The oilsands industry hit a major milestone last year.
According to new data from Alberta Energy Regulator released last month, the province averaged 3 million barrels of raw bitumen production per day for the first time in 2018.
In 2017, production reached 2.8 million bbls/d.
Part of last year’s growth can be credited to two major projects in our region, Suncor Energy’s Fort Hills project and Canadian Natural Resources’ Horizon Phase 3 – both of which saw an increase in production year over year.
Production first hit 1 million bbls/d in back in 2004, and the Regulator is predicting it will reach more than 4 million bbls/d by 2027.
As for the price of oil, AER is projecting WTI to hit US$60 per barrel in 2019, which is roughly a $4 drop from last year, and average US$81.08 per barrel by 2028 as global supply and demand remains in balance.