Report: Cenovus Energy to be leading producer from Canadian oil sands
Cenovus Energy is projected to emerge as the leading producer of liquids from Canadian oil sands by 2025, says a report by GlobalData.
Entitled ‘H1 2017 Production and Capital Expenditure Outlook for Key Planned Upstream Projects for Canadian Oil Sands - Project Expansions Account for Majority of Upcoming Projects’, the report provides the projected total liquids production from the source by 2025.
A total of 59 planned and producing projects are expected to increase the total liquids production from approximately 2.38 million barrels of oil equivalent a day (Mboed) in 2017 to 3.09Mboed in 2025.
Planned projects are expected to add 923,027boed of liquids production by 2025. Cenovus Energy will lead, with the highest liquids production of 97,000 barrels a day in 2025.
The report further states the number of announced and planned oil sands projects expected to start operations by 2025 to be 17, with 11 being expansions of existing projects.
Suncor Energy’s Fort Hills project is expected to have the highest liquids production of 160,609boed, followed by Brion Energy’s McKay River project with 118,846boed.
Operator-wise, Cenovus Energy leads with the highest number of planned projects at six, followed by Suncor Energy and Imperial Oil with two each.
In terms of total capital expenditure (CAPEX), $148bn is expected to be spent on the planned projects, with $83bn projected expenditure between 2017 and 2025.
The highest CAPEX is expected to be on Suncor Energy’s Fort Hills project and Imperial Oil’s Kearl Oil Sands Project Phase 3, at $27.7bn and $20.1bn respectively.