With 10 per cent of the world’s oil reserves, Canada is a strong global player in the energy sector. And on the back of oil sands, shale gas and tight oil production capacities, it could well become a superpower.
In August, when Joe Oliver, Canada’s Minister of Natural Resources, addressed the energy and mining sector at its annual meeting, global exports was a key point of discussion. Oliver stressed on reaching Asia-Pacific markets — China, India, South Korea and Japan and politicians and industry players say that the safest and most efficient way to initiate this is to build new pipelines.
Also last month, Mexico’s energy reforms signalled new possibilities. If its government’s plan to divest itself of the 75-year-old state monopoly works, increased output and lower costs will fuel fierce competition against Canada to supply crude to the Gulf Coast.
According to Business Monitor International’s Canada Oil and Gas Report Q3 2013, proven oil reserves are expected to fall from 173.1 billion barrels in 2013, to 158.0 in 2017, but liquid shale developments will take it up to 162.0 billion barrels in 2022.
