Still, in mid-December, the North American benchmark price for a barrel of oil climbed to well over $45 US as traders saw some light at the end of the pandemic tunnel. The continued regulatory and policy challenges create significant barriers to future investment, putting Canadian jobs at risk. Environmentalists say any project that allows for oilsands expansion would be inconsistent with the 2050 net-zero emissions goals for North America. This constrained forecast is due to current cumulative regulatory and policy challenges and insufficient market access, which in turn are having and will continue to have negative impacts throughout Canada’s economy – from diminishing investment to loss of employment and reduced government tax and royalty revenues. The Oil End Game. If these challenges are not successfully addressed, any meaningful increase in oil production will not be achievable. CALGARY, ALBERTA--(Marketwired - April 20, 2016) - Canada's oil and gas industry could expect to see some modest recovery between 2017 and 2020 due to renewed industry activity and the need to replace retiring workers, according to the Labour Market Outlook 2016 to 2020 for Canada's Oil and Gas Industry report, released today by PetroLMI, a Division of Enform. This year, the report considers topics such as the impact of the new coronavirus (COVID-19) on demand; slowing supply growth in the United States and other non-OPEC countries; and the level of spare production capacity in OPEC countries to help meet demand growth. GDP and Output. After a very tough year for Canadian oil there may finally be some good news, with the country’s Conference Board suggesting that 2020 could be a turning point for Alberta The challenge for many who work in the industry may lie again in how quickly they are able to adapt in an unpredictable and ever-changing world. Read our quarterly report which highlights the impact of the current demand plunge. Photo credit: Cenovus Energy Inc. LABOUR MARKET OUTLOOK 2016 TO 2020 5 CANADA’S OIL AND GAS INDUSTRY The pipeline project, which aims to get more Alberta crude to Gulf Coast refineries in the U.S., has long faced environmental opposition. In 2016, the GDP associated with the Canadian oil and gas sector totalled $101.9 billion, or 5.4 per cent of the total Canadian economy. Rebates will be used to compensate consumers for associated cost-of-living increases. "There's a lot of small operators with good assets that can't necessarily afford to keep operating," said Stephanie Kainz, a senior associate with Enverus, an energy data analytics firm. Although production will increase by 1.27 million barrels per day (b/d) by 2035 , that growth rate is about 6% less than CAPP’s 2018 forecast. As per the Canadian Association of Petroleum Producers (CAPP), the oil production in the country is expected to reach 5.4 billion bbl/d in 2030, and oil sands are expected to account for 70.7% … Of course, the constitutionality of the federal carbon tax is still before the Supreme Court of Canada, with the outcome also expected in the new year. Observations on the trends driving and shaping the oil and gas industry today. Canada's oilpatch slashed jobs and spending. Oil 2020 examines the key issues in demand, supply, refining and trade to 2025. Investor scrutiny — and divestment — are part of a market that is increasingly weighing climate change and climate risk. The industry, however, could emerge stronger than ever before. CALGARY, ALBERTA (January 7, 2020) – Ongoing international trade tensions and the risk of a continuing oversupply of crude oil helped push global oil prices lower at the beginning of the final quarter of 2019, while Canadian oil prices remained under pressure due to transportation bottlenecks made worse by a rail strike, according to the latest forecast from Deloitte’s … Capital spending in … Soon, it will face an unfriendly White House, too. A new-reality agenda for Canadian technology leaders Insights from the Harvey Nash/KPMG CIO survey 2020 Its 2019 Crude Oil Forecast showed a constrained growth between 2019 and 2035 — with Canadian crude oil production increasing 1.44 per cent annually. CAPP’s annual Crude Oil Forecast, Markets and Transportation report provides a long-term outlook for Canadian crude oil production. The $3.8-billion merger of two key players in the Canadian oil and gas business — Husky Energy and Cenovus Energy — was among the big surprises of 2020. The Canadian situation is in sharp contrast to growing energy demand and production elsewhere. Across the Asia Pacific region, oil consumption and energy demand are growing significantly, and U.S. energy demand is robust. Box 500 Station A Toronto, ON Canada, M5W 1E6. Legendary oil historian, end of March 2020. DUBLIN, Dec. 8, 2020 /PRNewswire/ -- The "Oil and Gas CAPEX Outlook - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.. Canada's