Saskatchewan’s Top 10 oil producers in 2023
By Brian Zinchuk
Saskatchewan’s Top 10 oil producing companies account for 84 per cent of all oil production in this province.
That’s one of the nuggets from an analysis of year-end production numbers done by BlincSoftware. Blinc compiled its numbers from data provided by the Saskatchewan Ministry of Energy and Resources. Much more detailed information can be found at BlincSoftware’s Canadian Petroleum Registry.
Saskatchewan’s top oil producer, by a large margin, is Cenovus Energy Inc, which produced 41,397,919 barrels in 2023. Cenovus’s operations are focused in northwest Saskatchewan, having purchased Husky Energy s few years ago and taking over its numerous thermal and CHOPS facilities, continuing on its expansion of thermal recovery.
Cenovus produced nearly double the No. 2 producer, Whitecap Resources Inc., which produced 22,794,555 barrels for the year. Whitecap bought the operating interest in the Weyburn Unit from Cenovus several years ago, as well as several other acquisitions in southeast and southwest Saskatchewan. Whitecap has also be growing extensively through the drill bit, and is often one of the most active drillers in the province.
In third place was Crescent Point Energy Corp., soon to be renamed Veren Inc., at 20,170,675 barrels per year. Crescent Point has shed many of its non-core areas in recent years, and now is principally focused in the Viewfield Bakken, Flat Lake (Torquay) and Shaunavon plays. In the Viewfield Bakken, it has been developing multilateral wells.
Strathcona Resources Ltd. came in fourth at 17,722,829 barrels. Its big play is development of thermal production near Meota. But the company also has cold production in northwest and west central Saskatchewan, where it continues to drill.
In fifth place was Teine Energy Ltd., at 11,251,343. Teine is notable for being a privately-held company in strategic partnership with Canadian Pension Plan Investments (CPP Investments). Teine is typically the leading driller in west central Saskatchewan near Kindersley.
Baytex Energy Ltd. has long been active in northwest and west central Saskatchewan. It produced 7,430,713 barrels last year for sixth place.
Canadian Natural Resources Limited, one of Canada’s largest oil companies, is largely focused in the Alberta oilsands. But it still has substantial holdings in Saskatchewan, particularly in northwest Saskatchewan and the Steelman Unit. While it hasn’t done a lot of drilling in Saskatchewan in recent years, the company’s production of 5,627,006 barrels in 2023 placed it in seventh spot.
IPC Canada Ltd. is focused principally in northwest Saskatchewan. It came in eighth at 5,103,182 barrels last year.
Saturn Oil & Gas Inc. has grown tremendously in recent years with its acquisition of property in Southeast Saskatchewan from Crescent Point. The company’s original core area is in west central Saskatchewan, but that has been eclipsed by its move into southeast Saskatchewan. Saturn’s 4,925,038 barrels placed it in ninth place.
Vermillion Energy Inc., which operates in southeast Saskatchewan, produced 2,879,335 barrels of oil in 2023, placing it in 10th spot.