IPC starts first phase at Canada’s first new oil sands project approved since 2013

International Petroleum Corp. began initial production at its Blackrod oil sands project in Alberta on May 31, 2024, Canada’s first newly approved oil sands development since 2013. The project involves about $855 million of investment and is expected to ramp up to 30,000 barrels a day by late 2027, a quarter earlier than originally planned. IPC said Blackrod could be expanded to as much as 80,000 barrels a day in later phases. The first phase was delivered largely on budget, with about $5 million in cost overruns.