Unconventional Oil (Oil Shales, Oil Sands and Extra-heavy Oil) - Market Analysis, Industry Developments and Forecasts to 2020

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Unconventional Oil (Oil Shales, Oil Sands and Extra-heavy Oil) - Market Analysis, Industry Developments and Forecasts to 2020

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Unconventional Oil (Oil Shales, Oil Sands and Extra-heavy Oil) - Market Analysis, Industry Developments and Forecasts to 2020

Summary

The report is compiled using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis by GlobalData's team of industry experts.

Scope

This report provides an analysis of the unconventional oil industry (oil shales, oil sands, and extra-heavy crude oil). The report primarily focuses on - - Drivers and challenges in the unconventional oil industry and production forecasts to 2020- The oil sands industry in Canada, including production forecasts until 2020- The extra-heavy crude oil industry in Venezuela- The major and emerging liquids-rich shale plays in North America- Financial deal (mergers, acquisitions and asset transactions) activities in major unconventional oil markets

Reasons to buy

This report will enhance your decision-making capabilities. It will allow you to - - Identify some of the key drivers and challenges of the unconventional oil market- To know the current global production of unconventional oil and the production estimates to 2020 - Develop insights about the historic production of oil sands, extra heavy crude oil and oil shale and forecasts until 2020- Gain insights into the financial deal (mergers, acquisitions and asset transactions) activity in the unconventional oils industry in recent years- Understand the key companies involved in the unconventional oil industry1 Table of Contents1 Table of Contents 41.1 List of Tables 61.2 List of Figures 82 Introduction 102.1 Overview 102.2 GlobalData Report Guidance 113 Unconventional Oil - Overview 123.1 Unconventional Oil Account for about 3.2% of Global Oil Production 143.2 Unconventional Oil Production is Expected to Surpass 2,100 MMbbl by 2020 163.3 Unconventional Oil - Key Drivers and Challenges 173.3.1 The Alberta Province Holds more than 97% Oil Sands Deposits in Canada 173.3.2 The Green River Formation in the US has one of the Largest Concentrations of Oil Shale Deposits in the World 183.3.3 Sustained High Crude Oil Prices Encouraging Development of Unconventional Oil Resources 203.3.4 Pressure on Foreign Operators to Give PdVSA Compulsory Stake may Discourage them from Investing in Venezuelan Projects 204 Canada's Oil Sands - a Leading Contributor to Global Unconventional Oil Production 214.1 Canada has the Third Largest Proved Oil Reserves in the World 214.2 Oil Sands Industry Continues to Attract Foreign Investment due to Favorable Business Climate in Canada 224.3 Oil Sands Industry Continues to Attract Criticism due to High Water Use and Greenhouse Gas Emissions 234.4 Oil Sands in Canada - Historic Production and Major Oil Sands Projects 244.4.1 Oil Sands Industry in Canada Produced 581.9 MMbbl of Bitumen and Synthetic Crude in 2011 244.4.2 Athabasca Region Recorded the Largest Bitumen Production from Oil Sands in Canada for 2011 244.4.3 Mining Accounts for about 52.1% of Bitumen and Synthetic Crude Production from Canada's Oil Sands in 2011 254.4.4 Heavy Oil Upgraders in the Canadian Oil Sands Industry Recorded a Capacity of 453.1 MMbbl for 2011 264.4.5 Syncrude is the Largest Heavy Oil Upgrader Project in Canada as of 2011 274.5 Oil Sands in Canada - Production Forecasts 284.5.1 Oil Sands Industry in Canada is expected to Produce 3.2 MMbbl/d of Bitumen and Synthetic Crude by 2020 284.5.2 Heavy Oil Upgraders Capacity in the Canadian Oil Sands Industry is Expected to Reach 542.5 MMbbl by 2020 294.6 Oil Sands in Canada - Competitive Landscape 304.6.1 Suncor Energy had Net Proved and Probable (2P) Bitumen Reserves of 1,164 MMbbl by the End of 2011 304.6.2 Imperial Oil Limited