Alberta's oilsands production is set for a record high, with a forecasted output of 3.5 million barrels per day in 2023 and potential growth to 3.9 million by 2030. This increase is attributed to optimization strategies and enhancements in existing operations rather than new projects. The volatility of oil prices, influenced by geopolitical events, underscores the industry’s adaptability. Analysts indicate that the growth reflects a stable economic foundation for producers, with the Trans Mountain pipeline expansion further bolstering export capabilities. However, a plateau in production is anticipated later in the decade.
The increased trajectory for Canadian oilsands production growth amidst a period of oil price volatility reflects producers' continued emphasis on optimization and the favourable economics that underpin such operations.
This large resource base provides ample room for producers to find debottlenecking opportunities, decrease downtime and increase throughput.
#alberta-oil-industry #oilsands-production #sp-global-insights #oil-price-volatility #energy-economics
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