Canadian Oil Sands – a Renaissance or a Sunset Industry?
The clear majority of Canada’s crude oil reserves reside in the oil sands, so it is natural for these bituminous resources to be the primary driver of Canadian production. In 2017, Canada produced 4.2 million barrels per day, with two-thirds coming from the oil sands industry, which celebrated its 50th birthday since the first oil sands mine started operations. As oil sands production is forecast to grow, the leverage of these resources for economic benefits to the nation will depend on many factors such as the ability to connect this growing supply with downstream demand, new capital investment into oil sands projects, and continued efforts in reducing supply costs and emissions, among others. How can the industry transform these challenges into opportunities while continuing to grow?