EFTA Document EFTA01367362

2016 31 May 2015 Integrated Oil US Integrated Oils Canada Volume growth will be primarily driven by expansions to existing oil sands projects with a handful of projects (Kearl, Surmont, Horizon, Foster Creek, AOSP, Sunrise) accounting for -60% of the estimated 2014-2017 production growth. With falling oil prices accelerating a decline in capital spending (with some operators announcing reductions in excess of 75% to their budgets from 2014); the longer-term (2017+) production impact r