Pembina Pipeline Corporation (PPL.TO) provides transportation and midstream services for the energy industry. “There’s a strong cultural preference for food from the land. For another, many indigenous communities in the region are deeply impoverished. The overall volume of tailings has kept growing for more than 50 years. We enable the responsible growth of our industry and advocate for economic competitiveness and safe, environmentally and socially responsible performance. Suncor Energy became the largest petroleum company in Canada after it merged with Petro Canada in August of 2009. There are 100s of Oil & Gas companies operating inside Canada varying from large international players such as Suncor Energy Inc. and Cenovus Energy Inc., right down to … For years, many Secwepemc First Nations people have been rallying to protect their water and prevent an expansion of the Trans Mountain pipeline from being built through their territory. “Pipelines are critical in ensuring Canada has access to high growth markets and receives full value for our natural resources,” Tim McMillan, president and CEO of the Canadian Association of Petroleum Producers (CAPP), said at the time. In the high case scenario, figures are estimated to continuously increase from 2.05 million to … Russia. New market Oil — by far the most important source of revenue for fossil- fuel companies in Canada — is dominated by a handful of big players. While Russia has fallen in the ranks, it remains one of the world's top oil producers, with … We enable the responsible growth of our industry and advocate for economic competitiveness and safe, environmentally and socially responsible performance. When a community wanted to build off-grid solar for electricity, Deranger says, no one else stepped up to help except the industry. Karim Zariffa, the executive director of Oil Sands Community Alliance, an industry group, says the industry has tried to work closely with local and indigenous people over decades to share information and provide funding. TC Energy announced in March 2020 that it had executed an exclusive letter of intent to purchase the Pioneer Pipeline for $255 million.. One study found that acid rain would eventually damage an area almost the size of Germany. With the oil industry’s fingers in all aspects of government, communities don’t have much choice, says Deranger. Even if the Trans Mountain pipeline does go forward, Taft adds, it will take years to complete. These companies, by becoming part of COSIA, share experience and intellectual property with other member companies. A swath of boreal forest is stripped away to reveal the bitumen-laced ground at the Fort Hills Suncor oil sands site near Fort McKay, Alberta. Canadian oil sands producers such as Cenovus and MEG Energy impressed investors in the second quarter as prices of heavy crude rose, but those gains are expected to be short-lived. The COVID-19 demand and price collapse has reduced Canadian oil sands production outlook to 2030 to the lowest point in the past half-decade, but … But from 2012 to 2016 it earned an average annual revenue of more than C $500 million by providing services to the oil sands industry, according to a study by the Fraser Institute. 30, 2020. Behind the scenes, Taft says, there was immense pressure by the oil industry on Trudeau to get the pipeline built. https://www.nationalgeographic.com/environment/2019/04/alberta-canadas-tar-sands-is-growing-but-indigenous-people-fight-back.html, a carbon tax on large industrial emitters, Canadian Association of Petroleum Producers, bill as high as U.S. $195 billion (C $260 billion). Husky Energy Inc. (HSE.TO) is an integrated company engaged in the exploration, development, production, transportation, storage, and marketing of crude oil, natural gas, and natural gas liquids. Both methods are relatively expensive compared to traditional well-extraction methods, making the break-even price of oil for oil-sand producers much higher than for more traditional producers. The oil and gas industry in Canada, as in other regions, is generally divided into three main segments: upstream, midstream, and downstream. Chelsea suffered a miscarriage five months into her pregnancy. Here are the 10 biggest Canadian oil and gas companies measured by trailing 12-months (TTM) revenue. All rights reserved. Alberta's oil sands’ proven reserves equal about 165.4 billion barrels (bbl). The company operates conventional and oil-sands pipelines, stores oil, and gathers and processes natural gas. “At the same time, it wants to increase its oil exports.” His most recent book is titled Oil’s Deep State: How the Petroleum Industry Undermines Democracy and Stops Action on Global Warming—in Alberta, and in Ottawa. Canadian oil sands producers such as Cenovus and MEG Energy impressed