Canada pipeline expansion plans outpace oil sands output growth

Commodity
โดย Reuters·CAUS·Read original
Summary · why it matters

Canadian pipeline firms are proposing at least six new projects that would boost export capacity by 45 percent, or 2.25 million barrels per day, by 2035, even as oil sands producers remain reluctant to commit to major production expansions. Filling all those pipes would require Canadian oil supply to increase by more than a third by 2034, nearly double the current annual growth rate, and would need new oil sands projects of a type not undertaken in over a decade. Suncor Energy and Canadian Natural Resources said this month they are not yet willing to accelerate production increases, and Enbridge postponed a second phase of its Mainline expansion after customers failed to commit. About half of the proposed capacity expansions, or roughly 950,000 barrels per day, would ship oil to the United States, including a proposal reviving parts of the former Keystone XL project. Annual capital investment in Canada's oil sands peaked at C$35 billion in 2014 and fell to C$14.2 billion in 2024, while energy consultancy Novi Labs identified 19 growth projects that could add 652,000 barrels per day by 2037, still short of the growth needed to fill the proposed pipes by more than 850,000 barrels per day.

Impact on stocks 3

Energy▲ · 2 stocks
Suncor Energy Inc
SU
± MixedSupplyrelevance

Suncor not yet willing to accelerate production increases, but pipeline expansion could benefit future growth.

Energy Transition & Power Demand▼ · 1 stocks
Enbridge Inc
ENB
▼ NegativeSupplyrelevance

Enbridge postponed Mainline expansion phase due to lack of customer commitments.

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