oil and gas sector didn't escape the tumult, of course, turned on its head by an international oil price war and a pandemic that crushed fuel demand. There are also questions about what the recovery will look like. The spread of COVID-19 around the world this year squashed fuel demand, taking crude oil prices down with it. This report examines the short-and medium-term economic and profitability outlook for Canada’s oil and gas extraction industry. Download the October ... of oil production cuts in Alberta—Alberta’s government has decided to extend production cuts until the end of 2020. Let’s see how they panned out… Digital Oil and Gas Trends It’s a fool’s errand to try to predict the future. Oil and gas outlook 2020: Natural gas performance review. Total annual production is expected to increase by an average of 3% until 2021, then slow to an average growth rate of 1% annually. Market watchers expect vaccines will help air and automobile travel pick up again, lifting oil demand, but when and how much remain topics of debate. In Calgary, Tony has reported on the energy sector and federal politics. ET Comments The carbon tax strategy was quick to draw fire in Alberta, where critics say it will cost jobs. The Canadian oil and gas sector is unlikely to see another merger of such size in 2021, but analysts believe consolidation will continue in the months ahead. But the year ahead will offer little respite, with the pace of economic recovery, pipeline development, climate policy and a new U.S. president all part of an unpredictable mix. Learn more. The report projects a constrained outlook for Canadian oil production from 2019 to 2035. Find out what oil and gas industry trends are going to be hot in 2020 (and how you can get in on them). An international oil price war combined with a pandemic made 2020 a very difficult year for Canada's oil and gas sector. However, the industry continues to face numerous challenges. Due to the rapidly changing capital budgets of Canadian oil producers, the resource production associated with that investment, and the current market and economic uncertainty surrounding COVID-19, the 2020 CAPP Crude Oil Forecast has been deferred. Crude oil prices were in the $60s, fueled by the view that demand growth … The Canadian petroleum industry developed in parallel with that of the United States. By 2040, global oil demand is anticipated to increase to 106.3 million barrels per day (b/d). Demand - After a 4% drop in 2020, natural gas demand is expected to progressively recover in 2021 as consumption returns close to its pre-crisis level in mature markets, while emerging markets benefit from economic rebound and lower natural gas prices. 2020 is set to be a fascinating year for the Oil & Gas sector, and we will be continuing to analyse and report on new projects and major industry changes throughout the year (and you can keep up with all of them by subscribing to the weekly EngineeringPro newsletter). Near-Term Outlook Positive for Oil & Gas Canadian E&P Industry Nilanjan Choudhury June 08, 2020 RDS.A Quick Quote RDS.A ERF Quick Quote ERF TRP Quick Quote TRP CNQ Quick Quote CNQ OVV Quick Quote OVV Before we can predict the oil and gas trends of 2020, we’ve got to take a look back at oil … Global Gas Compressor Oil Market 2020 Industry Outlook, Key Players, Segmentation Analysis, Business Growth and Forecast to 2025 Published: Jan. 18, 2021 at 2:04 p.m. The Canadian oil and gas sector has both direct and indirect impacts on the national and provincial economies, including GDP, jobs and output generated in other key industries across Canada. "I think this is the year that companies can really set the course for where they want to go over the next decade, and maybe the next two or three decades," said Warren Mabee, director of Queen's University's Institute for Energy and Environmental Policy. It is a priority for CBC to create a website that is accessible to all Canadians including people with visual, hearing, motor and cognitive challenges. He's written for newspapers and wire services for more than 25 years on three continents. And there will be more to come in 2021, especially as the U.S. is expected to move forward on greening its economy. CAPP’s 2019 Crude Oil Forecast remains the most recent information on expected Canadian oil production. The year ahead will likely offer little respite, with the pace of economic recovery, pipeline development, climate policy and a new occupant of the White House all part of an unpredictable mix. We reserve the right to close comments at any time. Clean fuel standard, future of the oilsands: Wilkinson on the tense relationship with Alberta, Canada must come together and build more pipelines to lift economy out of COVID-19 hole, For Canada's energy sector, a Joe Biden win is just 1 more item on a