What started in the 1920s as Robert Fitzsimmons’ ticket to riches has turned into an industry that attracted $34 billion in investment in 2014.
Direct benefits include more than $3 billion in royalties, equity and taxes.
Energy agency says next few weeks will be crucial in determining if production cuts are being implemented.
Production is also scheduled to rise from several heavy-oil thermal projects.
Provincial estimates report Alberta oil sands production dropped by about one million barrels per day in May, 700,000 bpd in June.
Latest order covers broader scope, including policies and commitments, hazard identification and incident management.
Conference Board of Canada report estimates lost production is equal to 0.33% of Alberta’s projected GDP.
IEA suggests investment in oil exploration and production is declining for a second straight year.
Oil-related investments are expected to drop 17% this year, according to the International Energy Agency.
Oil and gas investment is expected to fall more than 30%
Only two of 14 exploration and production blocks July 15 attracted bids.
Premier says provincial government has no plans to review the rates it charges oil companies.
“Perfect storm” of events cut average production to 3.98 million barrels of oil a day in May.
Conference Board expects economy to slide 0.7% this year.
Will produce up to 10,000 barrels per day using a steam-assisted process to extract the heavy oil.