Reported Net Proved Bitumen Reserves of 2,413 MMbbl by the End of 2011 314.6.3 Shell Produced 45 MMbbl of Synthetic Crude Oil in 2011 324.6.4 Canadian Natural Resources Limited is One of the Major Independent Crude Oil and Natural Gas Producers in Canada 345 Venezuela Extra-heavy Crude Oil Reserves are Key Contributors to Global Proved Oil Reserves 365.1 Venezuela is the Second Largest Developer of Oil Sands in the World after Canada 365.2 Orinoco Extra-heavy Oil Belt Constitutes about 75% of Venezuela's Total Proved Oil Reserves 385.2.1 Exploration at the Orinoco Oil Belt Started in 1920 385.3 Orinoco Extra-heavy and Heavy Oil Belt Blocks 385.3.1 Boyaca Block 395.3.2 Junin Block 395.3.3 Ayacucho Block 405.3.4 Carabobo Block 415.4 Production Fields in Venezuelan Oriental Basin & Orinoco Oil Belt - Extra-heavy and Heavy Crude Oil 425.4.1 Major Extra-heavy Oil Producing Fields in Orinoco Oil Belt 425.5 Heavy Oil Upgraders in Venezuela 456 Bakken Shale is Among the Major Oil Shale Plays in the US 466.1 Bakken Shale, Operational Overview 476.1.1 Bakken Shale, Initial Production Rates 476.1.2 Bakken Shale, Well Profile 496.1.3 Bakken Shale, Production Trends, 2004-2020 506.2 Bakken Shale, Drilling Activity, 2012 566.2.1 Bakken Shale, Drilling Activities in North Dakota, 2011 566.2.2 Bakken Shale, Drilling Activities in Montana, 2012 586.3 Bakken Shale, Competitive Landscape 606.3.1 Bakken Shale, Major Companies by Acreage, 2012 606.3.2 Bakken Shale, Major Companies By Production, 2011 626.4 Bakken Shale, Mergers and Acquisition Activities, 2012 647 Eagle Ford Shale has Emerged as a Lucrative Liquid Rich Shale Play in the US 677.1 Eagle Ford Shale, Operational Overview 687.1.1 Eagle Ford Shale, Well Profile 687.1.2 Eagle Ford Shale, Initial Production Rates 697.1.3 Eagle Ford Shale, Production Trends, 2008-April 2012 707.1.4 Eagle Ford Shale, Drilling Activity by Company, 2010-April 2012 737.2 Eagle Ford Shale, Competitive Landscape 747.2.1 Eagle Ford Shale, Companies by Acreage, 2012 747.2.2 Eagle Ford Shale, Major Companies by Production, 2012 757.2.3 Eagle Ford Shale, Mergers and Acquisition Activity in the Play, 2008-2012 798 Granite Wash Play Overview 808.1 Granite Wash Play, Operational Overview 828.1.1 Granite Wash, Initial Production Rates 828.1.2 Granite Wash Play, Well Profile 838.2 Granite Wash Play, Production Trends, 2004-2011 848.2.1 Texas, Historical Production, 2004-2011 848.2.2 Granite Wash Play, Historic and Forecast Production, 2004-2020 858.3 Granite Wash Play, Drilling Activity, 2010-2011 878.3.1 Granite Wash Play, Permits Issued, 2011 878.3.2 Granite Wash Play, Drilling Activity by County, 2011 878.4 Granite Wash Play, Competitive Landscape 898.4.1 Granite Wash, Major Companies by Acreage 898.4.2 Granite Wash, Major Companies by Production 908.5 Granite Wash Play, Mergers and Acquisition Activity in the Play, 2007-2012 939 Niobrara Shale Play is Gaining Attention of Oil and Gas Exploration and Production Companies 959.1 Niobrara Shale, Operational Overview 969.1.1 Niobrara Shale, Initial Production Rates 969.1.2 Niobrara Shale, Well Profile 979.1.3 Niobrara Shale, Production Trends, 2007-2020 989.2 Niobrara Shale, Drilling Activity, 2011-2012 1029.2.1 Niobrara Shale, Major Drilling Activities in Colorado, 2011-2012 1029.3 Niobrara Shale, Competitive Landscape 1089.3.1 Niobrara Shale, Major Companies by Acreage, 2012 1089.3.2 Niobrara Shale, Major Companies by Production, 2011 1109.4 Niobrara Shale, Mergers and Acquisition Activity in the Play, 2008-2012 11210 Other Emerging Oil Shale Plays in North America 11410.1 Barnett Combo Play 11410.2 Cana Woodford Shale 11510.3 Tuscaloosa Marine Shale 11710.4 The Green River Basin Oil Shale Field 11910.5 Wolfcamp Shale Formation 12011 Appendix 12111.1 Market Definition 12111.2 Abbreviations 12111.3 Sources 12211.4 Methodology 12411.4.1 Coverage 12411.4.2 Secondary Research 12511.4.3 Primary Research 12511.4.4 Expert Panel Validation 12511.5 Contact Us 12511.6 Disclaimer 126