long list of uncertainties, Fossil fuel demand may have peaked last year, says BP forecast, Oilsands must diversify before electric vehicles bring new drop in oil demand, says Suncor CEO, CBC's Journalistic Standards and Practices. Taxes are only part of the overall plan, which includes $15 billion in new spending on climate initiatives over the next 10 years, including improving the country's electric vehicle charging infrastructure and funding for home retrofits. The discussion about what's next had a greater sense of urgency. Such a The downturn caused by COVID-19, however, is unlike any other. Download Excel spreadsheets of the production and supply data from the Crude Oil Forecast. "It can be a really good year for Canadian energy," Mabee said. At the same time, a healthy Canadian industry with access to global markets ensures ongoing prosperity and economic benefits across the country. As a result, Canadian producers are faced with insufficient takeaway capacity for crude oil. Companies such as Cenovus, Canadian Natural Resources and Enbridge have pledged to get to net-zero emissions by 2050. Please note that CBC does not endorse the opinions expressed in comments. The oil and gas industry plays an important role in the country’s economy. With the survival of many companies at risk, coupled with a longer-term decline in petroleum demand, the next decade could look very different for the oil and gas market. The Zacks Oil and Gas - Canadian E&P is a 9-stock group within the broader Zacks Oil - Energy sector. Although production will increase by 1.27 million barrels per day (b/d) by 2035, that growth rate is about 6% less than CAPP’s 2018 forecast. Australia Oil & Gas Industry Outlook Report Executive Summary The Australian upstream oil and gas industry experienced an unprecedented wave of investment and activity through the early 2010s. Analysts have said building two of three pipelines is key to ensuring better prices for Canadian crude. Capital spending in the oil and natural gas industry is expected to be about $2 billion higher in 2020 compared to last year. ", Senior Producer Western Digital Business Unit. Now, people will want to know more about how companies that make such promises intend to meet their commitments and what progress they're making. Audience Relations, CBC P.O. All of this to say, the discussion about the future of energy, in all forms, is getting more attention. Oil industry in Canada - Statistics & facts Published by N. Sönnichsen, Oct 5, 2020 Canada is the world's fourth-largest oil producing country. The oil industry entered 2020 with the wind seemingly at its back. The centrepiece of the policy is a gradual increase in the federal carbon tax on fuels, which means pump prices, for example, will rise by more than 37 cents a litre by 2030. Big international oil players are also developing strategies for the energy transition. 2020 was a crisp lesson in predictability, or perhaps more appropriately, unpredictability. To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities). "I think that this is the year … that we can do a bit of a re-think of how we want to power our society. The long-running saga surrounding Keystone XL could come to a head in 2021. "I think there's really a lot of volatility in the market as we look over the next six to even nine months," said Kevin Birn, a Calgary-based analyst with market research firm IHS Markit. Turbulent, chaotic, overwhelming — it's been the kind of year that tests a person's nerves and their vocabulary. Energy sector provides for Canadians today as it looks to the future. Oil sands production is expected to reach 4.25 million b/d by 2035 from 2.9 million b/d in 2018 – a growth rate decline of 12% from last year’s forecast. Instead, 2020 will mark the single largest production drop in the history of the Canadian oil sands-an industry that has almost always seen year-on-year additions. It was also a year where talk of "energy transition" was popular among policy-makers — and global oil producers. The Canadian oil … Project supporters will hope the Alberta and federal governments can convince Biden of the project's economic merits, but observers expect an uphill climb. Those prices even turned negative at one point. As countries set on the path of reopening and rebuilding their economies and people around the world restart their lives, we will watch for the impact on global oil demand as we continue to monitor the plans for Canadian producers. The first oil well in Canada was dug by hand (rather than drilled) in 1858 by James Miller Williams near his asphalt plant at Oil Springs, Ontario.At a depth of 4.26 metres (14.0 ft) he struck oil, one year before "Colonel" Edwin Drake drilled the first oil well in the United States. Inefficient and duplicative regulations are diminishing the global competitiveness of