ConocoPhillips Sees Dramatic Rise in Oil-Sands Output

(Bloomberg) — ConocoPhillips is poised to boost its output from oil-sands projects in Alberta “dramatically” in the coming years from a current net total of 60,000 barrels a day, ConocoPhillips Canada President Kevin Meyers said today.

About half of ConocoPhillips’ crude from the oil sands comes from its 9 percent stake in the Syncrude Canada Ltd. joint venture, led by the Canadian Oil Sands Trust, he said. The rest comes from its Foster Creek and Christina Lake joint ventures with EnCana Corp.


“That’s going to grow dramatically over the next few years,” he said of the Foster Creek and Christina Lake joint venture. Meyers spoke to reporters today after a presentation at the Cambridge Energy Research Associates meeting in Houston.

The Foster Creek and Christina Lake projects may expand to about 400,000 barrels a day, he said. EnCana, based in Calgary, is the operator of the venture in the eastern portion of the Athabasca oil sands in northeastern Alberta.

Bloomberg