Canada's Oil Sands Region Booms as Trans Mountain Expands

June 11, 2024--Researched by Industrial Info Resources (Sugar Land, Texas)--Oil and gas developers in Canada's oil sands region are rushing to take advantage of the Trans Mountain Pipeline's newly expanded capacity, which offers them access to better prices and newer markets from Canada's western coast. The long-anticipated infrastructure milestone is giving developers a reason to add bitumen production capacity to their portfolios, especially in northern Alberta.

Industrial Info is tracking more than US$6.8 billion worth of production projects in Canada's oil sands that are set to kick off in the third quarter, more than half of which is attributed to plant expansions. Among the sector's heavy hitters preparing to expand some of their existing assets in the oil sands are Athabasca Oil Corporation, Canadian Natural Resources Limited (NYSE:CNQ) and Cenovus Energy Incorporated (NYSE:CVE).