Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeCommoditiesEnergyOil & GasCanada opens first oilsands site greenlit since 2013IPC produced oil from the initial phase of its US$855 million Blackrod siteAuthor of the article: You can save this article by registering for free here. Or sign-in if you have an account.An oil plant in northern Alberta. Photo by Getty Images/iStockphotoInternational Petroleum Corp. produced oil from the initial phase of its US$855 million Blackrod site, which was Canada’s first new Albertaoilsands project greenlit in more than a decade when it moved ahead in 2023.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorOil production started on May 31 and the site will ramp up to 30,000 barrels a day of oil by late 2027, one quarter earlier than originally planned, the Vancouver-based company said in a release. IPC could expand output from Blackrod to as much as 80,000 barrels a day in future phases. The project was delivered mostly on budget, costing roughly US$5 million more than originally planned.Blackrod is the first so-called greenfield oilsands project to move forward since oil prices collapsed around 2014, prompting companies to focus on cutting costs and efficiency rather than growth. Major international oil companies such as Shell PLC and BP PLC sold oilsands assets to invest in other areas including shale. While oilsands production has grown, it’s happened mostly through incremental expansions of existing sites.The new site begins production just as a wave of new and expanded export pipelines are planned that will require oilsands producers to grow output at a pace not seen in more than a decade. Canada is the world’s fourth-largest oil producer, with most of its crude production coming from northern Alberta. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.