* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Friday, July 18, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Theater at Santa Fe’s San Isidro Plaza will be converted into IMAX, family entertainment venue – Santa Fe New Mexican

    Santa Fe’s San Isidro Plaza Theater Transforms into Exciting IMAX Family Entertainment Venue

    B&B Theatres will open massive entertainment complex in Texas – The Business Journals

    B&B Theatres will open massive entertainment complex in Texas – The Business Journals

    Rough times for broadcast networks illustrate changing media landscape – New Haven Register

    Broadcast Networks Confront Turbulent Times in a Rapidly Changing Media Landscape

    Black River Entertainment Adds Traci Hite As Director Of Promotion, Southeast – MusicRow.com

    Black River Entertainment Welcomes Traci Hite as New Director of Southeast Promotion

    Entertainment Business Master’s Grad Launched Nonprofit to Nurture Emerging Artists – Full Sail University

    Entertainment Business Master’s Grad Launched Nonprofit to Nurture Emerging Artists – Full Sail University

    Review: At the Huntington, the New Hollywood String Quartet recalls legendary studio musicians – Los Angeles Times

    Review: At the Huntington, the New Hollywood String Quartet recalls legendary studio musicians – Los Angeles Times

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Simpson College to purchase medical simulation technology with grant funds – Iowa Capital Dispatch

    Simpson College to purchase medical simulation technology with grant funds – Iowa Capital Dispatch

    SailGP Technologies officially launches new center of excellence in technology & innovation – Sail-World.com

    SailGP Technologies officially launches new center of excellence in technology & innovation – Sail-World.com

    Victorville’s new gunfire-detecting technology already making strides, city says – NBC Los Angeles

    Victorville’s New Gunfire-Detecting Technology Is Already Making a Difference, City Officials Say

    Guest columnist: China cutting corners on technology – The State Journal

    China’s Rapid Tech Advances Spark Worries About Cutting Corners

    Sentrycs’ Cyber Over RF technology integrated into Rafael’s combat-proven Drone Dome system – Defence Industry Europe

    Sentrycs’ Cyber Over RF Technology Boosts Rafael’s Battle-Tested Drone Dome System

    Nordic Air Defence raises $3 million to expand operations and advance drone defence technology – Defence Industry Europe

    Nordic Air Defence Lands $3 Million to Transform Drone Defense and Supercharge Operations

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Theater at Santa Fe’s San Isidro Plaza will be converted into IMAX, family entertainment venue – Santa Fe New Mexican

    Santa Fe’s San Isidro Plaza Theater Transforms into Exciting IMAX Family Entertainment Venue

    B&B Theatres will open massive entertainment complex in Texas – The Business Journals

    B&B Theatres will open massive entertainment complex in Texas – The Business Journals

    Rough times for broadcast networks illustrate changing media landscape – New Haven Register

    Broadcast Networks Confront Turbulent Times in a Rapidly Changing Media Landscape

    Black River Entertainment Adds Traci Hite As Director Of Promotion, Southeast – MusicRow.com

    Black River Entertainment Welcomes Traci Hite as New Director of Southeast Promotion

    Entertainment Business Master’s Grad Launched Nonprofit to Nurture Emerging Artists – Full Sail University

    Entertainment Business Master’s Grad Launched Nonprofit to Nurture Emerging Artists – Full Sail University

    Review: At the Huntington, the New Hollywood String Quartet recalls legendary studio musicians – Los Angeles Times

    Review: At the Huntington, the New Hollywood String Quartet recalls legendary studio musicians – Los Angeles Times

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Simpson College to purchase medical simulation technology with grant funds – Iowa Capital Dispatch

    Simpson College to purchase medical simulation technology with grant funds – Iowa Capital Dispatch

    SailGP Technologies officially launches new center of excellence in technology & innovation – Sail-World.com

    SailGP Technologies officially launches new center of excellence in technology & innovation – Sail-World.com

    Victorville’s new gunfire-detecting technology already making strides, city says – NBC Los Angeles

    Victorville’s New Gunfire-Detecting Technology Is Already Making a Difference, City Officials Say

    Guest columnist: China cutting corners on technology – The State Journal

    China’s Rapid Tech Advances Spark Worries About Cutting Corners

    Sentrycs’ Cyber Over RF technology integrated into Rafael’s combat-proven Drone Dome system – Defence Industry Europe

    Sentrycs’ Cyber Over RF Technology Boosts Rafael’s Battle-Tested Drone Dome System

