The first new oil sands project in Alberta since 2014 has started commercial production. International Petroleum Corp.'s Blackrod project began output at the end of May, ahead of its scheduled third-quarter start, and plans to ramp up to 30,000 barrels per day by late 2027, earlier than originally planned. The project stayed mostly within its $1.2 billion budget, with a cost overrun of just $5 million. The start-up comes amid renewed interest in Canadian oil sands, driven by energy security concerns and falling breakeven costs, with majors like Shell, TotalEnergies, Equinor, ConocoPhillips, and BP exploring acquisition opportunities in the region. Alberta's oil sands output hit a record 3.67 million barrels per day last July, and production is expected to rise further with the Trans Mountain pipeline fully booked.
International Petroleum Corp.International Petroleum Corp.'s Blackrod project began commercial production ahead of schedule and within budget, increasing its oil output.
ConocoPhillips
Equinor ASA ADR
TotalEnergies SE
BP PLC
Shell plc
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