Canada’s newest oil tycoon is shaking up the sector
Former Canadian banker turned oil tycoon Adam Waters intends to strengthen the position of his company, Strathcona Resources. As one of the fastest growing oil companies in North America through an ambitious plan to double crude production and expand beyond its competitors. Waters, 64 years old, Chairman of the Company’s Board of Directors, explained that his plan aims to increase the production of “Stracona” From 125 thousand barrels per day in 2026 to about 300 thousand barrels per day by 2035, with a compound annual growth rate of 10%, according to the “Market Screener” platform.
He added: “If I am calling on an entire country to double its oil production, I have to do my part.”
Wouters, who previously served as head of global investment banking at “Scotia Bank” is betting on oil at a time when Canadian public support for the development of fossil fuels is increasing, and this comes as Prime Minister Mark Carney is counting on oil and gas to confront the repercussions of the tariffs imposed by US President Donald Trump on Canadian goods, as some climate rules were recently rolled back to support the growth of the sector.
Since 2017, “Strathcona” has acquired It acquired several small companies at low prices, which helped it become the fifth largest oil producer in Canada. Despite the failure of its attempt to acquire “MEG Energy”, the company was able to conclude a side deal with “Cenovus Energy”. To acquire heavy oil assets, which strengthened its production expectations.
Waters described himself as “an outsider to the Canadian oil environment,” as he lives in the tourist town of Banff in the Rocky Mountains, where he owns a ski resort with his wife, and is leading a project to establish a 150-kilometre railway linking Calgary to Banff using hydrogen-powered passenger trains.
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