Higher capex needed for projected oil sands growth
Producers are not necessarily using their cash on oil sands output
Time will not wait for the oil sands. An end to oil sands mega-projects brought rapid production growth to an abrupt halt and now major questions hang over even the moderate growth that has been forecast for at least another decade. The lingering optimism is driven by investments to optimise past projects and continuing development of smaller scale in situ projects. However, based on recent performance, major oil sands producers will not achieve even moderate growth in the coming years unless they ramp up their capital spending budgets significantly more than the rate of inflation. Suncor’s oil sands output growth was the highest of the four major producers in 2022 Capital spending b
Also in this section
3 May 2024
Upcoming elections are likely to deliver a win for the party of president Andres Lopez Obrador, but analysts differ over to what degree his successor will stick to his energy policies
2 May 2024
Faster-than-expected economic growth fails to mask macro imbalances and shifting structural oil product trends
1 May 2024
Energean CEO Mathios Rigas looks to results of critical Anchois appraisal well
30 April 2024
While its regional neighbours reap the rewards of oil and gas success, Iraq’s hydrocarbons sector is lagging behind