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A new report from Enverus says Western Canadian oil production can grow by about one million barrels a day over the next seven years.
The research firm says the growth will be mostly driven by expansions to existing steam-driven oilsands projects.
The report notes it can take years to plan and build such a project, so producers have a limited ability to take advantage of the surge in global crude oil projects driven by the war in the Middle East.
West Texas Intermediate crude for June delivery was trading at around US$89 a barrel today — off from the US$114 mark it hit earlier in the conflict, but still 33 per cent higher than it was before the war began in late February.
Enverus says the oilsands have 50 years worth of drilling opportunities that break even below a US$50-a-barrel WTI price.
But it also says at projected growth rates, available pipeline space to move Western Canadian crude to market will be filled up by the early 2030s.
See the Enverus Press Release Here
Lauren Krugel, The Canadian Press
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