Insight
Canada's Oil Sands: M&A dominates Q1 2017
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Oil sands headlines in Q1 2017 were dominated by two blockbuster M&A transactions for a combined US$23 billion. The recent transactions follow a wave of consolidation in the oil sands and now over 70% of oil sands production is concentrated in the hands of four of Canada's largest producers: Suncor, CNRL, Imperial Oil and Cenovus. Underneath the M&A headlines, oil sands production continues to increase and reached a new quarterly high of 2.47 million b/d, an increase of 9% from Q1 2016. Production growth has mostly been driven by the ramp-up of new phases, notably: Horizon Phase 2B, Surmont Phase 2, Christina Lake Phase F, Foster Creek Phase G and Sunrise Phase 1.
Table of contents
- Executive summary
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Benchmark oil prices and bitumen realisations
- Realised prices in Cdn$/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 the following images and tables:
- 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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