investors in the second quarter as prices of heavy crude rose, but those gains are expected to be short-lived. WEF controls two Canadian oil producers including Cona Resources Ltd., which bought Pengrowth Energy Corp. in January for about C$790 million ($620 million), including debt, and is currently embroiled in an attempted hostile takeover of Osum Oil Sands Corp. “The best days of the U.S. oil industry are definitely behind us,” he said. While it produces conventional oil, most comes from the Alberta oil sands, the world’s third largest proven oil reserve at 170 billion barrels. The oil sands industry in Alberta is a vital part of the Canadian economy. Oil sands producers have planted more than five million trees in a joint program designed to reclaim the boreal forest faster after exploration drilling. A robotic bird of prey sits on a floating platform equipped with a strobe light, loudspeaker, and a propane canon, at a Syncrude oil sands site. Gibson Energy (GEI.TO) is an integrated service provider to the oil and gas industry. The expanded pipeline had been bitterly opposed by indigenous and environmental groups—but is important for unlocking new Pacific markets for the Alberta oil sands. Over those 10 years, oil-sands … Rather than advocating for the closure of existing oil sands projects, Indigenous Climate Action opposes any expansion of the industry and is working to help communities make a transition away from oil and toward renewable energy projects, particularly those that are indigenous owned and operated. Canada’s Oil Industry. The couple attributes the death to pollution—Fort McKay is surrounded by oil sands mines. Syncrude, one of the largest producers of crude oil from Canada’s oil sands, as well as North West Refining (NWR), which operates the Sturgeon refinery, have declared force majeure Dez was born with an underdeveloped heart and has received multiple open-heart surgeries. The company is engaged in the exploration, acquisition, development, production, refining, transportation, and marketing of crude oil. The company supplies and supports a network of retail gas stations, and offers its products to a range of commercial, industrial, and residential customers. Although there are numerous oil companies operating in Canada, the majority of production, refining and marketing is done by fewer than 20 of them. It produces synthetic crude oil, light and medium crude oil, bitumen, primary heavy crude oil, and Pelican Lake heavy crude oil. Petroleum production in Canada is a major industry which is important to the economy of North America. Suncor Energy Inc. (SU.TO) Revenue (TTM): CA$38.3 billion. Parkland Fuel Corporation (PKI.TO) is an energy supplier engaged in the marketing and distribution of a variety of petroleum products including gasoline, diesel, propane, lubricants, heating oil, and more. If built, the pipeline could dramatically increase the number of large oil tankers using coastal waters. "Unconsolidated" in this context means that the sands have high porosity, no significant cohesion, and a tensile strength close to zero. Oil is the country’s biggest export earner, and although production has boomed even more in the U.S. lately, thanks to shale fracking, oil is a much bigger part of the Canadian economy. The merger will be a temporary salve for shareholders of both companies, who specialise in extracting oil from Alberta’s dirty, costly oil sands. Alberta's oil sands has the third largest oil reserves in the world, after Venezuela and Saudi Arabia. In most of Alberta, the bitumen is buried so deep that wells must be drilled to extract it, and steam injected to mobilize it, at great energy cost. Energy exchange-traded funds (ETFs) offer a number of ways to invest in the sector, from oil and gas companies to alternative energy sources. Oil companies such as Syncrude, Shell Canada or Suncor Energy are ensuring progress in the mining technology to boost the profitability of their oil production. TC Energy Corp (TRP.TO) is an energy infrastructure company that builds and operates a network of natural gas pipelines, which transport natural gas from supply basins to local distribution companies, power generation plants, industrial facilities, and other customers. A water intake pipeline runs from the Athabasca River near Fort McKay, Alberta. It is the largest oil producer in Canada. The 5 largest companies (Suncor, Canadian Natural Resources Limited, Imperial Oil, Husky and Cenovus) are responsible for over half of crude oil production in Canada. And these days, even as Canada promotes action on climate change on the world stage, the Canadian and provincial governments are pushing to expand oil sands operations—which brings substantial economic benefits to the region—in the face of a chorus of opposition from environmentalists and indigenous people. “I grew up in the bush up there,” he says. Canadian Natural Resources (CNQ.TO) is an oil and gas exploration and production company. We also reference original research from other reputable publishers where appropriate. “It shows the power of the industry, even when it’s facing imminent decline.”