In its June report on Alberta’s 2008 reserves and supply-demand outlook for 2009-18, Alberta’s Energy Resources Conservation Board lowered its forecast of bitumen output to 2.7 million b/d in 2018. Last year’s report showed production reaching 3.2 million b/d in 2017. For full story, click here
PetroChina has cut its crude output and refinery throughput in the first quarter to drain heavy inventories, setting the stage for a possible production recovery soon. Liu Keyu, deputy head of Research Institute of Economics and Technology under CNPC, stated: Companies have built up very high inventories from the fourth quarter last year, starting with [...]
Canada’s No. 3 oil producer and refiner Husky Energy Inc’s first-quarter profit dipped 63 percent as production slipped and heavy oil prices weakened with world economies. For full story, click here
Marathon Oil Corp. announced that its estimated first-quarter production surged due to improved operations, but the oil company warned of commodity price deterioration. For full story, click here
Suncor Energy has declared that production at its oil sands facility during March averaged approximately 297,000 barrels per day. For full story, click here
Southern Pacific Resource Corp. declared that it has entered into a definitive agreement to acquire Saxony Petroleum Inc., a private Alberta-based oil and gas company so as to provide Southern Pacific with additional cash flow from conventional production as the Corporation continues to focus on the significant potential of its Alberta oil sands assets. For [...]
The economics of heavy oil production can vary widely, with conventional producers still able to turn a profit at current prices while the thermal oil sands operations may struggle. For full story, click here
Heavy oil production accounts for 38 percent of the Canada’s total oil output, according the National Energy Board, and is growing in importance as conventional supplies wane.The figure does not include bitumen processed into synthetic crudes at oil sands projects or stand-alone upgraders. For full story, click here
Analysts at Merrill Lynch said earlier this month that 800,000 bpd of Canadian oil production could be shut in if oil prices fall below $38 per barrel, with 800,000 more to follow if price drop below $30. For full story, click here
Canadian oil companies produced an average 1.05 million barrels per day of heavy oil this year, including nearly 570,000 bpd of bitumen stripped from the oil sands using mining or thermal steaming methods and the rest mostly conventionally produced heavy oil. For full story, click here
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