Insight
Canada's Oil Sands: curtailments hit in Q1 2019
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
After a Q4 that saw record low price realisations across the board, Q1 provided a bit of respite for Canadian producers. WCS prices recovered 120% from historical lows reached in Q4, in response to mandated production curtailments enforced by the Alberta Government. Other Canadian crude grades responded in kind. Curtailments have slowly began to ease, being reduced 75 kb/d from 325 kb/d in February and a further 25 kb/d in April. Additional 25 kb/d reductions are planned for May and June. Unfortunately, the curtailments have failed thus far to clear Alberta crude storage. The quarter also saw the arrival of a new government in Alberta under Premier Jason Kenney, with the United Conservatives defeating the New Democratic Party. The Canadian Federal Government announced another delay to its decision on the Trans Mountain Expansion into June. It also released its project list for the controversial Bill C-69.
Table of contents
- Executive summary
- Benchmark crude prices
- WCS prices
- Bitumen and SCO realisations
- In situ production
- Curtailment update
- Mining production
- Operating costs
- Crude by rail
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Other significant events
- Orange crush gets swallowed by blue wave
- Putting out literal fires
- TMX decision gets delayed. Again.
- Federal government releases C-69 project list
Tables and charts
This report includes the following images and tables:
- Benchmark pricing
- Benchmark price performance
- Historic WCS prices
- Realised bitumen prices
- In-situ projects producing >35 kb/d
- In-situ projects producing <35 kb/d
- Curtailment - In situ projects producing >30 kb/d
- Curtailment - In situ projects producing <30 kb/d
- Mining project production
- Mining & upgrading operating costs
- In-situ operating costs
- Crude by rail
What's included
This report contains:
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