The past month has seen a decline in licensing activity across the Canadian oil patch. From August 13 to September 12, 491 licences were obtained. This represents a 8.4% decrease over the previous month, which saw companies obtain 536 new licences. This past month’s licences were spread across 80 unique licensees, representing an average of 6.1 licences per licensee. Using data from BOE Intel and Petro Ninja, we’ve identified a number of trends across the various producers and producing formations.
- Cenovus obtained the most licences this month, more than doubling the licensing activity of the next most active licensee (CNRL). The company obtained a single licence at Elmworth-Wapiti, with the remainder of its licences spread across the company’s heavy oil assets. 30 of the company’s heavy oil licences were split between the Foster Creek and Christina Lake oil sands projects, while the remainder were in the Lloydminster thermal and conventional assets.
- CNRL’s 32 licences were primarily clustered in the company’s Bonnyville/Lloydminster heavy crude assets. A number of licences were obtained in NW Alberta around the Wembley and the Peace River areas. This month represents a significant uptick in activity for the company compared to last month, when 11 licences were obtained.
- Once again, all 26 of ARC Resources’ licences this month targeted the Montney producing formation. Notably, the company appears to have licensed what could eventually be a 12-well pad at G15-10-081-16 in the Parkland field.
- Peyto licensed 9 wells this month, 2 of which appear to be in close proximity to assets acquired as part of the company’s acquisition of Repsol Canada.
|Cenovus Energy Inc.||68|
|Canadian Natural Resources Limited||32|
|Arc Resources Ltd.||26|
|Crescent Point Energy Corp.||22|
|Tourmaline Oil Corp.||20|
|Petronas Energy Canada Ltd.||20|
|Tamarack Valley Energy Ltd.||14|
|Peyto Exploration & Development Corp.||9|
- The Montney was the top producing formation targeted once again this month, continuing a long run of consecutive months on top. Of the 65 licences obtained, 26 were licensed by ARC Resources and 20 were licensed by Petronas. The remainder were split between Pacific Canbriam (9 licences), CNRL (4 licences), Hammerhead (4 licences) and Advantage (3 licences). 54 out of 65 licences specifically targeted the BC Montney.
- The Duvernay formation was targeted with 13 licences, compared to 11 licences in July-August. 8 of these licences were obtained by Murphy Oil Corporation, who currently have an application pending with the AER for the transfer of nearby assets to Cygnet Energy.
- There were 19 Viking licences obtained during the period. Teine Energy accounted for 5 licences that were split between the Winslow and Kindersley fields.
This analysis was performed with BOE Intel. To find out more or to arrange a demo, contact us.