Upstream Energy (Canada)

Location British Columbia & Alberta, Canada

Project Detail

NTE Energy Canada Limited (“NTEC”), our Canadian subsidiary with headquarters in Calgary, Canada, operates over 800 producing wells in various oil and gas fields that span across approximately 761,000 acres (3,080 km 2 ) of land, located in the Western Canadian provinces of British Columbia (“BC”) (Greater Sierra Area and Horn River Basin), and Alberta (Wapiti and Willesden Green).

 

British Columbia

Horn River Basin and Greater Sierra Area

  • Average current production ~ 11,240 boepd (barrels of oil equivalent per day) (97% natural
    gas)
  • 2022 Year End 2P reserves of 30.6 million boe
  • Gas production feeds directly into the North American pipeline system which connects our
    assets in Northeast BC to LNG export terminals in Gulf of Mexico that supply global LNG
    demands and guarantee energy security
  • LNG Canada, a US$30 billion LNG joint venture in Kitimat, BC among Shell, Petronas,
    PetroChina, Mitsubishi and KOGAS expected to commence operations in 2026 providing an
    additional export channel directly to Asia for Western Canadian natural gas
  • Remapped the gathering system connecting all the wells and facilities in the Greater Sierra
    Area and also prepared an optimisation program of replacing old equipment, swabbing
    wells, and adjusting operational calibrations to improve underperforming wells
  • Carbon Capture and Sequestration potential currently being evaluated at Greater Sierra Area

Alberta

Wapiti and Willesden Green

  • Average current production ~ 860 boepd (58% natural gas)
  • 2022YE 2P reserves of 3.5 million boe
  • A total of 6 unconventional wells were drilled and completed between July and November
    2022. The total gross capex was approximately C$24 million
  • 6 remaining Proved Undeveloped drilling locations confirmed by world renowned third party
    reserve evaluators GLJ, Ltd. at Willesden Green

As of 31 December 2022, the estimated 2P hydrocarbon volumes under NTEC are as follows:

British Columbia, Canada
Greater Sierra Area Horn River Basin Subtotal
Total Proved and Probable Reserves 23.3 mmboe  7.3 mmboe 30.6 mmboe
Average Daily Production 7,740 boepd 3,500 boepd 11,240 boepd
Alberta, Canada
Wapiti Willesden Green Subtotal
Total Proved and Probable Reserves 2.1 mmboe 1.4 mmboe 3.5 mmboe
Average Daily Production 530 boepd 500 boepd 1,030 boepd
Total Proved & Probable Reserves 34.1 mmboe
Total Average Daily Production 12,270 boepd