- As one of the oil and gas leaders, Canada is the third-largest holder of proven oil reserves in the world; the country’s oil and gas sector is not only big but also green, positioning Canada as an energy powerhouse with an eye on a greener future
- The sector reported output growth while slashing emissions, standing as a testament that achieving both growth and environmental sustainability is possible
- Amid Canada’s firm commitment to a greener future, companies like Prospera Energy are set to benefit as the country seizes the opportunity of the burgeoning market while still ensuring sustainability
Prospera Energy (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B), a Canadian public oil and gas exploration, exploitation, and development company, remains dedicated to reshaping the future of the oil and gas sector by demonstrating that environmentally responsible production practices can enhance both resource recovery and industry sustainability. After the transformational year in 2022, when the company turned the tide and increased production, revenue, and asset appreciation while lowering liabilities, Prospera appears to be on a hot streak, poised for 2023 record growth. The company has started the execution of Phase 2 in their development plan, which includes increased production in Alberta through medium-oil development and utilization of horizontal well-technology to capture the significant remaining reserves in Saskatchewan.
The growth expectations come amid Canada’s firm commitment to cleaner extraction methods and more efficient practices. A recent report shows that the country’s oil and gas industry has made significant strides in achieving both growth and sustainability, solidifying its position as a global leader in eco-friendly energy production (https://ibn.fm/nPvDu). According to the Canadian Association of Petroleum Producers (“CAPP”), from 2012 to 2021, the sector witnessed a 21% increase in conventional hydrocarbon production while achieving a 24% reduction in carbon dioxide equivalent emissions. Natural gas experienced significant expansion, with production skyrocketing by 35%. Still, it was accompanied by a remarkable decrease in carbon dioxide emissions by 22% and methane emissions by an even more impressive 38%. A recent S&P Global Commodity Insight survey revealed that Canada’s oil sands producers had kept emission levels in 2022 unchanged compared to the year before despite increased output–demonstrating the sector’s potential to outpace emission reduction expectations.
This dedication to simultaneously slashing emissions and expanding production positions Canadian oil and natural gas as reliable and responsible energy sources on a global stage. With an estimated 171.0 billion barrels, Canada is the industry’s powerhouse as the holder of the third-largest proven oil reserve in the world, accounting for 10% of the global oil resources. Proven oil reserves are those that are known to exist and that are expected to be recovered through existing wells with existing equipment and production methods. As technology continues to advance, Canada’s proven oil reserves could grow further as the oil sands alone have potential reserves estimated at more than 300 billion barrels in addition to its substantial untapped tight oil resources (https://ibn.fm/6AxHX).
As Canada shifts from a traditional oil and gas powerhouse to one of the world’s most ethical and environmentally sustainable oil producers, companies like Prospera are seizing the chance to reshape the industry’s tarnished image due to global warming. The company restructured and optimized operations and has since proven that thriving while prioritizing the environment is achievable in the oil and gas sector.
For more information, visit the company’s website at www.ProsperaEnergy.com.
NOTE TO INVESTORS: The latest news and updates relating to GXRFF are available in the company’s newsroom at https://ibn.fm/GXRFF
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