Saturday, November 1, 2008

Canada - Oil Sands and Crude Oil Production

Canadian oil-sands/tar-sands production

This is a good chart from the Canadian Association of Petroleum Producers. It comes from a 48-page PDF report available on their website detailing current production and forecasting production out decades. Also available is a spreadsheet containing two different scenarios and a breakdown of all the numbers. From the dotted line here, it appears they have lowered last year's forecast by about 200,000 barrels per day total going forward.

The top slice is offshore production in Newfoundland which is not considered "conventional." The thick, expanding slices in the middle are tar-sands/oil-sands production. The bottom three declining slices are conventional onshore production in Western Canada.

Canadian Oil Sands Production

following are some articles on the recent scaling back of oil-sands projects due to the lower price of crude:

Suncor Slows Oil-Sands Project, Others May Follow

Current industry forecasts see oil sands output more than doubling to 2.8 million barrels a day in 2015, but this is more modest than last year's forecasts, as regulatory delays and vague environmental rules take their toll. The Canadian Association of Petroleum Producers, an industry lobbying group, publishes the widely watched annual forecasts.

Oil Sands on Front Line in Energy Sector's Battle with Costs

These extra barrels may not immediately be missed given the dismal demand outlook in the U.S., where nearly all of Canada's oil exports are destined. But cutbacks to new and existing energy ventures may threaten future oil flows and cause a spike in prices down the road, as oil executives play a game of brinksmanship with their suppliers.

CAPP website