Devon Energy (NYSE:DVN) plans to invest billions of dollars over the next ten years on various oil sands projects in Canada and hopes to quadruple oil production from here by 2020.

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Oil Sands Production Growth
Devon Energy reported average production of 43,000 barrels of oil per day from the company's oil sands projects in the fourth quarter of 2011. The company estimates that the planned investment program will generate from 17 to 19% compound annual production growth for the rest of the decade. This growth rate would increase oil sands production to between 150,000 and 175,000 barrels of oil per day by 2020.

SEE: A Guide To Investing In Oil Markets

Devon Energy is currently producing from the Jackfish and Jackfish Two oil sands projects in Canada. The original Jackfish project started up production in 2007 and produced an average of 31,000 barrels of oil per day in the fourth quarter of 2011. Jackfish Two started up production in June 2011 and was producing 14,000 barrels of oil per day at the end of 2011.

Jackfish Three is currently under construction by Devon Energy and is 20% complete as of April 2012. The company expects Jackfish Three to start up production in late 2014.

Each of the Jackfish projects will have a peak gross production rate of 35,000 barrels of oil per day and have a gross estimated ultimate recovery (EUR) of 300 million barrels of oil.

Jackfish East
Devon Energy has a fourth Jackfish project planned for later in the decade. Jackfish East will have a peak gross production rate between 20,000 and 25,000 barrels of oil per day and start up in 2018. The project will have a gross EUR of 150 million barrels of oil.

SEE: What Determines Oil Prices?

Pike Project
Devon Energy also has another multi-phase oil sands project under development in Canada. The Pike project will have four phases of development, with each producing 35,000 barrels of oil per day. The company expects phase one of the Pike project to start up in 2016 and the final expansion in 2022. BP (NYSE:BP) is Devon Energy's partner in the Pike project and owns a 50% interest in the project.

Nexen (NYSE:NXY) is also heavily involved with various oil sands developments in Canada. The company operates and owns 65% of the Long Lake project, which began production in 2008. CNOOC Limited (NYSE:CEO) owns a 35% interest in the Long Lake project.

Total (NYSE:TOT) has an interest in four separate oil sands projects in Canada, including a 20% ownership of the Fort Hills asset operated by Suncor (NYSE:SU). This project is currently under construction and is expected to start up in 2016.

SEE: Oil And Gas Industry Primer

The Bottom Line
Devon Energy has a plan to extensively develop its oil sands assets and rapidly grow production of oil from these properties over the balance of the decade. This planned program proves that there is growth to be found outside the high profile shale plays that attract the most attention from the industry and the market.

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At the time of writing, Eric Fox did not own shares in any of the companies mentioned in this article.

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