Canada cuts steam-driven oil projects, risking permanent damage

REUTERS | Canada’s steam-driven oil facilities are bearing the brunt of output cuts as the industry copes with low prices, and deeper reductions may risk permanent damage to the sites. The COVID-19 pandemic has severely cut fuel demand as the global economy slows, leading refiners to reduce purchases of crude. Canada, the world’s fourth-largest oil producer, has started slashing production, but analysts say the biggest cuts lie ahead.

Steam-assisted gravity drainage (SAGD) projects heat seams of tarry bitumen and account for nearly half of Canadian oil sands production.

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