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Painfully Slow Growth Expected For Canada's Oil Sector

Market Movers

• Russian oil production dipped in September to 11.24 million bpd, down from 11.29 million bpd--a figure that is still above its agreed upon quota that it forged together with OPEC and its other allies of 11.18 million bpd. September’s production fails to live up to Moscow’s insistence earlier this month that it would be in full compliance with the quota through the end of September.

• The EIA is predicting that Canadian oil production will spike between 2040 and 2050, after a painful stretch of slow-going between now and 2040. Canadian oil and condensate production is expected to grow from 4.1 million bpd in 2019 to 6.1 million bpd in 2040 and 9.6 million bpd in 2050 on the back of oilsands development as global resources begin to deplete, raising the price of oil and consequently allowing Canada to profitably increase production of oilsands. The EIA also expects Canada to continue its sizable natural gas production, increasing 20% by 2050 to reach 6.8 tcf.

Deals, Mergers & Acquisitions

• ConocoPhillips has finalized the sale of its North Sea assets to Chrysaor for $2.675 billion. The deal includes operatorship of the Greater Britannia Area and J-Area in the Central North Sea and a 7.5% stake in the BP-operated Clair field. The assets produced 72,000 boed last year. The acquisition makes Chrysaor the biggest producer in the region this year. The expected production of the company for the next year is between…





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