Fires in Alberta Lead to a 7% Drop in Oil Production in Canada
Massive wildfires have engulfed Alberta, a key energy-producing province in Canada, forcing oil companies to halt production. As of June 2, the total volume of shut-in production is estimated at nearly 350,000 barrels of heavy oil per day, which represents approximately 7% of the country’s total production. The immediate threat …
Canadian Oil Producers Also Affected by Decline in Oil Prices
The drilling rights sales boom in the oil-producing region of Alberta in western Canada is slowing down as commodity prices decline. According to provincial data, the average lease price for oil sands land has fallen to 771 Canadian dollars per hectare this year. That is eighteen percent lower than last …