Facts About Canadian Oil
Canadian oil is this country’s crucial resource and Canada is at the top of both oil production and reserves. Here are the crucial facts and figures about oil production in Canada.
TOP Facts About Canadian Oil
The country takes fourth place when it comes to the world’s crude oil production. It produces 6% of the total worldwide production.
Canada is at the third spot when it comes to oil reserves, right behind Saudi Arabia and Venezuela.
Canada is the third-biggest oil exporter in the world. Its major focus is on the US, with 98% of the total oil exports headed there.
The majority of production – approximately 63% – comes from oil sands.
Alberta produces 80.5% of the country’s crude oil supply.
The daily production is around 4.6 million barrels.
The country’s pipelines spread over 840,000 square kilometers.
Canada Oil Reserves
The estimation is that Canadian oil reserves are at around 167.7 billion barrels. That puts this country at third place in reserves, with only Saudi Arabia and Venezuela having a bigger stash. If we are talking percentages, it’s over 10% of the world’s barrel reserves.
It’s worth noting the huge majority of reserves come from Alberta. That refers to conventional oil production, but also tight oil and offshore formations.
Canadian Oil Production by Province
It’s time to analyze the regional situation related to producing oil. Here is an overview of the leading provinces and their production profiles!
In 2019, Alberta produced 80.5% of the entire country’s oil production. It’s understandable why Canadian oil companies want to focus their efforts on this province. Alberta has a huge oil sand potential with only a small portion used so far.
The oil sands production spreads on over 142,000 sq. km. in the northern part of the province. Athabasca is adequate for surface mining, while Peace River and Cold Lake require drilling.
This province has a huge potential, but it only contributed to the country’s petroleum with 2.4% in 2019. According to reports, only two refineries still do business in British Columbia. You’ll find that natural gas is in the province’s focus, while light crude oil takes a smaller portion of the total production.
You’ll find natural gas condensate, heavy and light crude oils produced in Saskatchewan. The province has a couple of oil upgraders and refiners, while its oil fields come from the WC Sedimentary Basin. The estimations are that this province takes around 10.5% of the country’s oil production.
Manitoba contributes about 0.9% to the country’s petroleum. The majority of events occur in the southwest, but the reports indicate there’s almost no heavy oil. It’s also notable that Manitoba doesn’t have any oil refineries.
5 Biggest Canadian Oil Companies
Here is an overview of the biggest oil companies in Canada:
Enbridge – its cap was at around $83 billion in July 2020. Enbridge is not only among the largest oil companies in Canada, but it’s also the leading energy distributor.
TC Energy Corp – the company has been around for eight decades, and it focuses on energy development. The estimation is their market share is around $55 billion.
Suncor Energy – they had the leading role in developing Athabasca tar sands. The company has a significant revenue and has been a major player for decades.
Canadian Natural Resources – the company is specific because it’s 100% domestic. Today, it operates around the world with a market share of around $28 billion.
Imperial Oil – this major producer and refiner work with networks throughout the country. Its main office in Calgary, which is where most oil companies have their headquarters.
Where Does Canada Export Oil to?
Canada oil exports focus on a single country – the United States. The information available shows that 3.67 million barrels are exported to the US daily. That’s 98% of the total country’s export. The remaining 2% go to countries in Europe and Asia. However, it’s evident that there’s a tight relationship with the USA in this area as they take 48% of their imports from Canda.
How Much Oil Does Canada Import?
According to Statista, Canada imported 32.9 million metric tons in 2019. In the last five years, the country imported $86.4 billion worth of oil, which many describe as too much.
As for Canada oil imports by country, the majority comes from the US. In 2019, it was $13.8 billion, which is 79% of the total import. Saudi Arabia is the second largest exporter to Canada (12%), followed by Russia (2%), United Kingdom (1%), and Norway (1%).
Canada Oil Production by Year
If we analyze the last several years, we discover that Canada daily oil production is recovering after a setback caused by the COVID-19 pandemics. The last available information for September 2020 indicates that the country’s production was at 3.789M. That’s more compared to the previous month when the production was 3.718M.
However, if you compare the latest values to a previous couple of years, you’ll see the Canadian oil fields aren’t being used to their max. In 2018, the monthly value was always over 4 billion, and it even reached 4.67M in December 2019. Unfortunately, the pandemics caused the values to decrease during 2020.
Canadian Oil Prices Per Barrel
WCS is among the biggest streams of crude oil in Canada and North America. Their costs vary depending on what happens in the market. From February to April 2020, the pandemics knocked down the cost. The lowest price of a barrel of the oil Canada streams had was in April when the cost was $3.5 per barrel.
The price stabilized itself over the second half of 2020. The estimations are that it’s now around $30-$50 per barrel, although it constantly varies because of market fluctuations.
Canadian Pipeline Map
According to Canadian Petroleum Producers Association, this country’s pipelines spread over 840,000 kilometers.
The 2019 map shows four-pipe types:
- Gathering – their goal is to serve for moving the oil around the production areas.
- Feeder – the majority of pipelines are of this type and serves for transport.
- Transmission – it transfers oils throughout provinces and even beyond borders.
- Distribution – the local stakeholders use them to deliver oil and gas to users.
Would you like to learn more about the topic? Here are some frequently asked questions and provided answers!
ministers and deputy heads of Natural Resources Canada