Canada ramps up oil production
It will increase by 8% over the next 2 years.
A busy oil sands maintenance season and wildfires in early summer reduced Canadian oil production in the second quarter of this year. However, oil companies have been picking up the pace of growth recently, and analysts estimate that total Canadian production will grow by almost 8% over the next 2 years.
That is, oil production will increase by about 375 thousand barrels per day. This is more than what Canada, as the world's fourth largest oil producer, has been able to increase over the past 5 years.
According to the Canada Energy Regulator, Canada's average oil production in 2022 was 4.86 million bpd. In 2018, this indicator was equal to 4.61 million barrels.
Oil sands producers Cenovus Energy and Canadian Natural Resources Ltd. promise a significant portion of the increase in oil production. They are now actively making changes to their operations to improve efficiency.
The companies are making significant progress in implementing step-out and tie-back projects. These are oil sands thermal treatment projects where, instead of building a new unit to develop bitumen deposits, new areas are connected to existing units. This speeds up field development and reduces costs.
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