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Canada's oil sands will experience large production growth through 2019 followed by more modest, steady growth through 2027, according to a new 10-year production forecast by business information provider IHS Markit. The forecast calls for production to rise more than half a million barrels per day in 2019 and up to 1 mbd higher by 2027 compared to today.
A decade since the start of a shale gas revolution that unlocked new supplies and resulted in a "wholesale turnaround" in U.S. production, the overall size of recoverable gas reserves continues to increase and the pace of production growth is only accelerating, a new report by business information provider IHS Markit says.
Oil production in the Permian Basin, already a major force in global supply growth, will rise nearly 3 mbd by 2023 — a level of growth exceeding most recent estimates, a new outlook by business information provider IHS Markit says. What the report describes as a "stunning" level of growth will comprise more than 60 percent of net global production growth during that timeframe.
Supplies of Canadian oil sands heavy crude are increasingly being refined on the U.S. Gulf Coast (USGC) and could top 1.2 million barrels per day (mbd) — a full one-third of the region's heavy oil refining market — by 2020, says a new report by business information provider IHS Markit. Current runs of Canadian crude in the USGC market are estimated to already be in excess of 800,000 barrels per day (bpd), the report says.
Despite market changes, including some to the benefit of heavy oil processing in recent years, challenges still remain for investing in new heavy oil processing capacity in North America, says a new study by business information provider IHS Markit.
IHS Markit has released its outlook for Canadian oil sands production through 2026. IHS Markit expects large production growth through 2019 — making Canada the second largest source of global supply growth during that time. More modest but sustained growth is expected beyond 2019, with oil sands production at the end of 2026 around one million bpd higher than in 2017.
The prospect for dramatic changes in transportation has led to increased uncertainty about future oil demand. But the gradual pace of global vehicle fleet turnover and the need for significant upstream investment to maintain existing oil production volumes over the longer term will continue to present opportunities for ongoing expansion of the Canadian oil sands, according to a new report by IHS Markit.
INEOS, a global manufacturer of commodity and intermediate chemicals with 2015 revenues of $40 billion, is poised to strengthen its position as a global chemical industry giant once it realizes the benefits of two major investments. These initiatives include imports of U.S. natural gas liquids (NGLs) and investment in UK shale gas, says new analysis from IHS Markit, a world leader in critical information, analytics and solutions.