List of Tables

Table 1: Oil Sands Industry, Canada, Bitumen and Synthetic Production from Oil Sands in Athabasca, Cold Lake and Peace River Areas, MMbbl, 2006-2011 24

Table 2: Oil Sands Industry, Canada, Heavy Oil Upgraders Capacity, MMbbl, 2006-2011 26

Table 3: Oil Sands Industry, Canada, Details of Top Five Oil Sands Projects, bbl/d, 2011 27

Table 4: Oil Sands Industry, Canada, Suncor Energy's Bitumen and Synthetic Crude Oil (SCO) Reserves (Gross and Net), MMbbl, 2011 30

Table 5: Oil Sands Industry, Canada, Shell's Synthetic Crude Oil and Bitumen Production, Mbbl/d, 2009-2011 32

Table 6: Oil Sands Industry, Canada, Canadian Natural Resources Limited's Gross Crude Oil and Bitumen Reserves in North America, MMbbl, 2011 34

Table 7: Oil Sands Industry, Canada, Canadian Natural Resources Limited's Capacity Targets and Scheduled Start Dates for In Situ Projects, bbl/d, 2012 35

Table 8: Extra-heavy Oil Industry, Venezuela, Details of Some of the Major Partnerships for the Development of the Orinoco Oil Belt, 2010-April 2012 37

Table 9: Extra-heavy Crude Oil Industry, Venezuela, Extra-heavy and Heavy Crude Oil Exploration Fields in Boyaca Block, 2012 39

Table 10: Extra-heavy Crude Oil Industry, Venezuela, Oricono Heavy Oil Belt, Extra-heavy and Heavy Crude Oil Exploration Blocks in Junin Block, 2012 39

Table 11: Extra-heavy Crude Oil Industry, Venezuela, Orinoco Heavy Oil Belt, Extra-heavy and Heavy Crude Oil Exploration Assets in Ayacucho Block, 2012 40

Table 12: Extra-heavy and Heavy Crude Oil Exploration, Exploration Assets in Venezuelan Orinoco Heavy Oil Belt, Carabobo Block, 2012 41

Table 13: Extra-heavy Oil Industry, Venezuela, Major Extra-heavy Oil Fields in Oriental Basin, MMboe, 2012 42

Table 14: Extra-heavy Oil Industry, Venezuela, Hamaca Extra-heavy Oil Field Production, MMbbl, 2006-2011 43

Table 15: Extra-heavy Oil Industry, Venezuela, Petrozuata Extra-heavy Oil Field Production, MMbbl, 2006-2011 43

Table 16: Extra-heavy Oil Industry, Venezuela, Major Extra-heavy Oil Fields in Oriental Basin, Bitor Extra-heavy Oil Field, MMbbl, 2006-2011 44

Table 17: Heavy Oil Upgraders Industry, Venezuela, Capacity of Upgraders, bbl/d, 2007-2012 45

Table 18: Bakken Shale, Some of the Recent Wells Drilled and Initial Production Rates by Major Companies, boed, 2012 48

Table 19: Bakken Shale Wells, Decline Rate (%), North Dakota, 2012* 49

Table 20: Bakken Shale, the US, Historical Crude Oil and Natural Gas Production (MMboe), 2004-2011 51

