Table of Contents
Understanding the Oil Sands .....................................................................................7
Oil Sands 101 ...............................................................................................................7
The Economics of Oil Sands Projects ........................................................................ 13
The Case for Upgrading ............................................................................................ 19
Greenhouse Gases and the Oil Sands: Potential Costs and Solutions ...................... 23
Where the Industry is Headed over the Next Several Years ................................ 26
Why New Mining and Full Upgrading Construction is Dead – For Now ..................... 26
Why We Think In Situ is the Way to Go..................................................................... 29
Comparing Mining to SAGD...................................................................................... 30
The Oil Sands Supply Chain: Adjusting to the New Environment.......................... 32
Looking at Supply Chain Specifics.......................................................................... 36
Investment Conclusions .................................................................................... 47
Risks ................................................................................................................50
Appendix A .......................................................................................................52