    Nordic Air Defence raises $3 million to expand operations and advance drone defence technology – Defence Industry Europe

    Nordic Air Defence Lands $3 Million to Transform Drone Defense and Supercharge Operations

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home News

Canada, The Unexpected Winner in the Global Oil Boom

June 27, 2024
in News
Canada, The Unexpected Winner in the Global Oil Boom
Share on FacebookShare on Twitter

The Trans Mountain Expansion Project, now finally completed and operational after years of delays, is changing the fortunes of the oil sands.
Canada’s oil sands producers have started ramping up production last year in anticipation of the start-up of exports through the TMX pipeline.
The production increases in the oil sands are the result of the expansion of operational projects with existing infrastructure.

Canada’s oil output is booming as producers ramp up projects and extraction amid expanded market access and narrowing discounts of the Canadian heavy crude to the U.S. benchmark.

The Trans Mountain Expansion Project, now finally completed and operational after years of delays, is changing the fortunes of the oil sands producers in Alberta, giving them access to markets in Asia and the U.S. West Coast.

Constrained for years due to insufficient egress, Canada’s oil now has nearly 600,000 barrels per day (bpd) of additional market access. The expanded Trans Mountain pipeline is tripling the capacity of the original pipeline to 890,000 bpd from 300,000 bpd to carry crude from Alberta’s oil sands to British Columbia on the Pacific Coast.

And producers are taking advantage of this. They began ramping up production at the end of last year in anticipation of the Trans Mountain Expansion (TMX) start in the first half of this year. Canadian oil firms now get more bang for their buck as the discount of Western Canada Select (WCS), the benchmark for Canadian heavy crude sold at Hardisty in Alberta, has narrowed relative to the U.S. crude oil benchmark, West Texas Intermediate (WTI) in recent weeks.

Moreover, the production increases in the oil sands are the result of the expansion of operational projects with existing infrastructure, so the capital expenditure – which is very high for this type of crude extraction – has been lower than for building projects from scratch.

The rise in Canada’s oil sands output, mostly thanks to the Trans Mountain Expansion, is making the country one of the top non-OPEC+ contributors to growing global supply this year, alongside the United States, Guyana, and Brazil.

Some analysts even forecast that Canada could be the single largest source of oil supply growth, ahead of the U.S. or Guyana.  

“Barring any unforeseen circumstances, Canada could be the largest source of increased oil supply across the globe in 2024,” Marc Ercolao, economist at TD Economics, wrote in a report earlier this year.

This year, output growth in Canada could be 300,000 bpd –500,000 bpd, “putting the nation in the running to be the largest source of global oil supply growth,” Ercolao said.

Related: Novatek Proceeds With Arctic LNG 2 Despite New Sanctions on Russia

Global oil supply growth estimates vary based on differing projections from forecasters and agencies, but Canadian oil could account for 25–67% of incremental supply in 2024, the economist noted.

“Canada should be able to capitalize on higher prices paid for our oil as well as the forthcoming ability to get Western oil reaching international markets,” Ercolao added.  

Increased Egress, Higher Prices

TMX is set to boost the price of Canada’s heavy crude oil for years to come, top executives at the major energy firms say.

In 2023, WCS was valued at an average of US$17.90 per barrel less than WTI. Early in 2024, that discount had widened to about US$18.50 per barrel before narrowing to less than US$13 per barrel in early April 2024, just before TMX entered in service, data from Canada Energy Regulator (CER) showed.

Crude oil production has been growing in western Canada, with Alberta hitting record-high production of 4.53 million bpd in December 2023. TMX is set to increase total western Canadian crude oil export pipeline capacity by 13%, helping to relieve capacity constraints on export pipelines, the regulator noted last month.

Overall, the capacity of the expanded Trans Mountain pipeline will represent 17% of the total pipeline export capacity available to Canadian crude oil shippers, CER said.

While the biggest Canadian oil producers reported a mixed bag of Q1 earnings this spring, all of them expect TMX to boost Canada’s oil prices and to be a major asset for the industry for years to come.

Drew Zieglgansberger, Executive Vice-President and Chief Commercial Officer at Cenovus Energy, said, “We’re pretty excited on behalf of the industry and Canada to have another great asset available to us.”

Oil Sands Firms Outperform U.S. Shale Producers

Investors have welcomed the renewed optimism in the industry and the higher returns to shareholders Canadian producers have started to offer.

