November 2, 2024
Alberta North oil full-cycle costs at West Texas Intermediate (WTI) equivalent range from a low of USD $41.48/Bbl for wells with an Initial Productivity (IP) greater than 1200 Bbl/d to a high of USD $104.06/Bbl for wells with an IP of under 300 Bbl/d. Average Operating costs USD $8.26/Bbl while royalties & taxes and overhead are USD $11.51/Bbl. F&D costs range from USD $4.95-$41.26/Bbl and the 15% producer return ranges from USD $3.58-$29.86/Bbl. The assumed WTI differential is USD $13.18/Bbl.
Full-Cycle Cost Curve
Incorrys analysis shows that there is 2,400 MMBbl of oil resource available below USD $50/Bbl and 3,100 MMBbl available below USD $60/Bbl. Current production (2023) was 90 MBbl/d (33 MMBbl/yr).
Alberta North Basin Location
Alberta North wells are drilled towards Wabiskaw-McMurray, Pekisko, Keg River, Upper Grand Rapids, Bluesky-Getting, and other formations. Wells producing bitumen are not included.
Number of Drilling Locations
Incorrys estimates that Alberta North has about 6,600 drilling locations with productivity greater than 300 Bbl/d and almost 36,000 drilling locations with productivity below 300 Bbl/d.