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INDUSTRY IN MOTION
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Nhat was once a niche play by a handful of companies
has become one of the most dominant forces of crude
supply in the world, generating a lineup of ventures
that want in. Sustaining and progressing these tricky com-
modities to their full potential now depends on two things:
expansion and evolution.
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Almost every company in the following profiles is either plan-
ning for, or in the middle of, programs targeting significant
production capacity boosts. Whether these are operations that
have been “manufacturing oil” for decades, or facilities that
don’t even exist yet—and still may not come to fruition—the
goal is more supply.
These ventures pursue a diverse slate of opportuni-
ties: conventional heavy oil, the optimized oilsands mine,
proven in situ bitumen recovery, new upgrading tech-
niques and strategies, the frontiers of untapped deposits,
the potential of yet-unlocked carbonates, and the promise of
new technologies.
The numbers of potential new barrels are as big as the
resources push them to be. The question is whether all the
plans will come through.
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The heavy oil and oilsands industry has historically not been
needed as it is today, in a world that no longer has access to
“easy” oil. But the production increases planned come with
pressures, especially when it comes to environmental sus-
tainability. Companies must reduce reliance on natural gas,
reduce water use, and proactively manage land disturbance.
Greenhouse gas emissions are increasingly viewed as a mea-
sure of commercial viability. Operators see the answer to these
pressures resting in part in technology improvements, which
are actively being pursued.
However, evolution does not just mean enhancing envi-
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ronmental sustainability. The business of the heavy oil and
oilsands industry is changing. From global super-majors and
integrated powerhouses to mid-cap players and tiny juniors,
thanks to commercialization of smaller-scale recovery tech-
niques, more opportunities have opened—but as much as the
field has changed, it still demands leadership by those who are
not faint of heart.
Here we profile 11 of the industry’s heavy hitters, and 24
emerging players. »
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