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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.
The company was founded in 2001, and is one of the largest independent oil and gas producers in Canada, having a significant presence in the Western Canadian Sedimentary Basin. [1] In 2024, the company changed its name to Veren and is listed on the Toronto Stock Exchange and the New York Stock Exchange under the ticker symbol VRN. [2]
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.
Western Canadian Select (WCS) is a heavy sour blend of crude oil [1] that is one of North America's largest heavy crude oil streams [2] and, historically, its cheapest. [3] It was established in December 2004 as a new heavy oil stream by EnCana (now Cenovus), Canadian Natural Resources, Petro-Canada (now Suncor) and Talisman Energy (now Repsol Oil & Gas Canada). [4]
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 ...
It specializes in production of synthetic crude from oil sands. In the 2020 Forbes Global 2000, Suncor Energy was ranked as the 48th-largest public company in the world. [4] Suncor was created by Sun Oil in 1979 by the merger of its Canadian conventional and heavy oil companies, the Sun Oil Company and Great Canadian Oil Sands.
With TransCanada's Keystone XL back in the news, Aimee Duffy's been thinking about oil sands, a market estimated to be about $25.8 billion in 2013, with 1.7 million barrels of crude produced per day.
In recent years, Canadian oil sands producers' performance has significantly lagged that of its peers targeting U.S. tight oil formations, such as Texas' Eagle Ford and North Dakota's Bakken. Part ...