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Alberta's oil sands, which contain vast deposits of bituminous crude oil, have attracted dozens of energy producers from around the world in search of oil. But while they're believed to hold ...
The ERCB estimates that by 2017 oil sands production will make up 88% of Alberta's predicted oil production of 3.4 million barrels per day (540,000 m 3 /d). [6] The fivefold increase in oil prices from 1998 to 2007 made Canadian oil sands production profitable.
As of 2009, Syncrude and Irving Oil were leaders in the Canadian industry, with Syncrude being the top producer of oil sands crude and Irving Oil operating the largest oil refinery in the country. [5] Canadian oil company profits quickly recovered following the 2008 financial crisis; In 2009 they were down 90% but in 2010 they reached $8.4 billion.
The Athabasca oil sands is the only large oil field in the world suitable for surface mining, while the Cold Lake oil sands and the Peace River oil sands must be produced by drilling. [14] With the advancement of extraction methods, bitumen and economical synthetic crude are produced at costs nearing that of conventional crude.
Cenovus forecast a 4.4% increase in 2025 crude output, targeting 805,000 to 845,000 barrels of oil equivalent per day, primarily driven by the start-up of the Narrows Lake oil sands project.
Canadian oil sands producers have lower margins than many of their southern neighbors, but they are still promising investments. Even in the expensive Alberta oil sands some firms continue to ...
The price of benchmark West Texas Intermediate (WTI) oil at Cushing, Oklahoma above US$100/bbl that prevailed until late 2014 was sufficient to promote active growth in oil sands production. Major Canadian oil companies had announced expansion plans and foreign companies were investing significant amounts of capital, in many cases forming ...
The recent differential between the price Canadian oil sand producers fetch compared to the West Texas Intermediate (WTI) benchmark of the U.S. has been close to record levels. That differential ...