Alberta Oil Sands Shifts Focus to Sustainable Growth

The next chapter in Alberta's oil sands industry is likely to be defined by growth accompanied by capital discipline, operational reliability, lower costs, and continued technological innovation.

Since 2015, bitumen production has increased by approximately 41% from 2.53 million barrels per day to 3.56 million barrels per day in 2024, with forecasts suggesting it could reach around 4.06 million barrels per day by 2034.

Operators are shifting their focus towards extracting more production from existing facilities through debottlenecking, improved maintenance practices, and automation, rather than building new greenfield projects.

Suncor is planning to add approximately 100,000 barrels per day of additional upstream production by 2028 while targeting a US$5-per-barrel reduction in its corporate WTI breakeven price.