Thursday, October 22, 2015
Friday, February 20, 2015
cost of production oil Canada
"...Break-even costs have fallen 18% from a year ago and range between US$25 a barrel for producers who use steam and $40 for the mining operations, according to Bank of Montreal estimates. This compares with US$10 to US$25 estimated by the Paris- based International Energy Agency for conventional Middle East and North African producers" FP Fe 20th/2015
Thursday, October 30, 2014
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Monday, February 24, 2014
Western Canadian Select price
"...According to a study by Scotiabank of more than 50 plays across Canada and the U.S., Western Canadian plays — including those in the oil sands — cost less to produce on average than plays in the U.S. such as the Bakken in North Dakota, and the Eagle Ford and the Permian Basin, both in Texas.
“Investors may have the perception that Canadian oil plays are less cost-competitive than the new ‘light, tight’ oil plays in the United States, which is not the case,” said Patricia Mohr, vice-president of economics and commodity markets specialist at Scotiabank.
According to the Scotiabank study, released Thursday, the Saskatchewan Bakken offers one of North America’s best deals with a break-even cost of US$44.30 a barrel — including a 9% after-tax return.
Oil from in-situ oil sands projects in Alberta is produced at a break-even cost of US$63.50 on average, and oil from existing integrated oil sands mining projects has a break-even cost of US$60 to US$65, also including a 9% after-tax return, making them very resilient even if oil prices weaken significantly.
Some of the non-oil sands heavy oil plays, such Alberta heavy oil, yield some of the best profit investment ratios across North America, Ms. Mohr said.
“We have a competitive oil sector on the cost side, and technology development has been key,” Ms. Mohr said.
| 2/21/2014 | | | 2/21/2013 | 13/14 | Avg. Price | |||||
| Crude Oil | Close | Change | | | Close | Change | YTD | |||
| Synthetic Crude | ($C/bbl) | 111.22 | -56 | ¢ | | | 95.17 | 16.05 | 106.82 | |
| Western Canada Select | ($C/bbl) | 87.30 | 22 | ¢ | | | 67.67 | 19.63 | 84.32 | |
| Differential (WTI/WCS) | ($C/bbl) | 26.43 | -59 | ¢ | | | 27.49 | -1.06 | 22.05 | |
| Differential (WTI/Synthetic) | ($C/bbl) | 2.84 | 34 | ¢ | | | -1.02 | 3.86 | -0.43 | |
| | | |||||||||
| WTI Cushing Spot | ($US/bbl) | 102.50 | -42 | ¢ | | | 92.44 | 10.06 | 96.87 | |
| NYMEX WTI Apr14 | ($US/bbl) | 102.20 | -55 | ¢ | | | 92.84 | 9.36 | 96.85 | |
| NYMEX WTI 12 Month Strip | ($US/bbl) | 97.15 | -32.00 | | | 93.46 | 3.69 | 94.29 | ||
| NYMEX WTI 2015 Strip | ($US/bbl) | 90.02 | -11 | ¢ | | | 91.65 | -1.63 | 86.86 | |
| ICE Brent Apr14 | ($US/bbl) | 109.85 | -45 | ¢ | | | 113.53 | -3.68 | 107.64 | |
US oil use 2013
"The 2013 US oil consumption and production data has just been released by the International Energy Agency showing 2013 US oil production increased significantly to 7.5 million barrels per day,while consumption also increased to 18.9 million barrels per day. US OIl imports were then 11.4 million bbls/day (18.9 - 7.5) resulting in 60% of US oil was imported. Note this is oil only, and does not include other petroleum liquids like ethanol (form corn) and natural gas liquids (NGL) (butane, propane, etc). I believe this is a much better number to watch than looking at total petroleum, which add apples and oranges of different values." -
Sam V. Shelton
Principle Research Engineer
Strategic Energy Institut
NOTE PETROLEUM=OIL+NGL+ETHANOL
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