Canada’s Reserves & Production

When we add up oil and gas, we start by measuring two main things:

  • Reserves: Estimated quantity of crude oil or natural gas that is recoverable under existing economic and operating conditions
  • Production: Amount of crude oil or natural gas brought from underground to be sold,

Crude Oil Reserves

Canada is 3rd in crude oil reserves, after Saudi Arabia and Venezuela. Canada has 174 billion barrels of oil reserves, of which 169 billion barrels are oil sands reserves. That’s about 11% of the world’s total crude oil reserves.

Natural Gas Reserves

Canada is 21st in natural gas reserves, at 2.0 trillion cubic metres. That’s about 1% of the world’s total natural gas reserves.

Crude Oil Production

Canada is 6th in the world in crude oil production, currently producing 3.5 million barrels per day, just over 4% of the world’s total crude oil production.

Natural Gas Production

Canada is 3rd in natural gas production, after the US and Russia. Canada is currently producing 160.5 billion cubic metres per day, about 5% of the world’s total natural gas production.

But measuring oil and gas goes beyond reserves and production. We also measure the economic benefits of oil and gas, such as employment, exports, investments and government revenues.

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