加拿大石油工业市场前景及投资研究报告-外文版培训课件中海油中石化

INDUSTRIES

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MARKETSOilindustryinCanadaCHAPTER

01OverviewProvedoilreservesworldwidein1960and2022,bykeycountries(inmillionbarrels)Globaloilreservesinselectcountries1960-2022Oilreservesinmillionbarrels2022

1960050,000100,000150,000200,000250,000300,000350,000303,221VenezuelaSaudiArabiaIran18,500267,19253,000208,60035,00027,000145,019Iraq113,000101,500UnitedArabEmiratesKuwait25065,00080,000RussiaUnitedStatesLibyaNigeriaKazakhstan*China23,57931,61355,25148,36336,9672,00015030,00027,0035003Description:Venezuelahasthelargestoilreservesworldwide.Asof2022,ithadprovedreservesamountingtomorethan303billionbarrels.ThemajorityofthisamountwasheldwithintheOrinocoBeltrockdepositsintheformofoilsands.However,despiteitsgreatpotential,politicalturmoilandresultingsanctionsbyitsmostimportantimporter,theU.S.,hasseenVenezuela'soilindustryseverelyaffected.CurrentoilproductioninVenezuelaisonlyaquarterofwhatithadbeenin2015.ReadmoreNote(s):Worldwide;1960and2022;*CountedaspartofRussia'sterritoryin1960andnotseparatelyavailable.**ExcludingCanada'soilsands.ReadmoreSource(s):OPECOilproductionworldwidein2010and2022,byselectcountry(in1,000barrelsperday)Globaloilproduction2010-2022,byselectcountryProductioninthousandbarrelsperday2022201010,00002,0004,0006,0008,00012,00014,00016,00018,00020,000UnitedStatesSaudiArabiaRussiaCanadaIraqChinaUnitedArabEmiratesIranBrazilKuwaitMexicoNorway4Description:TheUnitedStatesistheworld'slargestcrudeoilproducer.In2022,ithadanoutputof17.8millionbarrelsworthofoilperday.Thiswasnearly10millionbarrelsmorethanin2010andlargelyaresultofadvancesinunconventionaltightoilproduction.SaudiArabiaandRussiarankedsecondandthird,ataround12.1and11.2millionbarrelsdailyrespectively.Oilproductionincludescrudeoil,shaleoil,oilsands,andnaturalgasliquids.ReadmoreNote(s):Worldwide;2010and2022Source(s):EnergyInstitute;Kearney;KPMGCHAPTER

02Reserves&productionProvedreservesofcrudeoilinCanadaasof2021,bytype(inbillionbarrels)ProvedoilreservesinCanada2021,bytypeReservesinbillionbarrels600204080100120140Oilsands(insitu)Oilsands(mining)Conventional*129.9294.36Description:ThevastmajorityofprovedreservesinCanadaisheldintheformofoilsands.Asoftheendof2021,therewereprovedreservesofsome130billionbarrelsintheformofinsituoilsands.Conventionalcrudereserveswerefoundtobelessthanfivebillionbarrels.ReadmoreNote(s):Canada;Endof2021;*Includingprovedreservesofpentanesplus.AdaptedfromStatisticsCanada,NRCan-EnergyFactBook2023-2024,page106,Endof2021.ThisdoesnotconstituteanendorsementbyStatisticsCanadaofthisproduct.

ReadmoreSource(s):NRCanOilandgasproductionandextractioninCanadain2023,bymethod(inmillionbarrelsofoilequivalentperday)HydrocarbonproductioninCanada2023,bytypeCrudeoil,condensateandpentanesplus,andNGL6.0NaturalgasSurfaceminingIn-situ5.04.033.02.01.00.01.81.62.3ConventionalextractionBitumenandsyntheticcrudeoilfromoilsandsproduction(raw)*7Description:In2023,Canadaextracted5.3millionbarrelsofoilequivalentconventionaloilandgasperday.Thiswasroughlytwomillionbarrelsperdaymorethanunconventional(oilsands)production.ReadmoreNote(s):Canada;2023;*Thesourcecalculatedthisrawproductionamounttobeequalto3.2MMB/dinupgradedvolumesSource(s):AlbertaEnergyRegulator;CanadaEnergyRegulator;CAPPCrudeoilproductioninCanadain2023,byprovince/territory(in1,000barrelsperday)OilproductioninCanada2023,byprovinceOilproductioninthousandbarrelsperdayConventionallight1,000Upgradedbitumen1,500