Table 21: Bakken Shale, North Dakota, Historical Production (MMboe) and its Share in Total North Dakota Crude Oil Production (%), 2004-2011 52

Table 22: Bakken Shale, Montana, Historical Crude Oil and Natural Gas Production (MMboe) 2004-2011 53

Table 23: Bakken Shale, the US, Historical and Forecast Production (MMboe), 2004-2020 55

Table 24: Bakken Shale, North Dakota, Number of Producing Wells, 2007-2011* 56

Table 25: Bakken Shale, North Dakota, Number of Gas Producing Wells, 2007-2011* 57

Table 26: Bakken Shale, Montana, Number of Wells Reported by Field, 2007-2012 59

Table 27: Bakken Shale, Major Companies By Acreage, Canada and the US, Net Acres, 2012 60

Table 28: Bakken Shale, Top 15 Companies by Production, North Dakota, MMboe, 2011 63

Table 29: Bakken Shale, the US, Merger and Acquisition Activities, Number of Deals and Deal Value ($m), 2008-2012* 65

Table 30: Bakken Shale, the US, Major Mergers and Acquisitions by Deal Value ($m), 2012 66

Table 31: Eagle Ford Shale, Average Decline Rates Per Well, 2012* 68

Table 32: Eagle Ford Shale, Average Initial Production Rates of Some Major Companies, 2012 69

Table 33: Historical Production from the Eagle Ford Shale, MMboe, 2008-April 2012 70

Table 34: Eagle Ford Shale, Historic and Forecast Production, MMboe, 2004-2020 72

Table 35: Eagle Ford Shale, Major Companies by Acreage, Net Acres, 2012* 74

Table 36: Eagle Ford Shale, Top 20 Companies by Total Gross Production, Texas, MMboe, January 2012-April 2012* 76

Table 37: Eagle Ford Shale, Top 20 Companies by Total Gross Production, Texas, MMboe, 2011 78

Table 38: Eagle Ford Shale, Major Deals by Oil and Gas Companies, 2008-2012 79

Table 39: Granite Wash, Key Characteristics, 2012* 81

Table 40: Unconventional Oil Industry, the US, Wells Drilled and Initial Production Rates of Chaparral Energy in Granite Wash Play, 2010 82

Table 41: Granite Wash Play, Average Decline Rates Per Well, 2011-2012* 83

Table 42: Texas, Historical Production from the Granite Wash Play, MMboe, 2004-2011* 84

Table 43: Granite Wash Play, Historic and Forecast Production, MMboe, 2004-2020 86

Table 44: Granite Wash Play, Number of Well Permits Issued by County, Texas, 2009-2011* 88

Table 45: Granite Wash, Major Companies by Acreage, Net Acres, 2012* 89

Table 46: Granite Wash Play, Major Companies by Gross Production, MMboe, 2011* 91

Table 47: Granite Wash Play, M&A Activities, 2007-October 2012* 94

Table 48: Granite Wash Play, Recent Deals, 2007-October 2012* 94

Table 49: Niobrara Shale, Wells Drilled and Initial Production Rates for Anadarko Petroleum Corporation, November 2011 96

Table 50: Niobrara Shale, Recent Wells Drilled and Initial Production Rates, 2011 96

Table 51: Niobrara Shale, The US, Historical Crude Oil and Natural Gas Gross Production, MMboe, 2007-2011* 98

Table 52: Colorado, Historical Gross Production from the Niobrara Shale (MMboe), 2007-2011* 99

Table 53: Wyoming, Historical Gross Production from the Niobrara Shale (MMboe), 2007-2011* 100

Table 54: Niobrara Shale, Expected Gross Production, MMboe, 2007-2020 101

Table 55: Niobrara Shale, Colorado, Number of Well Permits, November-December 2010, January-December 2011, and January 1- February 17, 2012 102

Table 56: Niobrara Shale, Colorado, Total Number of Well Permits by Companies, January 2012-September 18, 2012* 103

Table 57: Niobrara Shale, Colorado, Total Number of Well Permits by Companies, 2011* 105

