Canadian Association of Petroleum Producers forecast oil sands capex would rise to C$12bn for the year
Higher capex needed for projected oil sands growth
Producers are not necessarily using their cash on oil sands output
Time will not wait for the oil sands. An end to oil sands mega-projects brought rapid production growth to an abrupt halt and now major questions hang over even the moderate growth that has been forecast for at least another decade. The lingering optimism is driven by investments to optimise past projects and continuing development of smaller scale in situ projects. However, based on recent performance, major oil sands producers will not achieve even moderate growth in the coming years unless they ramp up their capital spending budgets significantly more than the rate of inflation. Suncor’s oil sands output growth was the highest of the four major producers in 2022 Capital spending b
Also in this section
9 January 2026
While many forecasters are reasserting the importance of oil and gas, petrostates should be under no illusion things are changing, and faster than they might think
8 January 2026
Indonesia and Malaysia are at the dawn of breathtaking digital capabilities. Their energy infrastructure must keep up with their ambitions
8 January 2026
The next five years will be critical for the North Sea, and it will be policy not geology that will decide the basin’s future
8 January 2026
The region’s access to versatile feedstock, combined with policy support, is setting it up to meet growing demand both at home and abroad
