M A R K E T O V E R V I E W
• Canada is the world's fourth largest producer of natural gas and the sixth largest producer of crude oil
• In 2011, Canada exported $83B oil and gas products to the United States,
• And imported $5.9B oil and gas products from United States
• The oil and gas industry accounts for $81B of the total revenue in Canada
• The three producing oil projects (Hibernia, White Rose and Terra Nova, Newfoundland and Labrador) account for about 40 percent of Canada’s conventional light crude output.
O P P O R T U N I T I E S - P R O G R A M S / P R O J E C T S
To date, nearly three billion barrels of oil and 11 trillion cubic feet of natural gas have been; there is still an estimated undiscovered potential of six billion barrels of oil and 60 trillion cubic feet of natural gas.
Hibernia South and Hebron have been sanctioned and are currently under development.
Future exploration and possible development opportunities include: the Orphan Basin, the Flemish Pass Basin, offshore Labrador, the Laurentian sub-basin and onshore and offshore Western Newfoundland.
B E S T P R O S P E C T S
• Major product categories used in offshore oil and gas imported by Atlantic Canada includes:
• Drill Pipe (other than stainless steel), seamless – HS Code 730423
• Casings, tubing (other than stainless steel), seamless – HS Code 730429
• Casing/tubing, stainless steel, welded – HS Code 730621
• Rock drilling or earth boring tools with working part of material other than cermets – HS Code 820719
• Derricks; cranes; mobile lifting frames and other lifting machinery – HS Code 8426
• Boring or Sinking Machinery, not self-propelled – HS Code 843049