Canada upstream news

Rystad Energy has released its annual global energy outlook, which claims that the Covid-19 downturn will expedite peak oil demand.

The regulation provides that exploratory drilling projects in a specific area of the Canada-Newfoundland and Labrador offshore are excluded from the requirement to undergo a project-specific federal Impact Assessment.

Norway's CO2 intensity per produced boe in 2018 was approximately 7 kg compared to Canada's 39 kg/boe, according to a report by Rystad Energy.

Applied Petroleum Technology has identified Lower Jurassic source rocks and a genetically related set of oil show in the Southern Grand Banks.

The three surveys will cover approximately 10 000 km2 offshore Labrador and Newfoundland, Canada.

Rystad Energy expects total 2020 Canadian upstream spending to fall below CAN$21 billion.

Canada will invest CAN$2.5 billion (US$1.8 billion) in measures to help the oil and gas industry during the coronavirus outbreak.

The measures include a reduction in output of 225 000 bpd.

New licensed offshore acreage is likely to fall by about 60% and onshore acreage by 30% compared with 2019 levels, according to Rystad Energy.

A Rystad Energy analysis shows that Canada is the oil producer most affected so far by the slump in global oil demand, with the damage estimated to reach above 1.1 million bpd in shut-in production in 2Q20.