Posthaste: Why the oilsands could be the 'last barrel standing' in North America

Canada\u0027s oilsands may be the \u0027last barrel standing\u0027 as the world shifts away from fossil fuels, says a new report. Read more

Instead its findings show that nearly all oilsands producers will continue as long as the price of Western Canadian Select remains above $40 per barrel, while conventional producers in the U.S. and OPEC would require higher prices.

The difference is in the method of extraction and cost structure of oilsands projects. Oilsands bitumen is extracted by two methods. When bitumen is close to the surface, it is dug out with heavy equipment and trucked to a processing facility.When deposits are deeper, high-pressure steam is used to heat the bitumen so it becomes fluid enough to be collected and brought to the surface.

Because of this the oilsands can weather short-term price dips as long as the WCS price doesn’t stay below $40 a barrel persistently. Conventional oil producers generally stop or slow investments in production when the West Texas Intermediate price is below US$45.

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calgaryherald /  🏆 64. in CA

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