The oilsands are often mischaracterized as high-cost, says analyst Kevin Birn, but they have become competitive and efficient to operate.

New higher interim tolls on the Trans Mountain Expansion (TMX) pipeline and lower costs for Aframax fixtures at Vancouver are prompting Canadian crude producers to seek term shipping fixtures and to sell crude on a delivered basis.

While some conditions are in place for Alberta to emerge as a hydrogen production and export hub, a viable path to Asian markets remains unclear.

Operators drilled 320 wells during April, including experimental wells, up about three per cent from 311 wells rig released in the year-prior period.