1 July 2004
Canada: oil-sands investment to rise, as costs fall
AN UPBEAT assessment of the economic outlook for Alberta's synthetic crude and bitumen production is expected to generate C$6.1bn ($4.5bn) in capital spending on new and expanded oil-sands projects this year. An oil-sands industry coalition predicts spending for 2004 will top the C$5.5bn invested last year and fall just short of the record C$6.7bn, in 2002. Stretching the forecast to 2012, the Alberta government said in June that capital spending could total C$93.5bn as part of the 61 projects that have now been announced for the oil-sands region, more than triple the oil-sands investment to date. If that target is achieved, the government says synthetic crude output would be close to 1.8m
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