. “Alberta is incredibly beautiful, but big parts are being absolutely destroyed.”. 415-398-4404 - Main Office membership@ran.org What’s shipped is diluted bitumen, not crude oil. It is located just outside Fort McMurray. Midstream companies are engaged in the storage and transportation of oil and gas, while downstream companies refine and sell finished petroleum products. This list is limited to companies which are publicly traded in the U.S. or Canada, either directly or through ADRs. Approximately 0.19% of the Alberta boreal forest has been disturbed by open pit mining. Canadian Oil Sands markets its synthetic crude oil production to refineries in both Canada and the U.S. Canada’s largest energy companies are in a position to expand their stakes in Alberta’s oil sands as foreign players sell holdings to reduce carbon emissions Bitumen is too thick to pump, so light crude oil and chemicals are added. Dez, 7, plays in his bed in Fort McKay. Open pit mining destroys the boreal forest and muskeg, while in situ extraction technologies cause less significant damage. Reserves and production. Locals say such traditional food sources are becoming more scarce and polluted, and they blame oil sands developments. Last week, French energy giant Total, one of the world’s largest oil and gas companies, announced that it has withdrawn from the Canadian Association of Petroleum Producers (CAPP) because of a “misalignment” between the organization’s public positions and those expressed in Total’s climate ambition statement announced in May. TC Energy Corp. "TC Energy signs letter of intent to acquire Pioneer Pipeline," Accessed Mar. In 2010, Suncor was named the 4th most valuable company in the country. Although some companies have invested significantly in technology to address the tailings problem, that has not put a dent in the scale of the problem, according to the Pembina Institute, an Alberta-based energy think tank. The oil sands give Alberta the third largest reserves in the world, but extracting the oil is energy-intensive and destructive to the landscape. All figures are as of March 30, 2020. Canadian oil sands production is expected to decline by nearly 175,000 barrels per day (b/d) in 2020 as a result of COVID-19—the largest annual decline on record. Pointing to the $150 million a year the industry spends on environmental monitoring, he asserts that “the oil sands is the most heavily monitored region, and industry, in the world.”. The Keystone XL pipeline is a proposed extension of the Keystone pipeline system that will transport oil from Canada to refineries in the United States. An integrated oil and gas company is a business entity that engages in the exploration, production, refinement, and distribution of oil and gas. Canada has the third largest oil reserves in the world and is the world's fourth largest oil producer and fourth largest oil exporter.In 2017 it produced an average of 667,747 cubic metres per day (4.2 Mbbl/d) of crude oil and equivalent. However, Canada is not likely to meet its 2020 carbon emission reduction target, experts warn. Western Canada Select, the benchmark grade produced by Canada’s oil sands, was down about 26% to $20.69 a barrel on Monday, in line with the drop for West Texas Intermediate. Even in 2016, when the great Fort McMurray wildfire caused operations to temporarily shutter across the oil sands, annualized output still managed to exceed that of the prior year. You can learn more about the standards we follow in producing accurate, unbiased content in our. Canada has produced oil since the 1850s. Scattered along the banks of the Athabasca River is one of the world’s largest collections of tailings waste ponds—able to fill more than 500,000 Olympic swimming pools. Kanahus Manuel brings her niece Wasayka, 2, to the banks of the South Thompson River in Shuswap, British Columbia. An exploration & production company is known to be in a specific sector within the oil and gas industry. “Long after the industry is gone, we will have to deal with the consequences.”, This is the world's most destructive oil operation—and it's growing. As a result, they are strongly opposed to the Trans Mountain pipeline, since it could help increase the size of oil sands operations and contribute more to climate change. The company also refines crude oil and markets refined petroleum products. Crude bitumen production (mined and in situ) totaled about 2.8 million barrels per day (bbl/d) in 2017. One