Oil Sands Shifts Towards Growth with a Focus on Efficiency

The next chapter of Alberta's oil sands is expected to be defined by growth accompanied by capital discipline, operational reliability, lower costs, and continued technological innovation. Premier Danielle Smith wants significantly more production, and the federal government has become more receptive to additional energy infrastructure.

Since 2015, oil sands bitumen production in Alberta has increased from approximately 2.53 million barrels per day to over 3.56 million barrels per day. The industry has focused on extracting more production from existing facilities through debottlenecking and improved maintenance practices rather than building new giant projects.

Suncor is planning for 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. The company expects approximately 60% of its oil sands bitumen production to come from in-situ operations by 2040.