Canada’s oil up, gas down in 2007

Canadian companies produced 1.01 billion barrels of crude oil in 2007, an increase of 4.2 percent from 2006, with the Newfoundland offshore leading the gains at 20.5 percent, according to Statistics Canada, a federal government agency.

The East Coast increases reflected higher output from Terra Nova and White Rose, two of the three producing fields along with Hibernia.

The Alberta oil sands accounted for 43 percent of total crude production, a fractional gain from 42 percent the previous year, but far ahead of the 28 percent posted in 2000.

Exports of crude, primarily to the United States, rose 3.2 percent and accounted for 18 percent of U.S. consumption.

Natural gas output dropped 2.3 percent, reflecting a 25 percent slide in gas drilling as a result of weaker prices, the agency said.

Two-thirds of Canada’s total gas production was shipped to the U.S., where it accounted for 17 percent of demand.

Combined, Canada’s energy exports of crude petroleum, refined petroleum and other products, natural gas, coal and electricity generated revenues of C$55.9 billion in 2007, an increase of C$4.3 billion from 2006.

—Gary Park