Canadian Oil Sands Production Losses Can Not Stop

- Aug 08, 2017 -


The former Canadian crude oil production of 2.2 million barrels / day, of which three quarters from the oil sands, in the low oil market environment, the current production at a loss.


No loss of only 2 mining improvement projects, Canadian natural resources companies and Sunco Energy's synthetic crude oil production costs less than 36 US dollars / barrel. All other thermal mining projects, according to the US oil prices 41 US dollars / barrel and Canadian benchmark heavy oil (West Canada selected oil WCS) price of 24 US dollars / barrel, each barrel should be a loss. In other words, Canada only 45 million barrels / day oil sands production is not a loss, which has the world's third largest oil reserves but subject to high cost countries, the situation is really bad.


Canadian oil sands production in two ways: First, thermal mining, the steam into the underground heating oil, so that the oil asphalt out of the ground; the second is cutting quality. Most of the extraction projects to the asphalt modified into synthetic crude oil, and thermal mining projects will have to mix the lower prices of heavy crude oil such as WCS. Research shows that even the most efficient thermal mining projects, according to the average cost calculation, the need for US WTI crude oil prices in more than 43 US dollars / barrel to make money, but last week WTI oil prices have dropped to less than 41 US dollars / barrel.


Even if the 41 US dollars / barrel, oil company oil sands production to pay operating costs, mining use fees, transportation costs, blending fees and so on. Excavation of the project cost of 36 US dollars / barrel or more, which does not include Shell's extraction and upgrading projects, Shell Company said its 2014 synthetic crude oil production average cost of 42.46 US dollars / barrel.


Shaoxing Shangyu Simo Research institute of organic Chemistry

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