Gulf Oil and Gas accountACCOUNT

Canada and Mexico Oil Supply – October 2012

Source: OPEC 10/20/2012, Location: North America

Oil production from Canada is forecast to increase by 0.25 mb/d in 2012 to average 3.81 mb/d, an upward revision of 25 tb/d from the previous assessment. The second quarter was revised down on the back of updated production data, while the third and fourth quarters were revised up on updated preliminary production figures that were carried over to the rest of the year.

The preliminary data in the early part of the third quarter indicated a healthy supply increase from the previous quarter for crude, oil sand and NGL output. Shale oil supply growth, as well as the ramp-up of the Fire Bag project, supported the upward revision. Canada’s expected growth in 2012 is thus at the highest annual level since 1973. On a quarterly basis, the country’s supply is seen to average 3.81 mb/d, 3.70 mb/d, 3.86 mb/d and 3.85 mb/d respectively. During the first half of 2012, it increased by 0.32 mb/d, compared with the same period in 2011.

Mexico’s oil output is forecast to decline by 0.02 mb/d in 2012 to average 2.92 mb/d, indicating a minor upward revision of 20 tb/d from the previous MOMR. This revision affected third-quarter oil supply, on updated production data for August and part of September. August oil supply reached the highest level so far in 2012, supported by minor increases from the Cantarell, Chicontepec and Ku-Maloob-Zaap fields, comparedwith the previous month. According to preliminary data, Mexico’s oil supply averaged 2.93 mb/d during the first three quarters of 2012, down 20 tb/d from the same period of 2011.

So far in 2012, the country’s supply stabilization effort is showing positive signs. Moreover, the output increase experienced at the Chicontepec field is seen to support production, in spite of the difficulties surrounding the field’s development. On a quarterly basis, Mexico’s supply is seen to stand at 2.92 mb/d, 2.93 mb/d, 2.93 mb/d and 2.89 mb/d respectively.

Financials and Investment News in Canada >>

United Kingdom >>  3/22/2019 - i3 Energy plc, an independent oil and gas company with assets and operations in the UK, has provided an operational and financial update. ...
Russia >>  3/21/2019 - Ain-listed PetroNeft, an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 50 percent owner and ope...

United Kingdom >>  3/20/2019 - Union Jack Oil plc, a UK focused, onshore oil and gas production company, has conditionally raised £1.75 million by way of a placing and subscription,...
Nigeria >>  3/14/2019 - Eland Oil & Gas PLC, an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, is pleased to announce...

Turkey >>  3/14/2019 - Valeura Energy, the upstream natural gas producer focused on appraising and developing an unconventional gas accumulation in the Thrace Basin of Turke...
Venezuela >>  3/8/2019 - ConocoPhillips (COP) announced that an international arbitration tribunal constituted under the auspices of the International Centre for Settlement of...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Canada Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.