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2016-02-28 20:45:00

CANADIAN OIL UP

CANADIAN OIL UP

 

CANADA OIL PRODUCTION 2010 - 2017

 

Despite lower crude oil prices, EIA expects Canadian oil production to continue increasing through 2017. Canadian oil sands projects that were already under construction when prices began to fall in 2014 and that are expected to begin production in the next two years are the main driver of production growth.

Production of petroleum and other liquids in Canada, which totaled 4.5 million barrels per day (b/d) in 2015, is expected to average 4.6 million b/d in 2016 and 4.8 million b/d in 2017. This increase is driven by growth in oil sands production of about 300,000 b/d by the end of 2017, which is partially offset by a decline in conventional oil production.

Oil sands production continues to grow even as global crude oil prices have declined significantly. Prices of heavy (dense) Canadian crude oil are linked to the Western Canadian Select (WCS) benchmark, an index of different conventional and synthetic crude oils. WCS has traded about $15 to $20 per barrel (US $/b) lower than U.S. benchmark West Texas Intermediate (WTI) crude oil since early 2014, because WCS has to be transported over a longer distance to refineries and—because of its density and quality—it is more difficult to process into petroleum products. The average price for WCS in January 2016 was $18.42/b, about $15/b below WTI.

WCS prices at these levels suggest that many oil sands projects may be operating at a loss. However, such projects are designed to operate over a period of 30 to 40 years and can withstand volatility in crude oil prices. Additionally, the cost to shut down an existing oil sands project is estimated to be in the range of $500 million to $1 billion, which may exceed the operating losses a producer might experience in the short term. Although some new projects are expected to come online in 2016, many more have been postponed until oil prices increase. EIA's forecast for oil prices over the next two years (see figure below) is expected to allow new projects to earn a return over their running cost. Some producers may opt to decrease production volumes by delaying maintenance or allowing natural production declines. However, these scenarios are not included in this forecast.

 

OIL PRICES 2009 - 2017

 

eia.gov

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More: 

U.S. RIGS DOWN 30 

MUST TO CUT $24 BLN 

SUNCOR NET LOSS $2 BLN 

CANADIAN OIL INVESTMENTS DOWN 

CANADA'S LONG-TERM EFFECTIVENESS

 

 

Tags: CANADA, OIL, PRODUCTION

Chronicle:

CANADIAN OIL UP
November, 20, 09:05:00

INDIA'S GAS WILL UP

REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.

CANADIAN OIL UP
November, 20, 09:00:00

NORWAY SELLS OIL & GAS

Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.

CANADIAN OIL UP
November, 20, 08:55:00

OIL PRICES UP

WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.

CANADIAN OIL UP
November, 20, 08:50:00

U.S. RIGS UP 8 TO 915

U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.

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