government estimate put the bill as high as U.S. $195 billion (C $260 billion). Canada has about six billion barrels of remaining oil reserves located outside the oil sands, found primarily in Alberta, … The Fort McKay First Nation is an exceptional example. Wade and Chelsea (at center) say goodbye to their stillborn daughter in Fort McKay on November 11th, 2012. The Canadian province of Alberta contains some of the largest known reserves of recoverable oil sands anywhere in the world. They contain a toxic slurry of heavy metals and hydrocarbons from the bitumen separation process. The sands are saturated with oil which has prevented them from consolid… © 1996-2015 National Geographic Society, © 2015- The eight largest oil-sands producers by market value posted a combined free cash flow of $1.4 billion for the third quarter, compared with $163.7 million from the top eight U.S. exploration and production companies, according to data compiled by Bloomberg. For example, Suncor Energy Inc., Canada’s largest integrated oil company, last month reported a cash operating cost of C$28.55 per barrel in its oil sands operations last quarter, down 17% from five years ago. The Alberta government requires companies to restore the land to "equivalent land capability". Joey Fraser hunts for ducks at the Métis territory of Big Point, near Fort Chipewyan, Alberta. He says the average emissions per barrel of oil produced in the region have declined by roughly 30 percent since the early 1990s. The world's largest deposits of oil sands are in Venezuela and Canada. Air pollution, including acid rain, also plagues the remote region. A poll in May 2018 found that 56 percent of Canadians supported the Trans Mountain project. A number of indigenous communities along the pipeline’s route remain resolutely opposed, and especially in the province of British Columbia. An oil field is an area of land that is utilized for oil and gas extraction. Imperial Oil (IMO.TO) is an integrated company engaged in the exploration, production, refining, transportation, and sale of crude oil and natural gas. Oil producers Cenovus and Husky are combining in an all-share deal that would together value the pair at C$24bn ($18bn). WEF controls two Canadian oil producers including Cona Resources Ltd., which bought Pengrowth Energy Corp. in January for about C$790 million ($620 million), including debt, … An oil refinery is an industrial plant that refines crude oil into petroleum products such as diesel, gasoline and heating oils. The company is one of the lowest cost producers and can maintain positive cash flows despite low oil prices. Tourmaline Oil (TSE:TOU) Let’s get right to the point – why is Tourmaline (TSE:TOU) among our … Instead, a huge area about the size of Florida or Wisconsin north and east of Edmonton, Alberta, contains a tarry bitumen mixed with sand that is mined from underneath the boreal forest. The scale of Alberta’s oil sands operations, the world's largest industrial project, is hard to grasp. As a result of these issues, oil from the oil sands has a higher environmental cost than other sources, Belanger says. Imperial Oil (TSE:IMO): Big backer, cracking petrochemical holdings. The best they can hope for is to have some land set aside to buffer the impacts and get some compensation. It also refines crude oil and transports and sells refined petroleum and chemical products. Suncor Energy is one of the largest independent energy companies in the world engaging in oil sands operations, offshore oil and gas production, petroleum refining and marketing. At the Paris climate summit in 2015, Canada pushed for the ambitious 2.7 degrees Fahrenheit (1.5 degrees Celsius) global warming target. The geology of the deposits in the two countries is generally rather similar. “We need to act now so our kids can have a healthy planet and good jobs,” Prime Minister Trudeau wrote on Twitter on April 4, 2019. Only a small fraction of the mined land has been reclaimed so far, however. TC Energy signs letter of intent to acquire Pioneer Pipeline. Production from oil sands includes an increasing share of Alberta’s and Canada’s crude oil production. The COVID-19 demand and price collapse has reduced Canadian oil sands production outlook to 2030 to the lowest point in the past half-decade, but … Suncor Energy is a Canadian integrated energy company based in Calgary, Alberta.It specializes in production of synthetic crude from oil sands.In the 2020 Forbes Global 2000, Suncor Energy was ranked as the 252nd-largest public company in the world.. Until 2010, Suncor marketed products and services to retail customers in Ontario through a downstream network of 280 company-owned, and … The Kinder Morgan Trans Mountain pipeline will never be built,” Grand Chief Stewart Phillip, president of the Union of British Columbia Indian Chiefs, told media in 2018, after Trudeau announced the pipeline would be built. According to the 2013 edition of Forbes Global 2000, canoils.com and any other list that emphasizes market capitalization and revenue when sizing up companies, as of March 31, 2014 these are the largest Canada-based oil and gas companies. Upstream companies engage in the exploration and production (E&P) of crude oil and natural gas, which entails searching for oil below the ground and drilling wells in order to access those reserves. 