Canada’s crude oil industry. Success took the form of multiple greenfield LNG project sanctions, with most starting production over the past few years. Royal Dutch Shell, for example, has plans to move into the electrical power sector and renewable energy. The $3.8-billion merger of two key players in the Canadian oil and gas business — Husky Energy and Cenovus Energy — was among the big surprises of 2020. "I do have my doubts," said Kainz, the senior associate with Enverus. Already battered, Alberta braces for the energy transition — can it also embrace it? The oil and gas industry is used to the highs and lows of economic cycles. But supporters say the policy will create employment as it drives the country toward a future in a competitive, low-carbon world. Normal is no longer desirable or secure in the fossil fuel industry. The 2020 pipeline map below shows many of the major Canadian and U.S. crude oil pipelines and refineries. Oil Energy in 2018. Meanwhile, work will continue on two other major pipeline projects: Enbridge's Line 3 and the Trans Mountain expansion, which the federal government purchased for $4.5 billion in 2018. Governments are also developing strategies to help grow hydrogen and geothermal into significant players in the energy economy. Some argue the pandemic will usher in lasting change, such as more people working from home instead of commuting. The 2019 edition of the report projects serious constraints over the forecast period from 2019 to 2035. On the agenda (7) ... For the oil and gas industry, IAM can help lower costs, reduce downtime, increase production and … At times, there have been no words. Oil sands remain its primary source of hydrocarbon production, comprising over 90% of the country's total oil reserves. Canadian crude oil prices are expected to strengthen and natural gas prices are expected to continue to improve into 2020, according … It even led to earnest discussion about how soon peak oil consumption will arrive — a debate that will no doubt continue in 2021. I can almost guarantee that few ... Read moreA Look Back At My Top 5 Digital Oil and Gas … Canada has an opportunity to gain global market share, replacing less sustainably produced oil sources. This limits Canada’s ability to serve existing markets in Canada and the U.S., and prevents Canada from accessing emerging overseas markets. The impact of the 2020 crisis is, however, expected to have repercussions on the medium-term growth potential, … Closed Captioning and Described Video is available for many CBC shows offered on CBC Gem. Quarterly trends in oil and gas Q2 2020. Tony Seskus is senior producer with CBC's Western Business unit in Calgary. The federal Liberal government recently laid out plans for cutting greenhouse gas emissions, and debate over the strategy is sure to continue well into 2021. This represents a four per cent increase in capital investment in the conventional side, and an eight per cent increase in the oil sands, according to the Canadian Association of Petroleum Producers (CAPP). By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. In Canada, the oil and gas sector is expected to help drive the economic recovery. Major pipeline projects such as Northern Gateway and Energy East have been cancelled, and the Enbridge Line 3 Replacement project, the Trans Mountain Expansion project and TC Energy Keystone XL project continue to face challenges. It is looking for more ways to reduce emissions. Last year I highlighted 5 digital oil and gas trends that I thought were worth watching. Published by N. Sönnichsen, Sep 11, 2020 Enbridge is the largest oil and gas company based in Canada. Such consolidation can help make for more effective and efficient production in the sector, but takeovers and mergers won't lessen anxiety levels for workers. The merger between Husky and Cenovus is expected to result in around 2,000 layoffs. CALGARY — A forecast calling for a modest increase in capital spending in the Canadian oilpatch this year after a tumultuous 2020 of budget slashing is being hailed as a sign of better times ahead for the industry. How can the oil industry keep up with such a massive supply and demand? Comments on this story are moderated according to our Submission Guidelines. Pseudonyms will no longer be permitted. President-elect Joe Biden has called it "tarsands that we don't need," with environmentalists urging him to live up to the tough talk by cancelling a critical permit for the line. The Canadian oil sands industry is set to post its fifth consecutive annual decline in investment. Expect to hear more talk from policy-makers and executives about preparing for the energy future, whether that's innovation in the oil industry, geothermal technology or hydrogen development. Comments are welcome while open. 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