CALGARY, Alberta (July 2, 2024) — Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS and generative AI company, has released a report that examines where Canadian oil sands assets fall on the North American cost curve.
“The often-overlooked Canadian oil sands represent nearly 40% of North America’s sub-$50 WTI breakeven oil resource,” said Dane Gregoris, managing director with EIR.
“Oil sands businesses are particularly attractive to global investors today because of their long duration oil resource and newfound egress. This is especially relevant at a time where U.S. shale oil growth is slowing, and low-cost drilling inventory is becoming scarcer south of the border,” Gregoris said.
Key takeaways from the report:
- The Canadian oil sands represent nearly 40% of North America’s sub-$50 WTI breakeven undeveloped oil resource and offer a compelling opportunity for investors and producers to extend duration in E&P asset portfolios.
- Oil sands output exceeds 3 million barrels per day, the majority of which is extracted using steam-assisted gravity drainage (SAGD) or surface mining techniques.
- Integrated mining projects sit on the very low end of the North American cost curve while existing SAGD projects generally offer Permian-competitive resource breaking even between $40 and $50 WTI.
EIR’s analysis pulls from a variety of Enverus products including Enverus Intelligence® Research and Enverus Foundations®.
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About Enverus Intelligence Research
Enverus Intelligence® | Research, Inc. (EIR) is a subsidiary of Enverus that publishes energy-sector research focused on the oil, natural gas, power and renewable industries. EIR publishes reports including asset and company valuations, resource assessments, technical evaluations and macro-economic forecasts; and helps make intelligent connections between energy industry participants, service companies and capital providers worldwide. EIR is registered with the U.S. Securities and Exchange Commission as a foreign investment adviser. Enverus is the most trusted energy-dedicated SaaS company, with a platform built to create value from generative AI, offering anytime, anywhere access to analytics and insights for more than 95% of U.S. energy producers and more than 40,000 suppliers. Learn more at Enverus.com.
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