The shale revolution in the United States has drawn the attention of the international financial resources and has lasted for 20 years. Canada to be outdone, intends to develop shale oil and gas in the territory, and the United States higher.
Reuters reported on the 29th that the Duvernay and Montney formations in Canada are rich in oil and gas and are said to yield no yield to the U.S. shale oil. The National Energy Board estimates that the Duvernay and Montney formations contain 500 megafits of natural gas and 4.5 billion barrels of crude.
Wood Mackenzie estimates that at present Canada’s shale oil production is about 335,000 barrels a day, rising to 420,000 barrels in 10 years. The Canadian Association of Petroleum Producers believes that if shale oil drilling activity increases, understanding of the strata is more in-depth, output will grow more rapidly, and the reserves of crude oil in the strata will also increase.
Several industry players are investing in the Canadian shale area. Chevron announced the first Canadian shale oil and gas development project in November 2017. Spokesman Leif Sollid praised Duvernay as the most potential shale oil and gas producing region in North America. one. Shell this year also invested heavily in Duvernay, investing in the company’s investment in North America’s Permian Basin. Al Hirshberg, head of ConocoPhillips’ lock Montgomery, another rocky area in Canada, said the Montney region is expected to yield significant output and cash flow.
At present, the production of crude oil in Canada is still dominated by oil sands. It is estimated that crude oil output in 2040 will grow by 60%.
Oilprice.com reports that the Canadian Energy Agency reported on October 26, 2017 that benefiting from the increase in oil sands production, Canadian crude oil production is expected to increase by 60% to 40% from 4 million barrels / day in 2016 630 million barrels / day. However, the rate of growth after 2020 will slow down as most of the new projects have been put into operation. The report also estimates that Canada’s fossil fuel consumption may peak by 2020.
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