Insight
Coronavirus and the oil price crash: a Canadian perspective
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The Canadian oil and gas sector has a long history of dealing with price volatility, but this recent downturn is different with a triple blow of low oil prices, falling demand due to coronavirus and egress challenges. The response of regional operators has been quick with an average 29% of capital cut from 2020 guidance and approximately 350 kbd of near-term curtailments announced. However, as supply fills and oversupply lengthens, more cuts will be needed with oil sands the likely target. Liquid-rich plays are also hit hard by the oil price drop, with over 40% of unconventional sub-plays that were previously economic now uneconomic. We outlined which oil sands projects are highest risk to shut in and looked at the impact of a downside drilling scenario to condensate and gas production. Every lever is being pulled as Canadian companies move into survival mode.
Table of contents
- Executive summary
Tables and charts
This report includes the following images and tables:
-
Downside scenario where more oil sands cuts needed
What's included
This report contains:
Other reports you may be interested in
Asset Report
South Sumatra Extension PSC
South Sumatra PSC oil and gas fields are contiguous with the gas producing Corridor and Lematang PSCs, and the oil producing Rimau PSC.
$3,720
Asset Report
Paramount Resources British Columbia
Paramount Resources is a Canadian energy company incorporated in 1978, with properties in Alberta, British Columbia, Saskatchewan and ...
$3,720
Asset Report
Heather Area
The Heather and Broom fields in the Northern North Sea ceased production in 2019 and are currently being decommissioned.
$3,720