30, 2020. Not only can these oil sands … Such contraptions are aimed at deterring migratory birds from landing in tailings ponds, where they are poisoned in large numbers. In 2019, Alberta had … It’s affected our ability to travel, to gather food from the land—it’s really overwhelming,” says Deranger, a member of the Athabasca Chipewyan First Nation located near Fort Chipewyan, north of Fort McMurray. A quick look north using Google map’s satellite view clearly shows some of the impacts on the landscape. COSIA member companies have signed COSIA's Charter and support the Alliance's vision. Especially north of Fort McMurray, where the boreal forest has been razed and bitumen is mined from the ground in immense open pits, the blot on the landscape is incomparable. The 120-odd active oil sands projects are owned by major oil companies from Canada and around the world, including the U.S. and China. A study published in April in Nature Communications found that emissions from the Canadian oil sands, measured directly from aircraft, are about 30 percent higher than the figures reported by the industry. These are so toxic, ducks and other birds have to be prevented from going near them. “The answer is still 'no'. “Indigenous peoples are often seen as being widely opposed to oil and natural gas development—that’s simply not the case. Enbridge also invests in renewable energy assets and transmission facilities. The company owns a network of terminals, pipelines, and storage tanks. Together, the companies pump out 2.6 million barrels every day, virtually all of which is shipped to U.S. refineries. “Projects are always approved by government,” Baker says. COSIA's membership accounts for over 90 per cent of the oil sands product in Canada. "Financial Data," Accessed Mar. According to the Canadian Association of Petroleum Producers, the oil sands alone provided 205,000 direct and indirect jobs in 2017, $1.9 billion in GDP in 2019, and $3.2 billion in supply chain spending with more than 2,000 business across the country in 2016/17. Enbridge Inc. (ENB.TO) is an energy infrastructure company that provides energy transportation, distribution, and related services. A national carbon tax went into effect April 1, 2019. Even in 2016, when the great Fort McMurray wildfire caused operations to temporarily shutter across the oil sands, annualized output still managed to exceed that of the prior year. The vast majority of Canada’s oil is produced in Alberta. The company also manufactures and markets various petrochemicals. This means that the ability of the land to support vario… Today, it has a market capitalization valued at $51.46 billion. A major Canadian oil sands producer has planted more than 8.5 million tree and shrub seedlings. The oil sands industry consumes three barrels of fresh water for every one barrel of oil produced. In some cases, such as in the Canadian oil sands, companies either mine for crude bitumen, a dense, viscous form of crude oil, or use in-situ recovery processes that inject steam and chemicals deep beneath the ground to separate the bitumen from the sand and pump it to the surface. The eight largest oil-sands producers by market value posted a combined free cash flow of $1.4 billion for the third quarter, compared with $163.7 million from the top eight U.S. exploration and production companies, according to data compiled by Bloomberg. Canadian producers, particularly those focused in the higher-cost oil sands, have spent years trying to make their operations more efficient. But if local communities object to proposed oil sands projects, says Janelle Marie Baker, an anthropologist at Alberta’s Athabasca University, it makes no difference. The merger will be a temporary salve for shareholders of both companies, who specialise in extracting oil from Alberta’s dirty, costly oil sands. The Canadian province of Alberta contains some of the largest known reserves of recoverable oil sands anywhere in the world. The company engages in the transportation, storage, blending, processing, marketing, and distribution of crude oil, condensate, natural gas liquids, water, oilfield waste, and refined products. In the oil industry, there is arguably no better operator than Canadian Natural Resources . Investopedia