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Economic Benefits of Partial Upgrading
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2019-02-08
When: February 8-2019
11:30-1:00 pm
Where: Calgary Petroleum Club
319 5 Ave SW
Calgary, Alberta  T2P 0L5
Canada
Contact: Jill Sugars
403-269-1755


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Economic Benefits of Partial Upgrading

Despite holding the world’s third largest oil reserve, after Venezuela and Saudi Arabia, Canada faces challenges to unlock the monetary potential of this reserve, because the value realized for the production in the form of bitumen (or bitumen netback) is not adequate to incent investment in this resource. The key drivers for this low realization of bitumen netback are the cost of production, particularly due to cost of blending, low quality of bitumen, generally a lower grade versus all other grades in the market, and constrained takeaway capacity that is effectively acting as a bottleneck keeping a lid on the amount of resource that can be exploited. This presentation highlights how partial upgrading can in fact address all of these issues by: reducing or eliminating blending requirement in a cost effective manner, improving quality of the finished product, while reducing the total exported volume from western Canada, effectively releasing the pressure on the takeaway capacity.

 

Presented by: 

Naomi Esfahani

Sr. Market Analyst

Market Analysis and Research

Suncor Energy

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