Reality Troubles The Oil Sands Dream

Petro-Canada and other operators in Alberta's vast oil sands developments are continuing to experience spiralling costs and production delays in their drive to realise Canada's significant volume growth potential. We believe the difficulties will, if anything, increase through the forecast period and beyond. Even when the initial capital costs have been overcome and the majority of projects are onstream towards the middle of next decade, operators will have to keep seeking production efficiencies to keep costs down and margins up. Our oil price forecasts for 2011, the furthest point of our model, indicate that the OPEC basket price could be

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