Canada upstream: 4 things to look for in 2024

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Canada annual production will exceed nine million boe/d for the first time in 2024. Oil production growth will again feature, as oil sands operators fill expanded egress capacity on the TMX pipeline. The Clearwater play is set to reach several development milestones next year, and is still offering up exploration excitement. The focus on Canada's environmental performance will only increase. 2024 should mark when the oil sands Pathway Alliance moves from engineering studies to large scale project spending. We highlight four main trends to follow in 2024. Firstly, heavy production will grow into the new TMX egress capacity. Secondly, exploration activity will see a modest uptick with particular excitement around extending the Clearwater play further northwest. Thirdly, M&A focus will shift to British Columbia. And finally, emissions reductions will see a large increase in costs as projects progress past the engineering stage.

Table of contents

  • Executive summary
  • 1. Heavy oil production growth greets a long-awaited new pipeline
  • 2. Modest uptick in exploration appetite
  • 3. Supercharged Montney M&A swings back to British Columbia
  • 4. Emissions reduction, abatement and technology
  • What to look for in 2024 – a regional upstream series

Tables and charts

This report includes 1 images and tables including:

  • Clearwater regional play fairway in northwest Alberta

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    Canada upstream: 4 things to look for in 2024

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