2,000Condensate2,500Heavyoil3,00005003,5004,0004,500AlbertaSaskatchewanNewFoundlandandLabradorBritishColumbiaManitobaNorthwestTerritoriesOntario8Description:AlbertaisbyfarthelargestoilproducingprovinceinCanada.In2023,around4.1millionbarrelsofoilwereproducedinAlbertaeveryday.Heavyoil,suchasnon-upgradedbitumen,madeupthemajorityofoilsourcedfromthisregion.

ReadmoreNote(s):Canada;2023Source(s):CanadaEnergyRegulatorOilproductioninCanadafrom1998to2022(in1,000barrelsperday)OilproductioninCanada1998-20226,0005,0004,0003,0002,0001,00001998

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20229Description:Canada'sdailyoilproductionamountedtosome5.57millionbarrelsin2022,thehighestfigurereportedbytheNorthAmericancountryuntilnow.Thisrepresentsanincreaseofnearlyfourpercentincomparisontothepreviousyear.Overall,between1998and2022,Canada'soilproductionincreasedbyover2.9millionbarrels.ReadmoreNote(s):Canada;1998to2022Source(s):EnergyInstitute;Kearney;KPMGBitumenproductioninCanadafrom2000to2023,bytype(in1,000barrelsperday)OilsandsproductioninCanada2000-2023,bytypeUpgradedbitumen(syntheticcrudeoil)Non-upgradedbitumen2,5002,0001,5001,00050002000

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202310Description:Non-upgradedbitumenproductioninCanadareachedmorethantwomillionbarrelsperdayin2023.Non-upgradedbitumen,theoilcomponentofoilsands,hasovertakenupgradedbitumen(syntheticcrudeoil)tobecomethemostproducedbitumentypesince2013.ReadmoreNote(s):Canada;2000to2023;FiguresonlyreflectoilsandsproductioninAlberta.HeavyoilproductioninSaskatchewanwasnotconsidered.Source(s):CanadaEnergyRegulatorNumberofcrudeoilrigsinCanadafromJanuary2020toMarch2024OilrigcountpermonthinCanada2020-202430025020015010050011Description:Therewere197crudeoilrigsinCanadainMarch2024.Thenumberofactiveoilrigshasvariedoverthelastfewyears,withapeakof249rigsrecordedinFebruary2020.

ReadmoreNote(s):Canada;January2020toMarch2024Source(s):BakerHughes;TradingEconomicsCHAPTER

03RefiningNumberofoilrefineriesandbio-refineriesinCanadaasof2023NumberofoilandbiofuelrefineriesinCanada2023OperatingCompleted/underconstruction2520151052214320Oil(excl.asphalt)AsphaltEthanol/biodieselRenewablediesel13/statistics/1465819/number-of-oil-and-biofuel-refineries-canadaCanadaoperates16oilrefineries(includingasphalt).Thiswaslowerthanthenumberofbio-refineriesproducingethanolandbiodiesel.Asof2023,Canadawasalsolookingtowidenitsrefiningscopebyconstructingrenewabledieselrefineries.

