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Canada Oil Sands Output to Grow 1Mln Barrels Per Day by 2025

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Global consulting firm IHS reported that poduction from western Canada’s oil sands is expected to increase by 1 million barrels daily.

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WASHINGTON (Sputnik) — Production from western Canada’s oil sands is expected to increase by 1 million barrels daily in the next decade above the current output of about 2.75 million barrels, as extraction becomes more cost-efficient, the global consulting firm IHS said in a report on Monday.

"IHS anticipates oil sands investors will focus their investments onto the most economic projects: expansions of existing facilities," the report stated. "IHS expects that over 80 percent of future activity in our outlook will be underpinned by expansions of existing facilities."

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The report noted that the existing facilities are well understood, quicker to first oil and cheaper to construct.

"This all equates to less risk at a lower cost," the report added.

A press release accompanying the report explained that a price of about $50 is required for oil-sands projects to break even.

Since 2012, the oil-sands region in the Canadian province of Alberta has increased from 1.75 million barrels per day to its present level of about 2.75 million barrels, according to the report.

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