Canadian Oil Sands Industry -Key Highlights
- In the short term, oil sands production will continue its path of growth, although at a slower pace than predicted a couple of years ago. This is supported by the size of the resource, the well-established and developed industry in Alberta, and the relatively secure demand for Heavy Crude Oil (HCO) in the refining market of the US.
- Most of the planned oil sands projects for the period 2016-2025 will be expansion phases of producing projects. Of the key 17 planned oil sands projects considered in the report, 11 are expansions and six are new projects. While the reserve base could potentially support a large number of future projects, key planned projects detailed in the report fall within a short term horizon of 2016-2021.
- Projects that are already in construction phase or that have been delayed for few years but have already initiated their investment are considered planned projects in GlobalData’s production forecast. Projects listed as on hold are the ones that until recently used to have a start but are now delayed without any indication from the operator on when they could be brought on line. The report does not cover planned dates for projects delayed indefinitely.
- Cenovus Energy Inc. will lead in terms of operatorship of planned Canadian oil sands projects. The company is expected to operate five projects – Narrows Lake, Foster Creek Phase G, Foster Creek Phase H, Christina Lake Phase F, and Christina Lake Phase G. Canadian Natural Resources Limited, Husky Energy Inc., Pengrowth Energy Corporation and Suncor Energy Inc. are expected to operate two projects each.
- Key oil sands projects are expected to contribute 686,000 barrels of oil per day (bd) of liquids production in 2025. Among the companies, Canadian Natural Resources Limited is expected to lead in terms of liquids production mainly due to its Horizon mining project.
GlobalData’s latest report Production and Capital Expenditure Outlook for Key Planned Upstream Projects for Canadian Oil Sands provides an annual breakdown of count and production of key planned Canadian oil sands projects from 2016 to 2025; Count and production of key planned Canadian oil sands projects by operators; Outlook of capital and operating expenditure for key planned Canadian oil sands projects for the period 2016 to 2025; Capital and operating expenditure for key planned Canadian oil sands projects by operators; Details of the major planned, announced and on-hold Canadian oil sands projects up to 2025
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