ReadmoreNote(s):Canada;2023Source(s):CanadaEnergyRegulator;CAPP;StatCanOilrefinerycapacityinCanadafrom2004to2022(in1,000barrelsperday)OilrefinerycapacityinCanada2004-20222,5002,0001,5001,00050002004

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202214Description:Canadahadanoilrefinerycapacityof1.95millionbarrelsperdayin2022.Inrecentyears,theAlbertaoilsandswereaccountedforintheprovenoilreservesundertheAlbertaEnergyandUtilitiesBoard(nowknownastheEnergyResourcesConservationBoard).ReadmoreNote(s):Canada;2004to2022Source(s):EnergyInstitute;Kearney;KPMGLargestoilrefineriesbycapacityinCanadaasof2023(in1,000barrelsperday)LargestoilrefineriesCanada2023Capacityinthousandbarrelsperday50

1000150200250300350IrvingOilRefinery(IrvingOil)320Jean-GaulinRefinery(ValeroEnergy)StrathconaRefinery(ImperialOil)EdmontonRefinery(SuncorEnergy)MontrealRefinery(SuncorEnergy)Co-opRefinery(Co-op)230197146137130123113SarniaRefinery(ImperialOil)NanticokeRefinery(ImperialOil)ScotfordRefinery(Shell)100SarniaRefinery(SuncorEnergy)CorunnaRefinery(Shell)8585SturgeonRefinery(NorthWestRedwaterPartnership)BurnabyRefinery(ParklandFuelCorp)795515Description:TheIrvingOilRefineryinNewBrunswickisthelargestoilrefineryinCanada.Asof2023,theIrving-ownedrefineryhadadailycapacityof320,000barrels.Canadahas16activeoilrefineries.

ReadmoreNote(s):Canada;AsofJanuary1,2023;*Asphaltrefineries.Source(s):CanadaEnergyRegulator;CAPP;Varioussources(companyreports)DistributionofoilproductsproductioninCanadaasof2023BreakdownofmostproducedoilproductsCanada2023Shareoftotalproduction0%5%10%15%20%25%30%35%35%34%40%MotorgasolineDistillatefueloilPetroleumcokeStillgas11%7%Jetfuel5%Asphalt4%ResidualfueloilFeedstocks3%1%1%Otherproducts*16Description:MotorgasolineisthemostproducedoilproductinCanada.Inthefirsthalfof2023,gasolineaccountedfor35percentoftotaloilproductsproductioninCanada'srefineries.Thiswascloselyfollowedbydistillatefueloil(diesel).ReadmoreNote(s):Canada;JanuarytoJuly2023;*Includeslubricants,waxes,naphtha,kerosene,andmore.Source(s):CAPP;GovernmentofCanadaCHAPTER

04Trade&pricesExportsofcrudeoilfromCanadafrom2005to2022(in1,000barrelsperday)OilexportsfromCanada2005-20225,0004,5004,0003,5003,0002,5002,0001,5001,000500020052006200720082009201020112012201320142015201620172018201920202021202218Description:In2022,Canadaexportedabout4.7millionbarrelsofoilperday,aslightincreaseofnearlyonepercentincomparisontothepreviousyearandthehighestrecordedvaluewithintheperiodofconsideration.

ReadmoreNote(s):Canada;2005to2022Source(s):EnergyInstitute;Kearney;KPMGCrudeoilexportsfromCanadain2022,bydestinationregion(inmillionmetrictons)CrudeoilexportsfromCanada2022,bydestinationExportsinmillionmetrictons60

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10002040120140160180200188.9UnitedStatesEurope6.3China4OtherAsiaPacific*

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0.219Description:ThemajorityofthecrudeoilexportedfromCanadagoestotheUnitedStates.In2022,theU.S.receivedmorethan188millionmetrictonsofoilfromCanada,whileEuropereceived6.3millionmetrictons.

