Canada's Oil Sands: cashing in on curtailment cuts in Q2 2019 Report

Insight 06 August 2019

Get this report

$1,350

You can pay by card or invoice

Share link

First name
Last name
Job Title
Company
Email
Telephone

Country

Message

Consent

Please keep me informed about Wood Mackenzie products, services and events.

Submit Category

For details on how your data is used and stored, see our Privacy Notice.

- FAQs about online orders
- Find out more about subscriptions

Report summary

The upward momentum of increased prices across the board persisted in Q2. Western Canada Select (WCS) prices increased by 15% from Q1. Curtailments have continued to ease, bringing the limit to 3.71 million b/d, with another 25-kb/d reduction in both August and September set to increase the curtailment limit to 3.76 million b/d. Crude-by-rail exports have begun to increase, rising to 285 kb/d in May as operators expand their dedicated capacity. Consolidation continues as CNRL acquired Devon's Canadian assets in a Cdn$3.8bn deal. In Alberta, the quarter saw the removal of the carbon levy in favour of the Technology Innovation and Emissions Reduction (TIER) system and a reduction in corporate tax rates from 12% to 8% over the next three years. Federally, the Government of Canada announced that the Trans Mountain Pipeline (TMX) was greenlighted once more on 18 June.

Executive summary
Benchmark crude prices
WCS prices
Curtailment update
- TMX greenlighted (again)
- CNRL continues to expand oil sands position
- UCP scraps carbon levy - back to the future
- Final(ly) Frontier?
- Syncrude Mildred Lake Extension approved
- Osum outperforms