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While Edmonton (population 972,223 thousand in 2019 [20]) is the provincial capital and is considered the pipeline, manufacturing, chemical processing, research and refining centre of the Canadian oil industry, its rival city Calgary (population 1.26 million [20]) is the main oil company head office and financial centre, with more than 960 ...
As of 2009, Syncrude and Irving Oil were leaders in the Canadian industry, with Syncrude being the top producer of oil sands crude and Irving Oil operating the largest oil refinery in the country. [5] Canadian oil company profits quickly recovered following the 2008 financial crisis; In 2009 they were down 90% but in 2010 they reached $8.4 billion.
Production in the other major OECD producers (the United States, United Kingdom, Norway and Mexico) at that time have been declining, as was conventional oil production in Canada. Total crude oil production in Canada was projected to increase by an average of 8.6 percent per year from 2008 to 2011 as a result of new non-conventional oil projects.
The oil patch's caution has contributed to a slow pace of deal-making, despite plenty of assets being up for sale. Cash-rich Canadian oil firms favour buybacks as other options narrow Skip to main ...
Unconventional oil is rapidly becoming an important and abundant resource in the U.S. As a matter of fact, liquids production is set to increase nearly 26% from 10.4 million barrels per day in ...
These developments made heavy oil for the first time more than a marginal resource. Within five years, area production had increased fivefold to nearly 2,000 cubic metres per day. By the early 1990s, production from the heavy oil belt was some 40,000 cubic metres per day, and Husky was still one of Canada's biggest heavy oil producers. [8]
Despite the surge in oil prices to 11-year highs, Canadian companies are wary of spending aggressively to grow oil production after the pain of 2020's pandemic-induced oil price collapse ...
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