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Canadian oil sands producers

2016-12-14

Canadian oil sands producers are finally ready to grow again as Cenovus Energy and Canadian Natural Resources announce they are pushing ahead with expansion projects two years into the worst crude slump in decades.

Cenovus said Thursday that the company will proceed with its 50,000 bpd phase G expansion at its Christina Lake oil sands site. The announcement comes more than a month after Canadian Natural said it was resuming work on its 40,000 bpd Kirby North project.

The expansions are the first to resume since an oil market crash saw prices plunge from more than $100/bbl in 2014 to a 12-year-low of about $26/bbl earlier this year. The Organization of Petroleum Exporting Countries’ agreement last week to cut production for the first time in eight years propelled crude prices above $50 just as the Canadian government approved the expansion of two export pipelines.

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