News Release

Canadian oil sands: Back in the limelight

Assets are falling lower on the cost curve than many realize and represent nearly 40% of North America’s sub-$50 WTI breakeven oil

byEnverus
July 2, 2024

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®.

You must be an Enverus Intelligence® subscriber to access this report.

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. 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.

Mdia Contact: Jon Haubert | 303.396.5996

View all press releases at Enverus.com/newsroom.

Picture of Enverus

Enverus

Energy’s most trusted SaaS platform — creating intelligent connections that uncover insights and opportunities to deliver extraordinary outcomes.

Related News

EIR adjusts Brent forecast due to expected stock surge
News Release
ByEnverus
November 12, 2025

Enverus Intelligence® Research revises its Brent and Henry Hub forecasts downward for 2026, citing inventory surpluses and muted demand. LNG prices remain resilient despite oversupply concerns.

Global gas, LNG, Haynesville and Permian outlooks reveal key trends in production, pricing and infrastructure expansion
News Release
ByEnverus
November 5, 2025

Explore new Enverus Intelligence® Research reports on global gas demand, LNG market resilience, Haynesville drilling efficiency, and Permian pipeline expansions.

Enverus debuts Global Research and reveals low-cost acquisition opportunities
News Release
ByEnverus
November 4, 2025

Discover how leading oil & gas operators in the Powder River, Anadarko, and Williston basins are using longer laterals, advanced well spacing, and targeted completions to lower costs and extend inventory life. New Enverus Intelligence® Research reveals actionable insights for...

SM Merges with Civitas as public E&P consolidation picks up
Analyst Takes News Release
ByAndrew Dittmar
November 3, 2025

In response to today's announcement that SM Energy and Civitas Resources have agreed to merge into a single company with an enterprise value of $12.8 billion, based on prior-day closing prices and including net debt, Andrew Dittmar, principal analyst at...

Canadian oil sands equities outperform U.S. peers as sector rerates
News Release
ByEnverus
October 29, 2025

CALGARY, Alberta (Oct. 29, 2025) Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, is releasing a new analysis on Canadian oil sands equities, highlighting sector rerating, valuation...

Duvernay forecasted to reach 200 Mbbld by 2030 as Willesden Green ramps up
News Release
ByEnverus
October 28, 2025

Enverus Intelligence® Research forecasts Duvernay liquids output to surge 70% by 2030, driven by Willesden Green’s rapid growth and improved well performance, meeting rising oil sands condensate demand.

JERA Latest Asian Firm to Take Haynesville Stake
Analyst Takes News Release
ByAndrew Dittmar
October 25, 2025

In response to this week’s announcement that JERA, a leading Japanese energy company and one of the world’s largest LNG buyers, was expanding its upstream footprint through the $1.5 billion acquisition of the South Mansfield joint venture from GEP Haynesville...

U.S. oil and gas M&A slumps as low crude prices keep buyers in the dugout
News Release
ByEnverus
October 22, 2025

Enverus Intelligence Research reports U.S. oil and gas M&A fell to $9.7B in Q3 2025 as low crude prices stalled deals, while SMID-cap consolidation and strategic mergers shape the next phase of upstream activity.

Natural gas power M&A premiums double as data center demand and capital costs transform U.S. energy market
News Release
ByEnverus
October 21, 2025

Enverus Intelligence® Research reveals U.S. power M&A premiums have doubled amid surging data center demand and rising capital costs, reshaping asset valuation strategies in PJM and ERCOT markets.

Find Out How Enverus Can Help Your Business

Subscribe to the Energy Blog

A weekly update on the latest “no-fluff” insight and analysis of the energy industry.

Let’s get started!

We’ll follow up right away to show you a quick product tour.

Let’s get started!

We’ll follow up right away to show you a quick product tour.

Get Started

Sign up for our Blog

Connect with an Expert

Register Today

Sign Up

Power Your Insights

Connect with an Expert

Access Product Tour

Speak to an Expert