Table 58: Niobrara Shale, Wyoming, Number of Horizontal Well Permits by Company, 2012* 107

Table 59: Niobrara Shale, Top Companies by Acreage, Net Acres, 2012* 109

Table 60: Colorado, Niobrara Shale, Major Companies by Production, MMboe, 2011 111

Table 61: Niobrara Shale, Major Merger and Acquisitions, 2012* 112

List of Figures

Figure 1: Unconventional Oil Industry, Global, Geographic Distribution of Unconventional Oil Resources, 2012 12

Figure 2: Oil Industry, Global, Share of Extra-heavy Oil and Oil Sands in Proved Oil Reserves, %, 2012 13

Figure 3: Oil Industry, Global, Share of Oil Sands, Extra-heavy Oil and Shale Oil in Total Oil Production, %, 2011 14

Figure 4: Oil Industry, Global, Share of Oil Sands, Extra-heavy Oil and Shale Oil in Total Unconventional Oil Production, %, 2011 15

Figure 5: Oil Industry, Global, Estimated Production of Unconventional Oil, MMbbl, 2011, 2015 and 2020 16

Figure 6: Oil Sands Industry, Canada, Location of Oil Sands Deposits, 2012 17

Figure 7: Oil Shale Industry, Global, Distribution of Oil Shale Deposits in Select Countries, 2012 18

Figure 8: Oil Shale Industry, The US, Locations of the Major Oil Shale Deposits, 2011 19

Figure 9: Unconventional Oil Industry, The US, Locations of the Shale Plays, 2011 20

Figure 10: Oil Sands Industry, Canada, Composition of Oil Sands, 2012 21

Figure 11: Oil and Gas Industry, Canada, Foreign Direct Investments in the Canadian Energy Sector, CAD$m, 2005-2011* 22

Figure 12: Oil and Gas Industry, Canada, Greenhouse Gas Emissions by Sector, 2010 23

Figure 13: Oil Sands Industry, Canada, Production of Bitumen and Synthetic Crude, MMbbl, 2006-2011 24

Figure 14: Oil Sands Industry, Canada, Bitumen and Synthetic Crude Production from Oil Sands in Canada by Recovery Method, MMbbl, 2006-2011 25

Figure 15: Oil Sands Industry, Canada, Expected Production of Bitumen and Synthetic Crude, MMbbl, 2011-2020 28

Figure 16: Oil Sands Industry, Canada, Expected Heavy Oil Upgraders Capacity, MMbbl, 2011-2020 29

Figure 17: Oil Sands Industry, Canada, Imperial Oil's Synthetic Oil and Bitumen Net Proved Reserves, MMbbl, 2007-2011 31

Figure 18: Oil Sands Industry, Canada, Shell's Oil Sands Operations, 2011 33

Figure 19: Unconventional Oil Industry, Venezuela, Location of Orinoco Oil Belt, 2010 36

Figure 20: Extra-heavy Crude Oil Industry, Venezuela, Extra-heavy Crude Oil Blocks, Orinoco Heavy Crude Oil Belt, 2012 38

Figure 21: Extra-heavy Crude Oil Industry, Venezuela, Extra-heavy Crude Oil Production, MMbbl, 2007-2011 42

Figure 22: Bakken Shale, Operational Map and the Shale's Formation, 2012 46

Figure 23: Bakken Shale Formation, Stratigraphy, 2012* 47

Figure 24: Bakken Shale Wells, Well Profile, 2012 49

Figure 25: Bakken Shale, the US, Historical Crude Oil and Natural Gas Production (MMboe), 2004-2011* 50

Figure 26: Bakken Shale, North Dakota, Historical Crude Oil and Natural Gas Production (MMboe), 2004-2011* 52

Figure 27: Bakken Shale, Montana, Historical Crude Oil and Natural Gas Production (Mmboe), 2004-2011* 53

Figure 28: Bakken Shale, the US, Historical and Forecast Production (Mmboe), 2004-2020 54

Figure 29: Bakken Shale, North Dakota, Number of Oil Producing Wells, 2007-2011* 56

