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 …
Bloomberg: Canada Will Limit Oil Production
The number of licenses issued for new natural gas wells in Canada during the first quarter of 2025 increased by 26 percent compared to the previous quarter, reaching 308 licenses, which is the highest quarterly figure recorded over the past two years. Meanwhile, the number of licenses for oil wells …
Canada’s Oil and Gas Emissions Cap Plan Would Cut Output
Canada’s proposed oil and gas emissions cap would cut output rather than boost investment in expensive carbon capture and storage (CCS) technologies, according to a report by consulting firm Deloitte published on June 19, 2024, by the Alberta government. The Liberal government led by Canadian Prime Minister D. Trudeau is …
A New Oil Formation is Gaining Popularity in Alberta, Canada
The Waseca Formation, which has heavy oil rather than oil sands, has seen the biggest increase in drilling applications in Canada this year. This year, oil companies have applied for 81 licenses to drill in the so-called Waseca formation in eastern Alberta (Canada). This is 30 more applications than in …
Repsol will Sell Its Oil and Gas Assets in Canada to Peyto for $468 Million
Spain’s Repsol has agreed to sell its oil and gas assets in Canada to local Peyto for $468 million (€433 million), the company said. “The agreement covers all mineral rights, associated facilities and infrastructure of Repsol’s Canadian oil and gas business, including assets in the Greater Edson region with net …
Canadian Shale Producers Promised to Increase Production by 8%
Canada plans to produce 350,000 b/d of oil from northern Alberta tar sands in 2025 Since the beginning of summer, wildfires and a field maintenance season have caused a decline in Canadian oil production, but companies have promised to increase production by 8%, writes Reuters. According to analysts, total production …
Equinor Mobilizes Hercules Semi-Submersible Platform to Drill a Well Offshore Canada
SFL Corporation has entered into a Canadian drilling contract with Equinor. The company announced it on August 14, 2023. Contract details: contract value – USD 100 million per well + option for 1 additional well; drilling rig – semi-submersible drilling rig Hercules; drilling start date – 2 sq. 2024; duration …
BP Begins Exploration Campaign on the Canadian Shelf
The leading international mining corporation BP is starting an exploration campaign on the Canadian shelf. The company’s plans include geological exploration with potential discoveries worth billions of barrels of oil. The drilling vessel Stena IceMax will drill the Ephesus F-94 well in the Orphan Basin offshore Newfoundland and Labrador. According …
Canada to lay claim to North Pole amid Arctic resources rush
Canada intends to lay claim to the North Pole as part of a bid to assert control over a large part of the resource-rich Arctic, Foreign Minister John Baird said on Monday, reported Reuters. Baird said Canada had filed a preliminary submission to a special United Nations commission collecting competing …