July 12, 2024

Clearwater oil production (MBbl/d) history and forecast to 2040 including Initial Productivity (IP), Estimated Ultimate Recovery (EUR), number of wells ,and map of the drilling region.

Location: Alberta

Number of oil wells drilled since 2010: ~ 2,600

Average New Well Initial Productivity in 2023: 320 Bbl/d

Peak Production: 2012 (520 MBbl/d)

• Clearwater oil production grew from about 200,000 Bbl/d in 2014 to 300,000 Bbl/d in 2023. Incorrys is forecasting production to continue to grow post 2023 peaking at over 390,000 Bbl/d in 2031 before declining to 2023 levels by 2040.

Clearwater Oil IP

• Well Initial Productivity (IP) dropped from over 450 Bbl/d in 2014 to about 320 Bbl/d in 2023. Initial productivity is expected to increase further in 2024 before declining to under 300 Bbl/d by 2040.

Clearwater Oil EUR

• Well Estimated Ultimate Recovery (EUR) peaked at over 760 MBbl in 2019 before dropping to about 500 MBbl over the past few years. Incorrys is forecasting well EUR to stabilize at about 460 MBbl post 2023.

Clearwater Oil Number of Wells

• The number of new wells in the Clearwater formation increased significantly from under 100 in 2020 to almost 400 in 2023.
• Incorrys is forecasting the number of new wells to grow slowly and peak at about 415 wells in 2027 before declining to under 200 in 2040.

Clearwater Oil Drilling Locations

• Wells drilled in Clearwater formation since 2000.

See Also:

Canadian Oil Production Forecast to 2035
Alberta Oil Production Forecast to 2040 (excl Oil Sands)
Canadian Oil Rig Count by Province 2012-2024