requires writers to use primary sources to support their work. The Canadian Association of Petroleum Producers (CAPP) is the voice of Canada’s upstream oil and natural gas industry. If Alberta, with its population of four million people, were a country, it would be the fifth largest oil-producing nation. Fort McKay’s per capita income is substantially higher than the Albertan or Canadian average. Canadian Oil Sands is the largest joint venture owner (36.74%) in Syncrude Project. Imperial Oil is well worthy of … The company was founded on October 5, 1995 and is headquartered in Calgary, Canada. “Sometimes people have this perception that this industry has no oversight, no regulation, that they are wild cowboys doing whatever they want to do,” Abel says. Reclaiming Land Equal to 10,000 Football Fields Since 2010, a major oil sands producer has reclaimed over 8,100 hectares of land, equivalent to the size of 10,000 Canadian Football League (CFL) fields . The area will soon become a gaping strip mine as the bitumen is trucked away for processing into petroleum products. Large enough to be seen from space, tailings ponds in Alberta’s oil sands region are some of the biggest human-made structures on Earth. 425 Bush Street, Suite 300 San Francisco, CA 94108. Two of Canada’s largest oil-sands producers plan to conserve cash until they have more confidence that a recovery from crude’s historic price crash has staying power.Cenovus Energy Inc. Chief Executive Officer Alex Pourbaix said he’s following data on miles driven and refinery runs to gauge the pace of oil demand recovery in the U.S., and so far it seems “robust.” Canada is warming twice as fast as the rest of the world, according to a new government report. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Oil is a powerful and versatile source of Canadian energy that will be a part of the global energy mix for decades to come. These include white papers, government data, original reporting, and interviews with industry experts. Instead, 2020 will mark the single largest production drop in the history of the Canadian oil sands—an industry that has almost always seen year-on-year additions. REACTORS AND CARBON CAPTURE However, it has warned since 2017 that the Canadian oil sands producers could be excluded because their emissions are higher than the global average. WEF controls two Canadian oil producers including Cona Resources Ltd., which bought Pengrowth Energy Corp. in January for about C$790 million ($620 million), including debt, and is currently embroiled in an attempted hostile takeover of Osum Oil Sands Corp. “The best days of the U.S. oil industry are definitely behind us,” he said. So in spite of the history of mistrust, some First Nations communities have become partners in oil sands projects, in return for jobs, grocery stores, housing, and public facilities. The Canadian Association of Petroleum Producers (CAPP) is the voice of Canada’s upstream oil and natural gas industry. The company operates a network of crude oil, liquids, and natural gas pipelines, as well as regulated natural gas distribution utilities. Suncor is the world’s largest producer of bitumen and owns and operates refineries in Alberta, Ontario and Quebec. From 2004 to 2014, about C$210.1 billion was invested in the oil sands, according to data from the Canadian Association of Petroleum Producers. Canadian oil sands development benefits all Canadians by ... Canada is the largest supplier of crude oil and petroleum products to the U.S. 3,000 3,500 2,500 2,000 1,500 1,000 500 0 ... Canadian crude oil producers continue to build new markets for their expanding production. In 2018 the Canadian government bought the pipeline project from Texas-based Kinder Morgan—the expansion is considered important for opening new markets for the oil sands. Net Income (TTM): … Not permanently, Abel argues: By law, he says, oil sands producers must reclaim the land when they are finished with their operations. The oil industry uses cut lines in the forest like this one to search for underground resources and build infrastructure for future development. In 2018, non-upgraded bitumen and SCO production made up two-thirds of total Canadian crude production and 87 percent of Alberta’s total production. Oil is the country’s biggest export earner, and although production has boomed even more in the U.S. lately, thanks to shale fracking, oil is a much bigger part of the Canadian economy. They are vast heavy oil, extra-heavy oil, and/or bitumen deposits with oil heavier than 20°API, found largely in unconsolidated sandstoneswith similar properties. “That would just make things worse,” Deranger says. “It’s had a huge impact on caribou, bison, moose, birds, fish, the water, the forest. 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