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Newfoundland and Labrador is the third largest petroleum producer in Canada, making up 4.4% of Canada's petroleum. As of 2015, the province produced over 27,370 m 3 per day of light crude oil from the Grand Banks offshore oil fields. [1] The Jeanne d'Arc Basin is the province's most active oil field project.
The first oil well in Canada was dug by hand (rather than drilled) in 1858 by James Miller Williams near his asphalt plant at Oil Springs, Ontario. At a depth of 4.26 metres (14.0 ft) [6] he struck oil, one year before "Colonel" Edwin Drake drilled the first oil well in the United States. [7]
Crude oil prices dropped to near ten-year low prices. [96] There were concerns that nearly a third of oil companies could go bankrupt. [97] It was the longest oil price decline since the 1980s. [38] That downturn resulted in what the CBC described in 2019 as a "tsunami" of orphaned oil and gas wells. [16]
Western Canadian Select (WCS) is a heavy sour blend of crude oil [1] that is one of North America's largest heavy crude oil streams [2] and, historically, its cheapest. [3] It was established in December 2004 as a new heavy oil stream by EnCana (now Cenovus), Canadian Natural Resources, Petro-Canada (now Suncor) and Talisman Energy (now Repsol Oil & Gas Canada). [4]
The company opened offices in Montreal and began importing American products to Canada for sale. On 31 March 1923, Sun incorporated a Canadian subsidiary, the Sun Oil Company Limited. In 1932, the company transferred its headquarters from Montreal to Toronto. In 1950 the Sun Oil Company drilled its first successful Canadian oil well in Alberta.
The company has worldwide interests covering "the physical delivery of petroleum and natural gas as well as financial interests in energy". [3] Headquartered in Stamford, Connecticut, CCI has offices in Calgary, Canada; Houston, Texas; Geneva, Switzerland; London, United Kingdom; and Singapore. [4]
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Despite comparatively high oil prices in world markets, for political reasons government kept prices for oil from these technological pioneers at artificially low levels until well into the 1980s. In recent years, oil sands and heavy oil development have been so successful that these resources now account for more than half of Canada's crude ...