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2050
- (Under a net-zero scenario, where countries hit their climate goals, Canada's oil production is projected to peak by 2026 and decline to 73 per cent below 2022 levels by 2050.)
www.cbc.ca/news/climate/canada-climate-fossil-fuel-production-report-1.7020988
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Mar 7, 2024 · In 2024, we estimate that Canadian oil production could advance by 6–10%, roughly equivalent to 300–500k/bpd. The band is fairly wide to incorporate lingering uncertainties, but even on the low end, this would match average annual growth in the booming years between 2010–2015.
- Global Prices Drive Canadian Oil Exports
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- Much More Clean Electricity
The projections come at a particularly lucrative time for the industry; the five largest companies that operate in Canada's oilsands made about $35 billion in profits in 2022. But the models should be a warning for many oil and gas companies, climate experts say, calling into question the future of fossil fuel use and production in Canada. On the o...
The report shows that "we need to be careful, especially where public money is dedicated. We need to ensure that it goes to projects that are going to be competitive in the long term," said Jan Gorski, director of the oil and gas program at the Pembina Institute, an energy think-tank. "And not every project will be competitive. Some of those projec...
The CER's scenarios show electricity use increasing to power all the electric cars, building heating systems and other clean technologies that will replace fossil fuels in the lives of Canadians. And that new electricity will come from cleaner sources — with wind energy growing nearly seven to nine times its current levels by 2050. That's not surpr...
Oct 12, 2023 · Canada's oil production is set to jump by about 10 per cent over the next year and become one of the largest sources of increased supply around the world.
Dec 9, 2021 · Oil output in Canada, the world's fourth-largest producer, will climb over the next decade and peak at 5.8 million barrels per day in 2032, seven years sooner than previously forecast, the...
- Crude oil price. The price of crude oil is the most important factor that drives production and investment in the oil and gas extraction sector. Chart 1 presents movements in two of the most relevant crude oil prices for Canada, the WTI and the Western Canadian Select (WCS) from January 2019 to February 2021.
- Production and employment. Chart 2 presents monthly production and employment in the oil and gas extraction industry and in all industries as a whole from January 2019 to April 2021.
- Crude oil and merchandise exports. The global value chain and, therefore, merchandise exports have been greatly affected by the pandemic because of declining demand.
- Capital expenditures. Capital expenditures in oil and gas extraction are highly related to crude oil price. Lower oil prices will drive down the profit level of oil and gas extraction and ultimately discourage investment in the industry, and this will affect its production capacity in the long term.
Aug 28, 2024 · Forecasted values are no longer available in this publication. For the latest projections of crude oil and natural gas production in Canada please visit the Canada’s Energy Future main page. Date modified: 2024-08-28. Terms and conditions.
Aug 23, 2023 · Increasing production would be at odds with the Canadian government's effort to meet its goal of cutting carbon emissions by 40-45% by 2030, given oil and gas is the country's highest-emitting...