ReadmoreNote(s):Worldwide;2022Source(s):EnergyInstitute;Kearney;KPMGCrudeoilimportstoCanadain2022,byregionoforigin(inmillionmetrictons)CrudeoilimportstoCanada2022,byregionoforiginImportsinmillionmetrictons1005152025UnitedStates16.8SaudiArabiaWestAfrica42SouthandCentralAmericaEurope0.60.3Total23.720Description:In2022,Canadaimported16.8millionmetrictonsofcrudeoilfromtheUnitedStates,whichwasthelargestquantityCanadaimportedfromanycountry.ReadmoreNote(s):Canada;2022Source(s):Kearney;KPMG;NEIAverageannualWesternCanadianSelect(WCS)oilpricefrom2005to2023(inU.S.dollarsperbarrel)AnnualWCSoilprice2012-20239079.5677.938070605040302076.0173.14

73.0171.7765.358.9754.952.1349.5945.06200644.28201938.98201738.46201836.24200535.27201529.65201626.8120202007200820092010201120122013201420212022202321Description:In2023,theannualaverageWCSoilpricewas58.97U.S.dollarsperbarrel.Thiswasadecreaseofmorethan15U.S.dollarscomparedtothepreviousyearassupplyconstraintswererelieved.Thelowestannualaveragewasrecordedin2020,thefirstyearofthecoronaviruspandemic.ReadmoreNote(s):Canada;2005to2023Source(s):AlbertaEnergyAveragemonthlyWesternCanadianSelect(WCS)crudeoilpricefromMarch2022toMarch2024(inU.S.dollarsperbarrel)WesternCanadianSelect(WCS)crudeoilmonthlyprice2022-202410595857565554535Mar

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Mar'22'22'22'22'22'22'22'22'22'23'23'23'23'23'23'23'23'23'23'23'24'24'2422Description:InMarch2024,theaveragemonthlypriceoftheCanadianoilbenchmarkWesternCanadianSelectamountedto61.28U.S.dollarsperbarrel.ItwasthethirdconsecutivemonththatpricesincreasedamidheightenedgeopoliticaltensionintheMiddleEast.WesternCanadianSelectisaheavysourblendofcrudeoil,producedexclusivelyinWesternCanada.ReadmoreNote(s):Worldwide;March2022toMarch2024Source(s):AlbertaEnergyCHAPTER

05EconomicimpactCapitalexpendituresintheoilandgasextractionindustryinCanadafrom2015to2022(inmillionCanadiandollars)Oilandgasindustry'scapitalinvestmentsinCanada2015-202260,00054,539.550,00042,516.839,10338,461.440,00030,00020,00010,000037,103.835,203.425,787.321,412.32015201620172018201920202021202224Description:Canada'soilandgasextractionindustryspentroughly37billionCanadiandollarsincapitalexpendituresin2022.Thiswasupfromjust21.4billionCanadiandollarsin2020.Investmentsinoilsandsaccountforroughlyonethirdoftotaloilandgasindustryinvestments.ReadmoreNote(s):Canada;2015to2022Source(s):StatCanCapitalexpendituresintheoilsandsindustryinCanadafrom1958to2022(inmillionCanadiandollars)Oilsands'capitalinvestmentsinCanada1958-202240,00035,00030,00025,00020,00015,00010,0005,000025Description:CapitalexpenditureinCanada'soilsandsindustryamountedtoapproximately11.9billionCanadiandollarsin2022.Thiswasanincreasecomparedtothepreviousyear,whencapitalinvestmentsstoodatninebillionCanadiandollars.Thepeakincapitalinvestmentswasrecordedin2014.ReadmoreNote(s):Canada;1958to2022Source(s):StatCanEstimatedrevenuefromoilandgasextractionandproduction(E&P)inCanadain2024,bytype(inbillionCanadiandollars)UpstreamoilandgasindustryrevenueestimateinCanada2024,bytype120105.510080604020082.3OilsandsConventionaloil,NGL,naturalgas26Description:Canada'soilsandsE&Pindustryisexpectedtogenerateanestimated105.5billionCanadiandollarsinrevenuesin2024.Thiswouldbecloseto20billionCanadiandollarsmorethantheestimatemadeforconventionalproduction.

