Canada's oil sands: infrastructure woes weigh on Q4 2017 Report

Insight 05 March 2018

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Report summary

Project start ups at Fort Hills and Horzion Phase 3 in Q4 2017 means production is accelerating higher into 2018. SAGD project contributions from JACOS Hangingstone and the upcoming KNOC BlackGold also add pressure to an already constrained export system. Infrastructure issues and the wider Canadian price discounts were major stories in Q4 and will continue into 2018. We highlight the project news behind record production levels while also touching on lower operating costs, regulatory changes and Alberta's newest flowing refinery.

Executive summary
Benchmark prices and bitumen realisations
In situ production
Mining production
Operating costs
Other significant events
- Federal government introduces the Canadian Energy Regulator amidst provincialpipeline quarrelling
- Sturgeon refinery flows first diesel
- Alberta stimulating investment in partial upgrading
- Suncor bolsters Fort Hills and Syncrude mining ownership while filing regulatory plans for Lewis SAGD
- Suncor goesdriverless
- MEG disposes of Access

Tables and charts

This report includes 10 images and tables including:

Benchmark pricing
Benchmark price performance
Historic WCS prices

Realised bitumen prices face a wider discount to WTI
In situ projects producing >30,000 b/d
In situ projects producing <30,000 b/d
Mining project production
Mining operating costs
In situ operating costs
Western Canada oil supply - local refinery consumption vs pipeline takeaway capacity