Compensated Awareness Post View
Disclaimer
Tapping into the lucrative $750 billion dollar oil and gas services industry
Intercept Energy has established a clearly defined business plan to deploy additional HE Heaters throughout Canada and the United States, following the fastest route to generating new income, company value and growth. The company has the exclusive use of and rights to operate the water heating units in Canada and further in certain areas in the United States.
Alberta’s Oil & Gas Industry
Canada is the third-largest natural gas producer in the world, with the majority of the country’s gas being produced in Alberta. The industry’s latest 2014 quarterly report notes that the oil revolution that began in the United States gradually moved north into Alberta, creating significant opportunity for oil and natural gas exploration and production in the province.
According to provincial figures, remaining established reserves of conventional natural gas at the end of 2012stood at 33 trillion cubic feet; remaining established coalbed methane gas reserves stood at 2.4 trillion cubic feet. The province estimates the remaining ultimate potential of marketable conventional natural gas at 74 trillion cubic feet.
The Alberta Energy Regulator (AER) estimates the remaining established reserves of conventional crude oil in Alberta to be 1.7 billion barrels, roughly one-third of Canada’s remaining conventional reserves and representing a year-over-year increase of 9.5%.
Industry Highlights
• Over the first eight months of 2014, a total of 10,298 wells across Canada were permitted, up about 9% compared to 9,450 in the prior year’s period.
• The Alberta government has boosted its outlook for non-renewable resource revenue for 2014-15 to $9.82 billion, up $612 million from the budget forecast.
Increased Drilling Forecast
Due to stronger-than-anticipated drilling performance in the first six months of 2014, the Petroleum Services Association of Canada (PSAC) in late July hiked its 2014 Canadian drilling activity forecast by 6% over its original outlook. In its third update to its forecast, PSAC said it now expects to see 11,460 wells drilled (rig released) in Canada this year, more than 660 more wells than in the original forecast released in late October 2013. Additionally, PSAC said it expects an increase in activity in British Columbia with 157 additional wells for the year, or a 28% increase, to a total of 707 wells in that province.