ReadmoreNote(s):Canada;April1,2024Source(s):ARCEnergyResearchInstitute;CAPP;NationalBankFinancialGDPimpactoftheconventionalcrudeoilandgasextractionindustryinCanadafrom2010to2023(inmillionCanadiandollarsandasashareoftotalGDP)Conventionaloil&gasGDPcontributioninCanada2010-2023GDPcontributionGDPcontributionasshareoftotal40,00035,00030,00025,00020,00015,00010,0005,00001.71.651.61.551.51.451.41.351.32010201120122013201420152016201720182019202020212022202327/statistics/1346111/canada-conventional-oil-gdp-impactConventionaloilandgasproductioninCanadaaccountsforaround1.5percentofthecountry'stotalGDP.Between2010and2023,theconventionalupstreamindustry'seconomicimpacthasseenanetincreaseofsomefivebillionCanadiandollars.

ReadmoreNote(s):Canada;2010to2023Source(s):CAPP;StatCanGDPimpactoftheoilsandsextractionindustryinCanadafrom2010to2023(inmillionCanadiandollarsandshareoftotalGDP)Oilsands'GDPcontributioninCanada2010-2023GDPcontributionShareoftotalGDP45,00040,00035,00030,00025,00020,00015,00010,0005,00021.81.61.41.210.80.60.40.2002010201120122013201420152016201720182019202020212022202328Description:Canada'soilsandsextractionindustrycontributesaround38billionCanadiandollarstothecountry'sGDP.Thisequatesto1.7percentoftotalGDP.Since2016,contributionsbytheindustry,whichislargelybasedinAlberta,haveseenanetincrease,risingtotheirhighestvaluein2023.ReadmoreNote(s):Canada;2010to2023Source(s):StatCanCHAPTER

06CompaniesLargestoilandgascompaniesbasedonrevenueinCanadaasof2024*(inbillionU.S.dollars)RevenueoflargestoilandgascompaniesinCanada2024RevenueinbillionU.S.dollars15

2005102530354045CenovusEnergyInc.ImperialOilLtd.39.0137.22SuncorEnergyInc.36.25EnbridgeInc.31.17CanadianNaturalResourcesLtd.ParklandCorp26.0322.85TCEnergyCorp.11.8830Description:CenovusEnergyIncorporatedisthelargestoilandgascompanybasedinCanada.Inthe12-monthperiodleadinguptoMay2024,ithadgeneratedarevenueof39.01billionU.S.dollars.ThiswasslightlymorethantheamountgeneratedbyImperialOilandSuncorEnergy.CenovusEnergyisbasedinAlbertaandparentcompanytoanotherlargehydrocarbonproducer-HuskyEnergy.

ReadmoreNote(s):Canada;May2024;*Figuresreflectthe12-monthperiodbeforethedateofextraction.Source(s):FinancialTimes;Varioussources(Companyreports)OperatingrevenueofEnbridgefrom2010to2023(inmillionCanadiandollars)Enbridge'srevenue2010-202360,00050,00040,00030,00053,30950,06947,07146,37844,37843,64939,08737,64134,56033,79426,03919,40218,494201220,00010,000015,127201020112013201420152016201720182019202020212022202331Description:Enbridgereportedarevenueof43.6billionCanadiandollarsfor2023,adecreaseofnearly10billionCanadiandollarscomparedtothepreviousyear.EnbridgeisanenergytransportationcompanyanditisheadquarteredinCalgary,Alberta.

ReadmoreNote(s):Canada;2010to2023Source(s):EnbridgeOperatingrevenueofSuncorEnergyfrom2009to2023(inmillionCanadiandollars)SuncorEnergy'soperatingrevenue2009-202370,00060,00058,33649,09250,00039,59339,86239,13238,33938,10738,54238,34440,00030,00020,00010,000031,95431,31529,20826,59824,66217,45920092010201120122013201420152016201720182019202020212022202332Description:SuncorEnergygeneratedanoperatingrevenueof49.09billionCanadiandollarsin2023,downfrom58.3billionCanadiandollarsthepreviousyear.SuncorEnergyisanintegra