Figure 30: Bakken Shale, North Dakota, Number of Gas Producing Wells, 2007-2011* 57

Figure 31: Bakken Shale, Montana, Number of Wells Reported by Field, 2007-2012 58

Figure 32: Bakken Shale, North Dakota, Top 15 Companies by Production (MMboe), 2011 62

Figure 33: Bakken Shale, the US, Merger and Acquisition Activities, Number of Deals and Deal Value ($m), 2008-2012** 64

Figure 34: Eagle Ford Shale, Location, The US, 2012 67

Figure 35: Eagle Ford Shale, Well Profile, 2012* 68

Figure 36: Eagle Ford Shale, Historical Production, MMboe, 2008-April 2012 70

Figure 37: Eagle Ford Shale, Historic and Forecast Production, MMboe, 2004-2020 71

Figure 38: Eagle Ford Shale, Number of Drilling Permits for Selected Operators, Texas, January 2012-April 2012 73

Figure 39: Eagle Ford Shale, Top 20 Companies by Gross Production, Texas, MMboe, January 2012-April 2012* 75

Figure 40: Eagle Ford Shale, Top 20 Companies by Production, MMboe, 2011 77

Figure 41: Unconventional Oil Industry, US, Granite Wash Play, Location Map, 2012 80

Figure 42: Granite Wash Formation, Stratigraphy,ft, 2012 81

Figure 43: Granite Wash, Well Profile, 2011 83

Figure 44: Texas, Granite Wash Play, Historical Production, MMboe, 2004-2011* 84

Figure 45: Granite Wash Play, Historic and Forecast Production, MMboe, 2004-2020 85

Figure 46: Granite Wash Play, Number of Well Permits by County, Texas, 2009-2011* 88

Figure 47: Granite Wash, Major Companies by Acreage, Net Acres, 2012* 89

Figure 48: Granite Wash Play, Top 10 Companies by Gross Production, MMboe, 2011* 90

Figure 49: Granite Wash Play, Merger and Acquisition Activity, 2007-December 2011 93

Figure 50: Niobrara Shale Formation, Northeastern Colorado, Stratigraphy, 2012* 95

Figure 51: Niobrara Shale, Well Profile, 2012* 97

Figure 52: Niobrara Shale, The US, Historical Crude Oil and Gas Gross Production, MMboe, 2007-2011* 98

Figure 53: Colorado, Historical Gross Production from the Niobrara Shale, MMboe, 2007-2011* 99

Figure 54: Wyoming, Historical Gross Production from the Niobrara Shale, MMboe, 2007-2011* 100

Figure 55: Niobrara Shale, Expected Gross Production, MMboe, 2007-2020 101

Figure 56: Niobrara Shale, Colorado, Number of Well Permits, November-December 2010, January-December 2011, and January 1-February 17, 2012* 102

Figure 57: Niobrara Shale, Colorado, Total Number of Well Permits by Companies, January 2012-September 18, 2012* 103

Figure 58: Niobrara Shale, Colorado, Total Number of Well Permits by Companies, 2011* 104

Figure 59: Niobrara Shale, Wyoming, Major Companies by Horizontal Well Permits, 2012 106

Figure 60: Niobrara Shale, Top Companies by Acreage, Net Acres, 2012* 108

Figure 61: Colorado, Niobrara Shale, Major Companies by Gross Production, MMboe, 2011 110

Figure 62: Barnett Shale Combo Play Overview, Texas, 2012 114

Figure 63: Cana-Woodford Shale, Location Map 115

Figure 64: Oklahoma Woodford Play, Oil, Gas and Condensate Presence 116

Figure 65: Tuscaloosa Marine Shale, The US, Location Map, 2012 117

Figure 66: The Green River Oil Shale, Location Map 119

Figure 67: Wolfcamp Shale, The US, Location Map, 2012 120

To order this report:Oil_and_Gas_energy Industry: Unconventional Oil (Oil Shales, Oil Sands and Extra-heavy Oil) - Market Analysis, Industry Developments and Forecasts to 2020

Nicolas Bombourg

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