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CALGARY, AB – Higher crude prices and continued optimization improvements have driven the first upward revision to the S&P Global Commodity Insights 10-year oil sands production outlook in more than half a decade. The new forecast, produced by the S&P Global Commodity Insights Oil Sands Dialogue , expects Canadian oil sands production to reach 3.7 million barrels per day (mbd) by 2030—half a million barrels per day higher than today. The new projection represents an increase of 140,000 b/d in 2030 from the previous outlook. “Higher oil prices have driven record returns for the Canadian oil sands,” said Celina Hwang, Director, North American Crude Oil Markets, S&P Global Commodity Insights. “Although producers continue to demonstrate capital discipline, stronger balance sheets are now giving oil sands companies renewed confidence in regard to their intentions for capital spending.” The main driver of the upward revision has been the identification of additional opportunities to improve efficiency and/or optimize output, the analysis says. The ongoing ramp-up and operational efficiency gains from learning by doing and step-out optimization projects are the most significant contributors. Step-out optimizations are a relatively new phenomenon and include, as the name suggests, stepping out from existing operational areas into […]
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