Table of Contents Table of Contents
Previous Page  59 / 106 Next Page
Information
Show Menu
Previous Page 59 / 106 Next Page
Page Background

World Oil Supply

OPEC Monthly Oil Market Report – October 2017

51

Table 5 - 6: US rotary rig count on 29 September 2017

Canada

Although

Canadian liquids output

in June increased by 0.09 mb/d m-o-m to average 4.62 mb/d, a gap of

0.42 mb/d remains in order to reach the peak attained in February of 5.04 mb/d. Oil production recovered

within four months of the 2016 wildfires, whereas production has not yet recovered from this year’s wildfires

in Syncrude Mildred Lake plant in mid-March. Non-conventional liquids output including oil sands increased

by 0.1 mb/d to average 2.53 mb/d, while the output in March before the wildfire was 2.64 mb/d. Preliminary

production data in September shows that the output level has not reached the March level yet.

Conventional crude oil was stagnant in June at 1.22 mb/d, which is the same as the average output in 1H17,

while NGLs production in June decreased by 22 tb/d to reach 0.87 mb/d. Liquids output for 2Q17 indicated

drops of 0.44 mb/d q-o-q owing to the wildfires, while it was higher by 0.62 mb/d y-o-y, mainly as a result of

low output following last year’s wildfire disaster. The 350 tb/d Mildred Lake plant was expected to return to

full production by August, although it is two months behind its original schedule, with maintenance planned

for later in the year. Some upgraders underwent maintenance in 3Q17, such as Scotford in July and Horizon

starting in September.

Graph 5 - 14: Canada production by crude type

Graph 5 - 15: Canada production by crude type,

y-o-y change

On the other hand, the Chinese firm CNOOC announced that the Hangingstone project commenced

production in early August. The project, located in Alberta, consists of steam-generating equipment, well pad

facilities, 32 well pairs, water treatment services and bitumen flowlines. It is expected to reach a peak

production rate of approximately 20 tb/d in 2018.

29 Sep 17 Month ago Year ago M-o-m Y-o-y Y-o-y, %

Oil and gas split

Oil

750

759

425

-9

325

76%

Gas

189

180

96

9

93

97%

Location

Onshore

918

923

500

-5

418

84%

Offshore

22

17

22

5

0

0%

Basin

Williston

50

52

30

-2

20

67%

Eagle Ford

60

66

33

-6

27

82%

Permian

385

377

204

8

181

89%

Drilling trajectory Directional

82

80

51

2

31

61%

Horizontal

794

796

407

-2

387

95%

Vertical

64

64

64

0

0

0%

US total rig count

940

940

522

0

418

80%

Sources: Baker Hughes and OPEC Secretariat.

Change

0.8

1.3

1.8

2.3

2.8

3.3

Sep 11

Mar 12

Sep 12

Mar 13

Sep 13

Mar 14

Sep 14

Mar 15

Sep 15

Mar 16

Sep 16

Mar 17

Sep 17

mb/d

Synthetic crude + Crude bitumen

Conventional

Source: OPEC Secretariat.

-0.50

-0.30

-0.10

0.10

0.30

0.50

0.70

0.90

Sep 11

Mar 12

Sep 12

Mar 13

Sep 13

Mar 14

Sep 14

Mar 15

Sep 15

Mar 16

Sep 16

Mar 17

Sep 17

mb/d

Conventional

Synthetic crude + Crude bitumen

Source: OPEC Secretariat.