

(in North America)

CAPITAL: OTTAWA

POPULATION: 34 mm

AREA (on): 9,984,700 km2

OIL PEAK: 2034 (forecast)

SUPPLY

Onshore oil and gas in Canada is mostly produced in Alberta, a region that peaked for conventional oil in 1998 and is near peak for gas. The Athabasca oil sands in northern Alberta are Canada’s growth opportunity. Here bitumens are trapped in shallow sands, which may be mined and sold as bitumen or refined to make synthetic oil. Canda's oil production will grow significanlty as a result of synthetic oil, albeit with project delays caused by lower prices in 2009.

Canada’s offshore production originates from Newfoundland (oil) and Nova Scotia (mostly gas). Fields developed in this harsh climate produce only a small but increasing share of Canada's output.

Conventional gas in Alberta is near peak but coal bed methane and shale gas are barely exploited. Potentially large volumes of oil and gas also lie in the Arctic with onshore gas piped from the Mackenzie Delta possibly onstream within five years.

 

DEMAND

Canada’s oil demand increased rapidly from 2000 to 2004 but, with higher prices, growth slowed and consumption has now declined a little. Over the medium term it is expected that growth will return. The strength of US needs ensures that large volumes of oil are exported across the border. Although exports are now flat, they are projected to increase as production of synthetic oil builds up after 2012.

Meanwhile gas consumption is growing rapidly, especially as more gas is used in the refining of synthetic oil from bitumen. New gas resources developed offshore and in the Arctic will be able to support export volumes to the US but these will eventually begin to decline, perhaps after 2015, as Canada demands increasing amounts of gas to fuel its own market.

 

 
 

This is a simple forecast - detailed forecasts including offshore and onshore, deep water splits, sedimentary basins and major fields and drilling etc. can be purchased for most countries.

 

An onshore and offshore oil and gas production, consumption and drilling activity forecast report on this country can be commissioned,

including all relevant charts. Contact us for price and contents list.

 

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