CANADIAN OIL FLOW TO SHOW DECLINE

Canada will record a 1.1% drop in crude oil production and a 2.3% increase in natural gas production when 1990 final figures are in, a federal agency predicts. Statistics Canada said crude oil production will be about 564.5 million bbl, compared with 571 million bbl in 1989. The value of 1990 production will be $13.84 billion (Canadian), up 27.4% from $10.86 billion in 1989. Natural gas production in 1990 will increase to 3.482 tcf from 3.404 tcf in 1989. Value of gas production was estimated

Jan. 7, 1991

2 min read

Canada will record a 1.1% drop in crude oil production and a 2.3% increase in natural gas production when 1990 final figures are in, a federal agency predicts.

Statistics Canada said crude oil production will be about 564.5 million bbl, compared with 571 million bbl in 1989.

The value of 1990 production will be $13.84 billion (Canadian), up 27.4% from $10.86 billion in 1989.

Natural gas production in 1990 will increase to 3.482 tcf from 3.404 tcf in 1989. Value of gas production was estimated at $5.60 billion (Canadian), compared with $5.39 billion in 1989.

Statistics Canada reported Canada imported 129 million bbl of oil in the first 8 months of 1990, up 8.4% from the same period in 1989. Exports for the same period decreased slightly to 156 million bbl.

Canadian Petroleum Association spokesman Hans Maciej warned Canada could become a net importer of oil by 1992 as a result of declining production.

He said heavy oil development projects in Alberta and development of Hibernia oil field off Newfoundland will increase production later in the decade. Maciej said the decline will continue without royalty reductions or greater government support for development.