The four largest oil sands producers in Canada have seen their stocks gain 37% in the past 12 months, while the index of the biggest U.S. oil and gas firms has trailed this average gain by 19 percentage points, according to data compiled by The Wall Street Journal. 

While oil-sands projects are more capital-intensive and need years to start-up, they can pump crude for years and decades, unlike the shale formations in the U.S.

“Oil sands are costly to produce, but there’s no shortage of the resource,” Wells Fargo equity analyst Roger Read told the Journal.

Things are looking up for Canadian producers, at least in the near to medium term. And Firms have started to reward shareholders.

Canadian Natural Resources, for example, said in its Q1 earnings release last month that “Commencing in 2024, we are returning 100% of free cash flow to shareholders, as per our free cash flow allocation policy, and continue to manage the allocation on a forward-looking annual basis.”  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Russia Appears to Be Amassing a Dark Fleet to Ship LNGBP Freezes Hiring and Pauses New Offshore Wind Projects to Please InvestorsVolkswagen’s Secret Project: A Hydrogen Fuel Cell Vehicle

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : OilPrice – https://oilprice.com/Energy/Crude-Oil/Canada-The-Unexpected-Winner-in-the-Global-Oil-Boom.html

Tags: CanadanewsUnexpected
Previous Post

Music Video Premiere: Rachael Sage Unveils “The Place Of Fun (Reimagined)”

Next Post

Trans Mountain Oil Pipeline Will Rely on Spot Shipments to Turn a Profit

Simpson College to purchase medical simulation technology with grant funds – Iowa Capital Dispatch

Simpson College to purchase medical simulation technology with grant funds – Iowa Capital Dispatch

July 18, 2025
With Myles Garrett and T.J. Watt deals in rearview, it’s time for Cowboys to extend Micah Parsons – Yahoo Sports

With Myles Garrett and T.J. Watt deals in rearview, it’s time for Cowboys to extend Micah Parsons – Yahoo Sports

July 18, 2025
Ecology proposes to fund 102 clean water projects across the state – Department of Ecology State of Washington (.gov)

Ecology to Fund 102 Clean Water Projects Across the State

July 18, 2025
Connecticut science teacher makes Guinness Book of World Records for nearly 55-year career – CT Insider

Connecticut science teacher makes Guinness Book of World Records for nearly 55-year career – CT Insider

July 18, 2025
Dinosaur fossil found underneath a Denver museum’s parking lot – CNN

Dinosaur fossil found underneath a Denver museum’s parking lot – CNN

July 18, 2025
The best lifestyle change to improve heart health? Quitting smoking – UKNow

Transform Your Heart Health: Quit Smoking Today for Lasting Benefits!

July 18, 2025
For one hour, investors got a taste of a new world where the Fed is run by a ‘stooge’—and they hated every minute of it – Fortune

For one hour, investors got a taste of a new world where the Fed is run by a ‘stooge’—and they hated every minute of it – Fortune

July 18, 2025
Ukraine Reshuffles Cabinet With Wartime Economy Struggling – Bloomberg.com

Ukraine Overhauls Cabinet Amid Struggles of Wartime Economy

July 18, 2025
Theater at Santa Fe’s San Isidro Plaza will be converted into IMAX, family entertainment venue – Santa Fe New Mexican

Santa Fe’s San Isidro Plaza Theater Transforms into Exciting IMAX Family Entertainment Venue

July 18, 2025
Free physical, mental health resources to be offered at community fair – WIFR

Discover Wellness: Join the Community Fair for Free Physical and Mental Health Resources!

July 18, 2025

Categories

Archives

July 2025
MTWTFSS
 123456
78910111213
14151617181920
21222324252627
28293031 
« Jun    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (726)
  • Economy (749)
  • Entertainment (21,635)
  • General (15,959)
  • Health (9,787)
  • Lifestyle (757)
  • News (22,149)
  • People (751)
  • Politics (760)
  • Science (15,967)
  • Sports (21,247)
  • Technology (15,732)
  • World (733)

Recent News

Simpson College to purchase medical simulation technology with grant funds – Iowa Capital Dispatch

Simpson College to purchase medical simulation technology with grant funds – Iowa Capital Dispatch

July 18, 2025
With Myles Garrett and T.J. Watt deals in rearview, it’s time for Cowboys to extend Micah Parsons – Yahoo Sports

With Myles Garrett and T.J. Watt deals in rearview, it’s time for Cowboys to extend Micah Parsons – Yahoo Sports

July 18, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version