Insight
Canada's Oil Sands: M&A dominates Q1 2017
Report summary
Oil sands headlines in Q1 2017 were dominated by two blockbuster M&A transactions for a combined US$23 billion. The recent transactions follow a wave of consolidation in the oil sands and now over 70% of oil sands production is concentrated in the hands of four of Canada's largest producers: Suncor, CNRL, Imperial Oil and Cenovus. Underneath the M&A headlines, oil sands production continues to increase and reached a new quarterly high of 2.47 million b/d, an increase of 9% from Q1 2016. Production growth has mostly been driven by the ramp-up of new phases, notably: Horizon Phase 2B, Surmont Phase 2, Christina Lake Phase F, Foster Creek Phase G and Sunrise Phase 1.
Table of contents
- Executive summary
-
Benchmark oil prices and bitumen realisations
- Realised prices in Cdn$/bbl
- In situ production
- Mining production
- Operating costs
- In situ project benchmarking
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Significant events
- Cenovus doubles oil sands production with US$13.3 billion ConocoPhillips deal
- CNRL increases oil sands mining exposure with AOSP deal
- Other rumoured oil sands sellers include BP, Chevron and Total
- Athabasca Oil sells royalty on recently acquired Leismer and Corner properties
- Still waiting for Alberta government carbon tax update
- Suncor announces plans to make Lewis regulatory application
- British Columbia general election 2017: Christy Clark remains as Premier
Tables and charts
This report includes 11 images and tables including:
- Benchmark prices
- Benchmark price performance since Jan-2014
- Historical WCS prices
- In situ projects producing >40,000 b/d
- In situ projects producing <40,000 b/d
- Canada's Oil Sands: M&A dominates Q1 2017: Image 7
- Mining operating costs
- In situ operating costs
- Steam oil ratio vs. average production per well
- Production per well distribution curve
- Canada's Oil Sands: M&A dominates Q1 2017: Image 4
What's included
This report contains:
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