DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/wdb7rw/canada_oil_and_gas) has announced the addition of the "Canada Oil & Gas Report Q3 2012" report to their offering.
Production from oil sands will continue to drive Canada's oil production growth. However, exploration in Canada's offshore acreage and unconventional resources could prove-up more oil and gas reserves to support the country's long-term growth prospects.
The main trends and developments we highlight for Canada's Oil and Gas sector are:
- Oil production growth will be mainly driven by production from Canada's oil sands, as projects including ConocoPhilips and Total's Surmount and Total's Joslyn North oil sands in Alberta come online and Shell increases output at its Abathasca Oil Sands Project.
- Gas production will initially decrease as existing conventional gas resources deplete, falling from an estimated 155.1bcm in 2012 to 152.3bcm in 2014. Thereafter, this trend will reverse as the commercial production of shale gas gradually comes onto the market; gas supply will increase to 155.3bcm in 2016, and reach 164.1bcm by 2021.
- While gas consumption growth will be relatively flat at the consumer level, rising energy use at the oil sands facilities continues to push total gas forward, as much of the oil sands production needs will be powered by gas. Gas consumption is set to grow from 86.4bcm in 2012 to 97.0bcm in 2016. This upward trend will continue, with gas consumption expected to hit 109.9bcm by 2021.
At the time of writing, we assume an OPEC basket oil price for 2012 of US$111.47/bbl, falling to US$107/bbl in 2013 and US$99/bbl in 2016. Global GDP in 2012 is forecast at 2.7%, up from 3.1% in 2011, reflecting a faltering recovery in the US and an uncertainty with regard to the eurozone debt crisis. For 2013, growth is estimated at 3.3%.
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