2024-01-16 18:23:43
(Calgary) Oil production in Alberta hit an all-time high in November as oil sands companies increased production in anticipation of the imminent completion of the Trans Mountain pipeline expansion.
Alberta’s energy regulator says crude oil production in the province increased 8.8 per cent in November to a new all-time high of 4.2 million barrels per day.
Alberta produced an average of 3.8 million barrels per day of oil during the first eleven months of 2023, 1.6% more than in 2022 and 5% more than during the same period in 2021.
Eight Capital analyst Phil Skolnick noted that November’s production numbers put Canada ahead of China’s 2022 production levels and just behind Iraq, making Canada the fourth largest oil producer in the world. world.
The Trans Mountain pipeline extension, which is more than 98% complete, will provide the Canadian oil industry with an additional export capacity of 590,000 barrels per day.
According to Mr. Skolnick, without the Trans Mountain project, the volume of Canadian oil production would likely exceed the current total capacity of the country’s pipelines during the second half of this year.
1705436378
#Alberta #oil #production #hits #record #November
