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With LNG Canada continuing to progress towards becoming Canada’s first major LNG project, we thought it would be worthwhile to provide an update on the drilling activity of some of the project’s partners. Last month, we provided an update on Shell Canada , and today we will take a look at what PETRONAS Energy Canada has been up to using public data tools BOE Intel and Petro Ninja . Recall that PETRONAS owns a 25% stake in LNG Canada. PETRONAS Energy Canada’s main producing asset was acquired from Progress Energy over a decade ago, and covers a large portion of the northeast BC Montney play (see Figure 1). Since the start of 2018, PETRONAS has drilled 213 wells , almost exclusively focused on the Montney. Interestingly, while many oil and gas producers slowed down activity during the Covid commodity price crash, PETRONAS has maintained a fairly stable level of activity over the last few years (see Figure 2). Since 2020 and continuing through the first part of this year, PETRONAS seems to spud about 50 wells per year. Figure 1 – PETRONAS crown mineral rights (yellow) and well spuds since the beginning of 2018 (purple) Figure 2 – Wells […]
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