Canada's Oil Sands: a pipeline bonanza in Q4 2016 Report

Insight 06 March 2017

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Report summary

Oil sands production and price realisations improved quarter on quarter. Production is at an all time high of over 2.45 million b/d. The industry benefited from incremental brownfield expansions and an appreciation of benchmark crudes in the wake of OPEC production cuts. Operating costs crept up 2% over the quarter, but were largely offset by material increases in price realisations that lead to improved netbacks across the region.

Executive summary
Benchmark oil prices and bitumen realisations
- Realised prices in Cdn$/bbl
In situ production
Operating costs
Significant events
- Canadian government approves Trans Mountain Expansion and Line 3 Replacement pipelines
- U.S. President Donald Trump signs executive order to expedite Keystone XL Pipeline decision
- Statoil makes its exit
- MEG applies for 164,000 bbl/d May River project
- Syncrude nears name plate capacity
- Capital expenditures decrease, but certain operators are ramping up