Canadian companies to own 80 percent of oilsands production

The recent deals from Calgary-based Canadian Natural Resources, Cenovus Energy and Athabasca Oil Corporation to acquire billions in oilsands assets have brought much attention to the level of Canadian ownership of these projects and operations.

It’s time to look at the numbers. 

As it turns out, even before the approximately $31 billion combined value of these mining and thermal oil transactions, Canadian companies were responsible for the majority of bitumen volumes.

Prior to Canadian Natural’s acquisition of 70 percent interest in the Athabasca Oil Sands Project from Shell and Marathon—as well as 100 percent of Shell’s in situ assets—Cenovus’s purchase of ConocoPhillips’ 50 percent interest in the Foster Creek/Christina Lake SAGD partnership and Athabasca’s acquisition of Statoil’s Leismer SAGD assets, analysis of Alberta Energy Regulator data shows that Canadian-headquartered companies owned about 67 percent of oilsands production.

Following these transactions, that ownership number will have increased to about 80 percent.

Take a look. [Click here to see images displayed better in original]

This chart and tables show what Canadian oilsands production numbers and ownership would have been in December 2016 if the transactions were closed for Canadian Natural Resources' purchase of a 70 per cent interest in the Athabasca Oil Sands Project from Shell, as well as Shell's Peace River in situ project, and Cenovus Energy's purchase of ConocoPhillps' 50 percent interest in the Foster Creek and Christina Lake SAGD projects.

Athabasca Oil Corporation’s purchase of Statoil’s Leismer project is already closed and also reflected. Canadian Natural’s transactions are expected to close in mid-2017 while Cenovus Energy’s is expected to close in the second quarter. 

Thermal In Situ Bitumen production

Source: AER, modified by JWN to account for new project ownership of Canadian Natural Resources and Cenovus Energy.

Mined bitumen production

Source: AER, modified by JWN to account for new project ownership of Canadian Natural Resources and Cenovus Energy.