DUBLIN--(http://www.researchandmarkets.com/research/5gtsms/canada_oil_and) has announced the addition of the "Canada Oil and Gas Report Q4 2012" report to their offering.)--Research and Markets (
“Canada Oil and Gas Report Q4 2012”
Production from oil sands will continue to drive Canada's oil production growth. However, exploration in the country's offshore acreage and unconventional resources could prove-up more oil and gas reserves to support the country's long-term growth prospects. The outlook for Canada's oil and gas industry is still a rosy one, though its upstream potential needs more support from infrastructure development.
The main trends and developments we highlight for Canada's oil and gas sector include:
- Production from oil sands shows no sign of abating. With major oil sands projects such as ConocoPhilips and Total's Surmount and Total's Joslyn North due to come online, and as Shell increases output at its Abathasca Oil Sands Project, oil sands output is set to remain strong and drive production in the next decade. A boom in tight oil production from the Bakken formation in Saskatchewan and similar formations in Alberta will contribute to this surge. We expect oil production to increase from an estimated 3.71mn barrels per day (b/d) in 2012 to 4.40mn b/d in 2016. By 2021, total oil production could hit 4.97mn b/d.
- Gas production will initially fall owing to declining conventional output - especially in Alberta and Saskatchewan - from an estimated 149.9bcm in 2011 to 148.7bcm in 2012. Thereafter, we expect a reverse in this trend as shale gas output growth, particularly from British Columbia, outstrips conventional decline elsewhere in Canada. We have revised our forecast for gas production upwards, and project that it will increase to 157.0bcm in 2016 and reach 171.7bcm by 2021.
- Shell Canada
- Cenovus Energy
- Canadian Natural Resources
- Devon Energy
- BP Canada
- Husky Energy
- Murphy Oil
- Occidental Petroleum
- UTS Energy
- Penn West
- Talisman Energy
- Korea National Oil Corporation (KNOC)
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