Oil Megaprojects Dreamed Up a Decade Ago Thrive Amid Price Slump
- Rising oil sands, offshore output help offset onshore declines
- Drillers sideline rigs in U.S. and Canada in price downturn
Oil is mined at Shell's Albian Sands mine near Fort McMurray, Alberta, Canada, on Tuesday, August 13, 2013.
Photographer: Brent Lewin/BloombergThis article is for subscribers only.
Oil production in some of the riskiest, highest-cost regions of North America is still thriving, even as the worst slump in a generation takes a bite out of U.S. shale.
Onshore U.S. output is poised to drop 22 percent from last year through 2017, according to the Energy Information Administration. However, new volumes coming on stream from developments envisioned years ago in Canada’s oil sands and the U.S. Gulf of Mexico are limiting North America’s total production decline.