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She said the company has reduced costs at its steam-driven oilsands facilities by extending its wells to record lengths, injecting solvents to mobilize bitumen and improving its IT capabilities.

Others have seen similar improvements.

Ryan Lance, CEO of ConocoPhillips, said the company had drastically reduced its cost structure at its U.S. shale operations by improving well performance and moving toward a more manufacturing-based production process. The company is now replicating those same tweaks at its oilsands development in Alberta.

“We’re seeing that same technology and innovation driving lower costs and greater opportunity,” said Lance. “The challenge for our Canadian team is: how do you do that in just a two-to- three-year cycle time?”

The company is a joint operator in the Surmont oilsands project, which recently completed an expansion that put it above 100,000 barrels per day production.

OPEC members have also begun talking up basins with longer lead time such as the oilsands and offshore basins — as they believe these long-life anchor developments are vital for the overall health of the industry.

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During a press conference, Mohammad Sanusi Barkindo, the secretary general of OPEC, said “we expect the tarsands in Canada to also continue to attract investment,” especially as demand for the commodity is not expected to plateau for years to come.