Appendix “A” - Technical Report OS#1 Markets and …

Alberta Royalty Review 2007 Oil Sands Economics and Royalty Series Appendix A - Technical Report OS#1. Markets and Pricing for Alberta Bitumen Production Introduction Bitumen prices form the basis for royalty calculation and valuation for all new oil sands projects since 1997. As such, the pricing of bitumen and synthetic crude oil (SCO) is critical to the understanding of oil sands project economics, including the Crown's interests as the resource owner and royalty collector. This Report compliments Technical Report OS#1: Alberta's Oil Sands Fiscal System . History and System Performance. It is intended to provide background to the prices used for the analysis in that Report . The present Report will describe: (1) the oil sands resource, (2) the Markets for oil sands products, (3) the context and manner in which bitumen and SCO are priced, (4) Oil Prices and Price Volatility, and (5) Special Issues in Pricing Bitumen and SCO.

Alberta Royalty Review 2007 Oil Sands Economics and Royalty Series Alberta Department of Energy 1

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